What are the tax considerations when cashing out or collapsing a Registered Education Savings Plan (RESP)? A few things to remember, about when to withdraw and how that all works as well.
Registered Education Savings Plan
RESP or Registered Education Savings Plan is an essential program for saving for University and post-secondary school expenses.
I stopped and checked, and I have dedicated a lot of electronic ink on the subject of the Registered Education Savings Plan and specifically my “interactions” with TD and associated Universities over my daughters’ academic careers. While I used the TD Mutual funds, there are many other better ways to do this. For anyone planning on sending their children to a post-secondary school, the RESP is an essential financial tool.
This is free money folks, why you would not want to have it, is beyond me.
The high MERs some folks pay for their kids’s RESP Mutual funds is truly the worm in the money tree, that is the Registered Education Savings Plan
Registered Education Savings Plans (RESP) Withdrawals are an important part of the program to understand, and have big tax implications.
Why would you open an RESP for a disabled child that already has an RDSP set up? Not as crazy as you might think.
What are my 5 best investments ? Pretty easy for me to pick them out, they stand out keep paying back every time (for me). Education pays! Maybe not for you directly, but still! No, this is not the 5 best stocks to invest in right now.