RESP Questions and Answers
Who can contribute to RESPs?
Parents, grandparents, aunts and uncles, other family members and anyone else who wants to contribute to a child's education can participate, subject to the annual and lifetime limits.
How is an RESP invested?
We offer a variety of investment options that can help you maximize your contributions. Ask an advisor to recommend an investment strategy.
What happens if I can't take advantage of the full Canada Education Savings Grant in a given year?
Grant contribution room can be carried forward to the following year.
What happens if my child does not attend post-secondary education?
If your child decides not to attend post-secondary education, you have the following options:
- You may be able to change the beneficiary
- You can transfer up to $50,000 of the RESP funds to your RRSP if you have the contribution room for that year, including any room you have carried forward.
- If you don’t have the RRSP contribution room, you will have to pay tax on the RESP growth and there will be a government clawback on the grant.