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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.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.