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Getting set for RESP withdrawals

Time to pay the post-secondary piper Around about this time of year, the great Canadian university hunt gets into full swing. Universities make the rounds at high schools and fairs, looking to entice students to their schools. Students and parents make the rounds,...

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How to get tax-free money in 2020

These plans will help you create tax-free dollars If your New Year’s financial resolutions have already evaporated, despite your best intentions, you might try just one more: create tax-free dollars. There’s no special magic involved here. Nor is there any...

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School’s in session – and it costs!

How to cope with higher education’s sticker shock There’s no two ways around it: The cost of a post-secondary education is high. For some, it’s a real challenge to make ends meet while attending college or university. In fact, students can expect to pay a total of...

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Rules for withdrawing tuition funds from RESPs

Special rules apply to non-residents When a Registered Education Savings Plan (RESP) matures, the beneficiary of the plan (usually the child for whom the plan was opened) can withdraw the funds for post-secondary tuition. Because they will likely be in a very low...

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School’s in session: time to break open the RESP

How RESPs pay out for post-secondary expenses If you have kids going off to college or university this fall, you’ll be tapping into any savings you’ve made through a Registered Education Savings Plan (RESP). But those payments aren’t treated like a bank account....

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The ABCs of RESPs

How to use RESPs to save for post-secondary schooling May and June bring thoughts of summer vacations, the end of the school year, and graduations. For many students, post-secondary education is only a few years away. And their parents are often worried they won’t...

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An important tutorial on RESPs

It’s a terrific tax shelter, but you have to know the rules If you’re considering opening a Registered Education Savings Plan (RESP) to help fund rising college costs, you might find the rules a bit complicated and information that seems to come from several...

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A quick course on RESP payments

How to withdraw funds for post-secondary expenses If you have kids going off to college or university this fall, and you’ve accumulated substantial savings in a Registered Education Savings Plan, now’s the time to tap into those funds. But you won’t be able to use...

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RESPs and the U.S. residency trap

Are Canadian kids living in the U.S. eligible for RESPs? While relatives such as grandparents are eager to contribute to their grandkids’ education through a Registered Education Savings Plan, is it even possible if the student lives in the U.S. even though he or...