This was so incredibly helpful. The banking officer at our local bank branch was explaining this to me today (about the first child using all the grant and growth) but no matter how hard I tried to follow her, and no matter how many questions I asked, I just could not understand what she meant. After this video, I get it now. Thank you!
This is very helpful for us!! Always knew there was some tax element to RESPS, but had no idea where to start...then the "what if the kid didn't go to PSE"... Thanks Adam!!
Very informative and helpful. I have a couple of questions: # 1 - I have a joint RESP account with my husband. If our kids don't go to post-secondary education, we can transfer the money into any of our RRSP accounts (assuming we have RRSP room)? #2 - In your example of 3 kids, after the $30,000 is withdrawn, we put $10,000 back in the RESP in year one (probably the same year the money is taken out), and another $10,000 back into RESP the following year. Is there still room to catch up with previous years where we didn't max out the contribution? Isn't it that we can catch up with only 1 year at a time? #3 - Is a proof of enrollment required only the first time or each time we withdraw money from the RESP account? I'm thinking of a scenario where we didn't withdraw all the money during the years when the kids go to post-secondary education. If there is still money after they stop going to school (graduated for example), can we still withdraw and have it taxed to the child? Thanks for your answer in advance!
Great channel! 2 questions: #1: If you miss maxing out the account say 5 years in a row, can you make up those 5 years, or can you only make up 1 year at a time?? #2: If your child does not use the funds, you recommend transferring the money into an RRSP. Rather can you transfer it into a TFSA? Thank you! Much appreciated!
I had no idea the growth could be transferred to an RRSP if there is room and the child doesn't attend school. Honestly this makes me want to invest more aggressively in my sons RESP as my biggest concern was I have a limited budget and if he didn't go to college it would be a big loss.
Hi, my son just started University (September 2023) and he turned 17 last year so I am not eligible to receive grant money this year. Last year I did not maximize my contribution amount of $2500. I’m wondering can I contribute/top up additional money for the shortfall in 2022? Thanks, Perry
Hi sir, I have money bank's mutual funds in a family RESP account and I want to transfer that money into my children's family RESP account at Questrade. Will you please tell me what exactly I need to do? My eldest kid is 14 yrs. old now and I missed the grants for those years. Is that possible that I can transfer $10k to my eldest kid RESP account so I can get the 4 yrs. grants that I missed at least? Also can I transfer partially in cash from my bank to Questrade ? Kindly please answer all my questions. Thanks
Not directly, but when you redeem from a RESP they no longer ask for receipts etc. So you could pull more than needed and then use the proceeds as needed ;)
Hello - thank you for your video 😆 one question- is there any restrictions to receive education loan if I have a RESP account ? Can I still take education loan even having a RESP account? Thanks
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This was so incredibly helpful. The banking officer at our local bank branch was explaining this to me today (about the first child using all the grant and growth) but no matter how hard I tried to follow her, and no matter how many questions I asked, I just could not understand what she meant. After this video, I get it now. Thank you!
This is very helpful for us!! Always knew there was some tax element to RESPS, but had no idea where to start...then the "what if the kid didn't go to PSE"... Thanks Adam!!
Very informative and helpful. I have a couple of questions:
# 1 - I have a joint RESP account with my husband. If our kids don't go to post-secondary education, we can transfer the money into any of our RRSP accounts (assuming we have RRSP room)?
#2 - In your example of 3 kids, after the $30,000 is withdrawn, we put $10,000 back in the RESP in year one (probably the same year the money is taken out), and another $10,000 back into RESP the following year. Is there still room to catch up with previous years where we didn't max out the contribution? Isn't it that we can catch up with only 1 year at a time?
#3 - Is a proof of enrollment required only the first time or each time we withdraw money from the RESP account? I'm thinking of a scenario where we didn't withdraw all the money during the years when the kids go to post-secondary education. If there is still money after they stop going to school (graduated for example), can we still withdraw and have it taxed to the child?
Thanks for your answer in advance!
Great channel!
2 questions:
#1: If you miss maxing out the account say 5 years in a row, can you make up those 5 years, or can you only make up 1 year at a time??
#2: If your child does not use the funds, you recommend transferring the money into an RRSP. Rather can you transfer it into a TFSA?
Thank you! Much appreciated!
You can make back 1 year at a time only.
If you transfer to TFSA it would be after tax, so better to do the RRSP.
wish there will be some graphs about discussed strategy and numbers...
I had no idea the growth could be transferred to an RRSP if there is room and the child doesn't attend school. Honestly this makes me want to invest more aggressively in my sons RESP as my biggest concern was I have a limited budget and if he didn't go to college it would be a big loss.
Just make sure you have the RRSP room!
Hi, my son just started University (September 2023) and he turned 17 last year so I am not eligible to receive grant money this year. Last year I did not maximize my contribution amount of $2500. I’m wondering can I contribute/top up additional money for the shortfall in 2022? Thanks, Perry
You can also roll over a childs RESP to their RDPS if they are disabled.
Hi sir, I have money bank's mutual funds in a family RESP account and I want to transfer that money into my children's family RESP account at Questrade. Will you please tell me what exactly I need to do? My eldest kid is 14 yrs. old now and I missed the grants for those years. Is that possible that I can transfer $10k to my eldest kid RESP account so I can get the 4 yrs. grants that I missed at least? Also can I transfer partially in cash from my bank to Questrade ? Kindly please answer all my questions. Thanks
If the RESP contribution has been maxed, can EAP withdrawals be used for the child’s RRSP and TFSA?
Not directly, but when you redeem from a RESP they no longer ask for receipts etc. So you could pull more than needed and then use the proceeds as needed ;)
What is the limit in $ to contribuition to RESP in life time per child?
Best video on this
Glad you think so!
Hello - thank you for your video 😆 one question- is there any restrictions to receive education loan if I have a RESP account ? Can I still take education loan even having a RESP account? Thanks
Yes you can
@@ParallelWealth thank you for your help and creating this excellent video 👍
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The video freezing is your internet!
The date each video is posted is in the description area of the video. We will be having another 50% off sale in Q4 of this year at some point.