RESPs When Kids Don't go to School - Registered Education Savings Plan

[@TheIndependentDollar]

If you have a modest income, you could be eligible for ADDITIONAL GRANT MONEY from the Government. Check out our video to find out if you're eligible, how much you can get and how to apply: kzbin.info/www/bejne/jZqxd5eBetx5rrs

[@wardfitzpatrick351]

What about the learning bonds? $500 to start & $100/yr?

[@mikid3032]

Would would you suggest to open Resp account with a bank or some like Cst?

[@smartestpaperinvestor180]

Does this mean if I open an RESP account for my nephew and later on decide to change my mind (say I hate him), the money will have been taxed TWICE + 20% penalty , when going in and when I close the account, unless if I transfer everything into RRSP?

[@TheIndependentDollar]

The income earned within the account would be charged additional tax, your original deposit is not. However, you can transfer that income into an RRSP to avoid this. Any grants earned would need to be returned to the Government. Hope that helps 🙂

[@ydiscovery3284]

Thanks for making this informative video. When RESP is withdrawn do I have the choice to withdraw from, 1. my contribution, 2. grant, and 3. investment income? When my child can't use all of the resp accumulated, does the same rules apply to the remaining balance? Can RESP be transferred to either parent's or child's RRSP account when room becomes available? Is the 36 years limit counted from the date first opened the first RESP account? Sorry for the number of questions I have asked. I am planning to invest either in more RESP or my own RRSP after maxing TFSA. thanks so much!

[@TheIndependentDollar]

1. Great question and this is often overlooked or not planned for - Yes there is flexibility on how you can withdraw the funds but there are restrictions during the first year. 2. As long they're still in school and passed that initial 13 week period, they can take out as much as they want even if you don't need it. So yes they could then use their RRSP afterwards to offset the tax, but they may get more advantage in using that RRSP room when their income is higher. If withdrawals are made during a time that that child is not in school and they are considered AIP payments, they would be taxed under the subscriber (parent for example, if that is the case) so a transfer to the parent's RRSP would be the only way to offset the income and avoid the penalty tax. 3. According to CRA: "the plan has to be completed by the end of the year that includes the 35th anniversary of the opening of the plan"

[@tinamiller8849]

I am interested in the registered disability could you explain please

[@victorferr1]

is it same if the beneficiary dies?