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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.


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