You’ve worked hard to save for your child’s education. Now it’s time to put those savings to use. If your child is getting ready to attend post-secondary school, now’s the time to start thinking about withdrawing money from your Registered Education Savings Plan (RESP).
Before you withdraw any money from your RESP, you’ll need to provide your RESP provider with proof that the student is attending a qualified post-secondary educational program on a full or part-time basis. This means your child needs to be enrolled in one of the following:
We can work together to provide this proof of enrolment, so you can access your funds.
You can make two types of withdrawals from your RESP:
After you’ve made your withdrawals, you can use the money you’ve saved to pay for a range of your child’s eligible expenses, including things like tuition, textbooks and living expenses.
Contact me to learn more about RESP withdrawal rules and your options. I’m happy to help you get ready for this exciting step for you and your child.
McPhail Financial Services Inc.