Justwealth Justwealth
  • About Justwealth
    • Who We Are
    • How It Works
    • Investment Process
    • Why Justwealth
  • Institutional
    • Overview
    • Advisor Portal
  • Pricing
  • Resources
    • Performance
    • FAQs
    • Portfolio Review
    • Blog
    • The Just Word Podcast
  • Get Started
  • Account Access
    • **New** Client Portal
    • Finish Your Application
    • Advisor Login
    • Ndex Investor Login
Justwealth Justwealth
  • About Justwealth
    • Who We Are
    • How It Works
    • Investment Process
    • Why Justwealth
  • Institutional
    • Overview
    • Advisor Portal
  • Pricing
  • Resources
    • Performance
    • FAQs
    • Portfolio Review
    • Blog
    • The Just Word Podcast
  • Get Started
  • Account Access
    • **New** Client Portal
    • Finish Your Application
    • Advisor Login
    • Ndex Investor Login
Jan 04

Ask the Expert: What Happens to an Unused RESP if Your Child Doesn’t Go to School?

  • January 4, 2021
  • Investing, RESP, Robo-Advisor

Justwealth’s Chief Investment Officer, James Gauthier, was recently interviewed for an article published by Young & Thrifty about what happens to unused RESP funds when a child doesn’t go to post-secondary education. This is a concern shared by many Canadian parents, and Justwealth and Young & Thrifty are happy to help put their minds at ease.

Q: I’m a parent to a three-year-old and I want to set up a Registered Education Savings Plan. But what happens to the money if my child decides to not pursue post-secondary studies? Is it gone forever or can I get it back?

— A panicked parent

A: First of all, good for you! Choosing to open an RESP can be one of the most rewarding investments that you can make. In addition to opening doors to career paths and increased earning potential for your child, investments in a Registered Education Savings Plan may be eligible for a Canada Education Savings Grant for up to 20% of your annual contribution!

But if your child (the beneficiary) forgoes enrolling in a qualifying post-secondary institution, it’s not a total bust. There are options to make good use of the RESP assets (aka money). The same applies in cases where the beneficiary (or beneficiaries) have completed post-secondary education and there are assets left over in the RESP. Let’s look at the options…

Read more about your options on the Young & Thrifty website!

  • Facebook
  • Twitter
  • LinkedIn
  • E-Mail

Comments are closed.

The Just Word Blog

We would love to hear your feedback and suggestions! Feel free to contact us at the information below

Subscribe to our mailing list

Contact Info

Phone: 1.866.407.JUST E-Mail: info@justwealth.com

Recent Posts

  • Justwealth 4Q 2022 Market Commentary
  • Justwealth 3Q 2022 Market Commentary
  • Justwealth 2Q 2022 Market Commentary
  • Justwealth May Market Update
  • Justwealth 1Q 2022 Market Commentary

Categories

  • Behavioural Finance
  • Business
  • CESG
  • Charitable Donations
  • CRM2
  • Estate Planning
  • Exchange Traded Funds
  • Health
  • Investing
  • Just thinking
  • Lifestyle
  • Mutual Funds
  • News
  • Portfolio Management
  • RESP
  • Retirement
  • Robo-Advisor
  • RRSP
  • Sports
  • Taxation
  • TFSA
  • Travel

About Us

  • Who We Are
  • How It Works
  • Investment Process
  • Why Justwealth
  • Pricing


Resources

  • Get Started
  • Investor Login
  • Advisor Login
  • Account Requests
  • RESP
  • Tax-Efficient Investing
  • Group RRSP & TFSA
  • Portfolio Review
  • Blog Posts
  • The Just Word Podcast
  • FAQs
  • Performance

Institutional

  • Overview
  • Advisor Portal

Legal

  • Terms of use
  • Privacy Policy
  • Conflicts Disclosure

Contact

18 King Street East, Suite 1400 Toronto, Ontario M5C 1C4 Phone: 1-866-407-JUST (5878) E-Mail: info@justwealth.com

Subscribe to our mailing list



Justwealth Financial Inc., operating as Justwealth, is a registered Portfolio Manager in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador and Yukon. By using this website, you accept our Terms of Use and Privacy Policy. Copyright 2023 Justwealth Financial Inc. All rights reserved.