Comments on: RESP Contribution Rules For 15,16 And 17 Year Olds

By: trish schaap

trish schaap — Mon, 21 Nov 2011 03:41:43 +0000

my kids are 15 and just turned 17 in oct there father passed in april leaveing them 35,000.00 each.there stepmother is in charge of the money and has put it into an resp,together making it a 70,000.00 resp my question is both my children are wanting 5,000.00 each now for themselfs and i want to know if there would be any problem or taxes taken if they with drawl from this resp now.

By: Mike Holman

Mike Holman — Sat, 10 Sep 2011 12:56:06 +0000

Hi CF. You are allowed to still contribute to her RESP, but she is not eligible for a grant.

By: cannon_fodder

cannon_fodder — Sat, 10 Sep 2011 11:20:59 +0000

Mike,

Suppose an RESP has been set up for a child when she was 10. Now she is 18 and will be 19 before the end of the calendar year. In July, some monies were withdrawn from the RESP to pay for first semester’s tuition, etc.

Is it possible to contribute to this RESP even now? The reason I am asking is that I find it easier to grow an investment portfolio when there is more $ to invest. And with the recent turmoil in the markets, there are opportunities now that didn’t exist a few months ago.

Thanks!

By: Mike Holman

Mike Holman — Sun, 23 Jan 2011 17:22:48 +0000

@Laren – I don’t understand your question.

By: Laren

Laren — Sun, 23 Jan 2011 04:44:40 +0000

Can you withdraw from an REsp before the beneficiary makes their first withdrawal which will be in the same year as the with drawal?

By: Mike Holman

Mike Holman — Sat, 22 Jan 2011 12:49:41 +0000

@Michelle – You can phone the HRSDC at 1 888 276 3624.

They will give you all the grant and contribution room (since 1998).

By: Michelle

Michelle — Sat, 22 Jan 2011 08:02:17 +0000

Great post! Very clear and helpful.
I was wondering if there was somewhere online that I could check and see how much I’ve contributed. I started contributing a number of years ago but didn’t keep very detailed records. A couple of years ago, I started contributing to a different bank. My sister (the beneficiary) is turning 17 this year, so I wanted to see how much I’ve contributed and how much grant I’ve received. Any ideas other than trolling through all my financial paperwork?

Thanks in advance!

By: Mike

Mike — Fri, 08 May 2009 03:21:24 +0000

Roland – great questions….

1) Who will be the owner of the family account? If the existing owner (your daughter) will be the owner of the new family account then there will be no problem asking the financial institution to transfer the individual account money into the family account – I’m not sure about transferring to a family account with a different owner (ie you).

2) The kids have to be residents of Canada to get the grants so I would suggest contributing as much as you can before they leave. Save your money when they are gone and then resume contributions.

By: Roland

Roland — Thu, 07 May 2009 14:52:34 +0000

Hello,
Firstly, great site – thank you.

Couple of questions about RESP’s I have 2 grand children – one 3 and the other 1yr old. The 3 yr old has an RESP opened by her mother with about $8,000 of which I contributed $6,000.

I am thinking of creating a family RESP for the 2 grand children. Can we roll the 3 yr old’s RESP into the family plan? What has to be done to do this?

The parents and the children may take a 2-3 year foreign work assignment. can I still contribute to the family plan RESP and get up to the maximum grants?

Thank you, Roland

By: The Financial Blogger » Blog Archive » Financial Ramblings

The Financial Blogger » Blog Archive » Financial Ramblings — Sat, 18 Apr 2009 12:21:48 +0000

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