RESP 101: What Every Empowered Parent Needs to Know
Maximize Education Savings for Your Children
What exactly is an RESP and how can it be used to fund your child’s post-secondary education? What are the key rules around contributions, grants, and withdrawals? What should you do if your child doesn’t pursue higher education?
In today’s episode, Laurence Greenberg and Jackson Matthews break down everything Canadian parents need to know about RESPs — from contribution limits and government grants, to withdrawal strategies and tax-efficient planning. Whether you’re opening your first account or optimizing an existing one, this episode offers clear answers and practical guidance.
Don’t miss this essential overview that could help you unlock thousands in free education funding and avoid costly RESP mistakes. Tune in and feel more confident managing your child’s future education savings.
Thank you for tuning in!
Making the Most of Your RESP
- Introduction and post-tax season context (0:39)
- What is an RESP? (0:56)
- Contribution rules and lifetime limits (1:35)
- Tax treatment of contributions and growth (1:42)
- RESP grants: CESG, QESI, and CLB (2:25)
- How much you can earn in grants (3:10)
- What qualifies as post-secondary education (4:19)
- What RESP funds can be used for (4:30)
- Family plans vs. individual plans (5:11)
- RESP withdrawal rules and tax treatment (6:00)
- EAP withdrawals and tax planning strategies (6:52)
- Common RESP mistakes (8:51)
- What happens if a child doesn’t go to school (10:24)
- RRSP rollover and penalty tax explanation (11:36)
- Early lump sum contribution strategy (13:12)
- Investing RESP funds over the time horizon (14:26)
- Asset allocation by time horizon (16:15)
- Tips to optimize RESP usage (16:38)
- Importance of early planning and advisor support (17:39)
- Episode closing thoughts (18:00)
And much more!
Mentioned in this Episode:
Thanks for Listening!
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