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What happens to my RESP if my child doesn’t continue studying?
You have two options:
- You can name a new beneficiary if it’s an individual RESP. If it's a family RESP, other children who are beneficiaries of the plan can use the contributions.
- You can close the RESP and grants will have to be repaid to the government. But your contributions and the income generated in the RESP will return to you. You can transfer these funds to an RRSP to continue saving tax-free.
Related questions
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Are TFSA contributions tax deductible? Learn the tax benefits of a TFSA. -
Are TFSA withdrawals taxed? Learn if TFSA withdrawals are taxable. -
By what age must a child withdraw funds from an RESP? Learn the maximum age to withdraw funds from an RESP. -
Can I carry forward my unused FHSA contribution room? Once you open an FHSA, you can carry forward your unused contribution room. Check out the details.
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