This page exists to allow owners of older copies of the book, access to any changes or new material in subsequent editions.
How to determine which edition you have
If the subtitle of your book is called “The Complete Guide to Registered Education Savings Plans for Canadians” (vs The Simple Guide) then you have the “2010 Edition”.
If the subtitle of your book is called “”The Simple Guide to Registered Education Savings Plans for Canadians” , turn to the back of the book and find the page called “Find out about future updates to this book”. The edition will be noted there.
How to use this update page
Once you have determined which book edition you own, scroll down the page until you find the title containing that edition and start reading from there.
2010 Edition
Chapter 4
I’ve changed the term “accumulated income” to “non-contribution amount”. Technically accumulated income only refers to the amount that is not contributions or grants. In this version I used the term “accumulated income” to mean any non-contribution amount.
Chapter 4, Page 42:
Money can be paid out to the student or the subscriber.
was changed to:
Contributions can be paid out to the student or the subscriber. EAP (Educational Assistance Payments) can only be paid out to the beneficiary.
Chapter 4 summary, Page 47
A maximum of $5,000 of PSE payments can be made from your RESP account during the first 13 weeks of school.
was changed to
A maximum of $5,000 of EAP payments can be made from your RESP account during the first 13 weeks of school.
Chapter 5 – In a number of places I used the term AIP when it should have read “accumulated income”. AIP is an accumulated income payment. Accumulated income is the non-contribution, non-grant money still in the account.
Chapter 9 – Canadian Residency RESP Eligibility Rules
This chapter was re-written to reflect the fact that non-resident beneficiaries can make EAP (educational assistance payments) from their RESP. The only difference is that the EAP will only contain the earnings in the account. The grants will be paid back to the government.
See the re-written chapter here: Canadian Resident and Non-Resident RESP Eligibility Rules.
Here are some posts I did which represent new material which is not in the 2010 edition:
- Group/Pooled/Scholarship RESP Plans – A description of how they work and differences from self-directed RESP accounts.
- Simplest, safest and easiest RESP account – The name says it all.
- How to make 20% guaranteed return on your RESP. This strategy won’t apply to everyone, but it doesn’t get any better than this.
- Share younger sibling’s RESP money with older sibling. Sometimes this makes sense.