This week’s ATW looks closely at the rules governing RESPs and in particular, the best strategy for withdrawing the money once accumulated. Minimizing tax is one of the most effective ways of maximizing total returns on any investment, and the RESP is no different. So before your Toy Story III moment (if you haven’t seen the movie, it’s a tearjerker) when your child is all grown up and is starting Frosh Week (remember that?! -don’t ask, don’t tell!), it’s good to know what you need to, to make the most of those dollars you’ve been putting aside for the past decade plus. https://www.theglobeandmail.com/investing/education/article-a-back-toschool-lesson-on-resp-withdrawals/
The good news? We can help! RESPs, being a government designed program are anything but straightforward, but not impossible to understand. Once Grade 12 has wrapped up, give me a call and I’m happy to sit down with you to help map out a plan for accessing RESP money to cover the cost of postsecondary. I’ll bring the Kleenex box!
Hope you had a great Labour Day weekend!