What if your child decides not to go the post-secondary route?
If you’re tapping into Registered Educations Savings Plans this fall to pay for your kids’ post-secondary schooling, keep in in mind that there are plenty of rules about how RESPs are administered. And some parents will have to deal with the question of what happens to the RESP if their child decides not to go on to post-secondary school just now. Here’s a look at what’s involved.
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, check the programs, visit the universities, and make their applications. In the fall, the kids go off to college. And the tuition bills come in. That’s when it’s time to start making withdrawals from Registered Education Savings Plans (if you had the foresight to set them up, say, 15 years ago!) The rules for RESP withdrawals are fairly simple, but there are a few wrinkles to be aware of. READ MORE
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 particularly daunting effort needed. The money is just sitting there waiting for you to take it. Here’s how. READ MORE
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. There are plenty of rules about how they’re administered. READ MORE
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 be able to afford to send their kids to university. Unless they start planning now, they could be right. Here’s why. READ MORE
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 different government departments. To help you get a handle on this powerful tax shelter, here’s a crash course in basic RESP rules and regulations you’ll need to know. READ MORE