Parents with university-bound kids this fall: Tips for your first RESP withdrawal
I went through this when my son left for his first year at Queen’s University. Aside from understanding the rules around RESP withdrawals, there are some practical logistical elements you need to consider.When and how often to take money outYou can start making RESP withdrawals once your child is officially registered in a qualifying program. You will need proof of registration, the student’s social insurance number and the bank account where you want the funds to go.
- ▪I went through this when my son left for his first year at Queen’s University.
- ▪Aside from understanding the rules around RESP withdrawals, there are some practical logistical elements you need to consider.When and how often to take money outYou can start making RESP withdrawals once your child is officially registered
- ▪You will need proof of registration, the student’s social insurance number and the bank account where you want the funds to go.
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Open this photo in gallery:Aside from understanding the rules around RESP withdrawals, there are some practical logistical elements to consider.kenneth-cheung/iStockPhoto / Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThere’s so much focus on contributing to registered education savings plans (RESPs) that when the time finally comes to withdraw money, we can be caught off guard. I went through this when my son left for his first year at Queen’s University. Aside from understanding the rules around RESP withdrawals, there are some practical logistical elements you need to consider.When and how often to take money outYou can start making RESP withdrawals once your child is officially registered in a qualifying program.
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