Education and Knowledge

This article provides information on how, and when, to withdraw funds from an RESP, as well as information on qualifying educational institutions and programs. In situations where the RESP beneficiary decides not to pursue post-secondary studies or leaves before completing a qualifying program, the subscriber of the plan must decide what to do with the money that has accumulated in the RESP.

All parents want their children to be financially savvy and make smart financial decisions. Prudent money management skills are particularly important for children from wealthy families, who are likely to inherit significant wealth. However, while wealth can bring opportunity, it can also add complexity and potential burdens if children haven’t been taught to respect and understand its purpose.

When a child starts to receive or earn their own money through an allowance, family gifts or a part-time job, their natural instinct is to spend it all. However, it’s never too early to start teaching children the importance of savings, and to respect the fact that money can also serve other goals, like sharing it to help others.

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