RESP

Dillon recently left a question about using RESP funds for CEGEP on my RESP withdrawal rules post.  For those of you who don’t know, CEGEP is an education program which students in Quebec must complete before heading to university. Here is his question: Hi, I am 16 years old and going to be attending CEGEP [...]

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So your little darling is going to a post-secondary educational facility once they finish high school. Hopefully you’ve already verified that their school is eligible for RESPs.  The big question now is how to access some of those dollars that you have saved up in an RESP account for them. I’ve put together a useful [...]

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Jay wrote in with an interesting RESP strategy that I thought I would share; He writes Our child has a (roughly) $25,000 RESP and will begin attending post-secondary in September. From what I’ve read, we don’t have to provide receipts for expenses, we just have to provide proof of enrollment to begin removing funds from [...]

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One of the drawbacks with RESP accounts, is that it is very difficult to predict exactly how much money your child will need as a student.  Studying out of town is much more expensive than living at home.  A four year University program is far more expensive than a 9-month cooking course.  Your child might [...]

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One of the drawbacks of opening up an RESP account to save for your child’s post-secondary education is that if the child ends up not attending post-secondary education or quits early, then there are some penalties applied when the RESP account is collapsed. How the penalties and taxes are applied if your RESP account is [...]

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It’s been a while since I’ve done a basic RESP post going over the rules for contributions and withdrawals so here is an updated version of the 2010 RESP rules for contributions and withdrawals. I do keep my old older RESP posts up to date – you can check out my RESP contribution rules post [...]

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I’ve written extensively about RESP accounts which are educational savings accounts available to all Canadians.  Quebec has decided to do one better and offers a special Quebec educational savings grant which is available on top of the normal federal RESP CESG grants. The grants work in a similar fashion to the federal RESP grants except [...]

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Randy had some questions about RESPs: Hi, I was wondering what is meant exactly by ‘approved post-secondary school’. I might go back to EU in the next 10 years, so I wasn’t sure what’s needed as proof of education to be able to withdraw including the grant money. I talked to a childrens education fund [...]

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I recently got a question on my addition resp grant post from Donna – she brings up a number of interesting points which I’d like to address.  If you want to read any other posts on resp then check out the main resp reference page. This was her question: Hello. I have 3 children, 15, [...]

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We got tagged a while back by (I think?) Prime Time Money, for the Single Step Personal Finance Challenge put together by Finance Freelance Life.  The idea of the challenge is to do something, anything however big or small to improve your finances.  Do you need a will? Are you paying too much for your [...]

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This post is part of a project by the Personal Finance Network – see the other posts in this series at the bottom of the page. If you are heading off to some sort of post-secondary education this fall such as college or university and you have funds available to draw upon then it is [...]

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