How can we help you?
We matched that to:
What happens to the RESP if the beneficiary decides not to pursue a post-secondary education?
You have a number of options, including –
If the beneficiary does not attend a post-secondary education there are 5 options:
- Leave the money in the RESP in case they change their mind. RESPs can be left open for up to 36 years.
- Transfer the assets to another eligible beneficiary
- Transfer up to $50,000 to your RRSP subject to conditions
- Transfer the money to an RDSP subject to conditions
- Close the RESP which will mean:
- Contribution will be returned
- All grants and bonds will be returned to the government
- Investment earnings will be removed from the plan subject to conditions.