Jody Cleminson, BBA

Managing Partner
Insurance Advisor | Investment Representative

After Jody graduated from Wilfrid Laurier University’s Business program in 1995, Jody joined Great West Life as an Employee Benefits Specialist. She worked corporately for 13 years with Great West Life in various management positions. In 2008, Jody left corporate life, to run her own practice as a Financial Advisor. Jody works with clients pertaining to their investments & insurance needs, as well as their overall financial plan. She also works with corporate clients on their employee benefits and group retirement plans. Jody lives in Kitchener with her husband John. Together, they are raising a very busy teenage son who plays competitive hockey. She also has two grown stepsons who live in Michigan and Alabama with their wives. Jody is very active in her community and enjoys hiking and golf.

Ask an advisor: RESP withdrawals

Learn about how to withdraw money from an RESP for a post-secondary student.

 

 


View video script

 

Description: This animated video introduces an illustrated character Kim and her advisor to show how to withdraw money from an RESP for a child for post-secondary education.

Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “How do I withdraw money from an RESP?” fades in below. An illustration of a graduating student draws on the right side of the frame.

Kim: My oldest child will be ready to start post-secondary school soon.

Description: Kim talks on a cell phone in her living room while her son reads a book at a nearby table. Screen splits in half to include the advisor on the right half, sitting in an office.

Advisor: That’s great news!

Kim: How do we withdraw money from his registered education savings plan?

Description: Screen moves to full view of the advisor in her office.

Advisor: We’ll contact your RESP provider with proof that he’s enrolled in a qualified post-secondary educational program.

Description: Screen changes to circle with $5,000 in it. Above the circle, text that says 1 weeks starts to spin until it reads 13 weeks.

Advisor: Once you’ve done that, if he’s attending full time, the most you can withdraw is $5,000 during the first 13 weeks he’s enrolled.

Description: Text in circle changes to read $2,500. Above the circle, text changes to read part time.

Advisor: If he’s going part time that limit is $2,500.

Description: Text in circle changes to read Any amount. Above the circle, text changes to read After 13 weeks.

Advisor: After that, you can request withdrawals of any amount with no limit unless he takes a break from studies and doesn’t re-enrol within 12 months.

Description: A dollar sign in a circle appears on screen, then transitions to become one date on an illustration of a calendar. Screen transitions to Kim in her living room again.

Kim: What can we use the money for?

Description: Screen transitions to image opf Kim’s son in a school setting, then a bookstore, then an apartment.

Advisor: Tuition, textbooks, living expenses. Stuff like that.

Description: Screen transitions to Kim in her living room again.

Kim: And what if he decides not to go to post-secondary school?

Advisor: You have options, including moving the money that you put into the RESP to your registered retirement savings plan.

Description: Screen transitions to illustration of a piggybank with letters RESP under it, then money moving to another illustration of an easy chair with the letters RRSP under it.

Screen transitions to advisor in your office again.

Advisor: Once he’s firmed up his plans, let’s talk more about withdrawing the RESP money, including how those withdrawals will be taxed.

Description: Text – Let’s talk. Contact me today appears onscreen with the legal line: “Video produced by Canada Life. canadalife.com 1 888 252-1847."

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