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	<title>Comments on: RESP Withdrawal Rules As Of 2010</title>
	<atom:link href="http://www.moneysmartsblog.com/resp-withdrawals/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.moneysmartsblog.com/resp-withdrawals/</link>
	<description>Investing and Personal Finance</description>
	<lastBuildDate>Sat, 11 Sep 2010 00:43:11 +0000</lastBuildDate>
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		<title>By: Mike</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-3/#comment-80769</link>
		<dc:creator>Mike</dc:creator>
		<pubDate>Mon, 30 Aug 2010 13:29:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-80769</guid>
		<description>Aliek - You will need to repay the RESP.  I would contact your financial institution to get more details.</description>
		<content:encoded><![CDATA[<p>Aliek &#8211; You will need to repay the RESP.  I would contact your financial institution to get more details.</p>
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		<title>By: Aleik</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-80710</link>
		<dc:creator>Aleik</dc:creator>
		<pubDate>Sun, 29 Aug 2010 06:10:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-80710</guid>
		<description>Hi. My mother used my RESP funds for my tuition fee in college. I would like to withdraw from my program though and go to school on a later date. I&#039;m planning to get a refund from my school but does that mean I get the RESP we used aswell? I&#039;m sure that I&#039;m going to go back to college a year after i withdrawn. Will there be any penalties regarding my RESP? Please help me!</description>
		<content:encoded><![CDATA[<p>Hi. My mother used my RESP funds for my tuition fee in college. I would like to withdraw from my program though and go to school on a later date. I&#8217;m planning to get a refund from my school but does that mean I get the RESP we used aswell? I&#8217;m sure that I&#8217;m going to go back to college a year after i withdrawn. Will there be any penalties regarding my RESP? Please help me!</p>
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		<title>By: Mike</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-79889</link>
		<dc:creator>Mike</dc:creator>
		<pubDate>Thu, 19 Aug 2010 01:27:09 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-79889</guid>
		<description>Marsha - you can do whatever you want with the remainder of the money.

No you can&#039;t sign an RESP account over to the beneficiary.</description>
		<content:encoded><![CDATA[<p>Marsha &#8211; you can do whatever you want with the remainder of the money.</p>
<p>No you can&#8217;t sign an RESP account over to the beneficiary.</p>
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		<title>By: Marsha</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-79732</link>
		<dc:creator>Marsha</dc:creator>
		<pubDate>Sun, 15 Aug 2010 23:30:17 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-79732</guid>
		<description>If one was to follow Doug&#039;s lead (previous comment above) and withdraw the full amount of the RESP to cover 1st year expenses, what could be done with the remainder of the money if the value of the RESP exceeded expenses?

Secondly, is there any way to have an RESP signed over to the beneficiary so that it is in his/her name rather than the subscriber&#039;s? (Assuming the subscriber is okay with this).</description>
		<content:encoded><![CDATA[<p>If one was to follow Doug&#8217;s lead (previous comment above) and withdraw the full amount of the RESP to cover 1st year expenses, what could be done with the remainder of the money if the value of the RESP exceeded expenses?</p>
<p>Secondly, is there any way to have an RESP signed over to the beneficiary so that it is in his/her name rather than the subscriber&#8217;s? (Assuming the subscriber is okay with this).</p>
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	<item>
		<title>By: Mike</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-78824</link>
		<dc:creator>Mike</dc:creator>
		<pubDate>Wed, 04 Aug 2010 11:22:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-78824</guid>
		<description>Jenny, the money belongs to your father until he gives it to you.  

There isn&#039;t anything you can do to take ownership of the money.</description>
		<content:encoded><![CDATA[<p>Jenny, the money belongs to your father until he gives it to you.  </p>
<p>There isn&#8217;t anything you can do to take ownership of the money.</p>
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		<title>By: Jenny</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-78814</link>
		<dc:creator>Jenny</dc:creator>
		<pubDate>Wed, 04 Aug 2010 04:34:24 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-78814</guid>
		<description>My father has saved up roughly 10k for me, along with 6k accumulated income. He told me that now that I am attending university in the fall, he will withdraw the money and put it in a savings account in his name.

My concern is this - why in his name? Is this a necessary part of an RESP? I told him I would like it to be in my name, so that I can control my own finances and pay my own tuition cheques, taking responsibility in my own studies. I don&#039;t plan on using it for anything other than tuition. I am in fact a little worried about HIM possibly using it for something other than tuition, or if anything happens to him that nobody can access the account any more and the money is lost. Being only 18, I don&#039;t know much on these matters, though I would like to since it&#039;s a part of growing up and I want to learn to be a responsible adult.
In any case, when I brought up that I would like the account to be in my name so that I can have responsibility, he refused and told me that it&#039;s his money that he saved up and that he&#039;ll decide how it&#039;s spent. When I objected he insisted that he would not use it on anything other than my tuition, but I&#039;m not convinced and if it will only be used on tuition as he says, I don&#039;t understand why he said he can &quot;decide how it&#039;s spent&quot; and why I can&#039;t have access to the account or have it in my name. Is there anything I can do in this situation to have responsibility over the money that is meant for *my* tuition?</description>
		<content:encoded><![CDATA[<p>My father has saved up roughly 10k for me, along with 6k accumulated income. He told me that now that I am attending university in the fall, he will withdraw the money and put it in a savings account in his name.</p>
<p>My concern is this &#8211; why in his name? Is this a necessary part of an RESP? I told him I would like it to be in my name, so that I can control my own finances and pay my own tuition cheques, taking responsibility in my own studies. I don&#8217;t plan on using it for anything other than tuition. I am in fact a little worried about HIM possibly using it for something other than tuition, or if anything happens to him that nobody can access the account any more and the money is lost. Being only 18, I don&#8217;t know much on these matters, though I would like to since it&#8217;s a part of growing up and I want to learn to be a responsible adult.<br />
In any case, when I brought up that I would like the account to be in my name so that I can have responsibility, he refused and told me that it&#8217;s his money that he saved up and that he&#8217;ll decide how it&#8217;s spent. When I objected he insisted that he would not use it on anything other than my tuition, but I&#8217;m not convinced and if it will only be used on tuition as he says, I don&#8217;t understand why he said he can &#8220;decide how it&#8217;s spent&#8221; and why I can&#8217;t have access to the account or have it in my name. Is there anything I can do in this situation to have responsibility over the money that is meant for *my* tuition?</p>
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		<title>By: Mike</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-78330</link>
		<dc:creator>Mike</dc:creator>
		<pubDate>Wed, 28 Jul 2010 18:50:08 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-78330</guid>
		<description>Doug, you are correct!</description>
		<content:encoded><![CDATA[<p>Doug, you are correct!</p>
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	<item>
		<title>By: Doug</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-78329</link>
		<dc:creator>Doug</dc:creator>
		<pubDate>Wed, 28 Jul 2010 18:42:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-78329</guid>
		<description>Question about the 1st 13 week $5000 limit. I have a daughter starting university in the fall and have been told by my RESP provider that all I can withdraw is a total of $5000. However I understood this limit is only on the accumulated money (as you have stated above) and that the entire sum of contributions could be withdrawn right at the beginning to help cover the 1st year of school. Am I wrong?</description>
		<content:encoded><![CDATA[<p>Question about the 1st 13 week $5000 limit. I have a daughter starting university in the fall and have been told by my RESP provider that all I can withdraw is a total of $5000. However I understood this limit is only on the accumulated money (as you have stated above) and that the entire sum of contributions could be withdrawn right at the beginning to help cover the 1st year of school. Am I wrong?</p>
]]></content:encoded>
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	<item>
		<title>By: Mike</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-77811</link>
		<dc:creator>Mike</dc:creator>
		<pubDate>Fri, 23 Jul 2010 01:06:20 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-77811</guid>
		<description>Debbie, you can spend the money on whatever you want.</description>
		<content:encoded><![CDATA[<p>Debbie, you can spend the money on whatever you want.</p>
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	<item>
		<title>By: Debbie</title>
		<link>http://www.moneysmartsblog.com/resp-withdrawals/comment-page-2/#comment-77805</link>
		<dc:creator>Debbie</dc:creator>
		<pubDate>Fri, 23 Jul 2010 00:09:54 +0000</pubDate>
		<guid isPermaLink="false">http://www.moneysmartsblog.com/resp-withdrawals/#comment-77805</guid>
		<description>Can funds be withdrawn from an RESP to purchase a car or motorcycle as a mode of transportation to get to &amp; from college?</description>
		<content:encoded><![CDATA[<p>Can funds be withdrawn from an RESP to purchase a car or motorcycle as a mode of transportation to get to &amp; from college?</p>
]]></content:encoded>
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