MoneySense posted a short article on the number of students who now wish they had an RESP (registered education savings plan).
We will be writing a post regarding the tax implications involved when you withdraw those funds.
A new poll for BMO suggest one-third of Canadians enrolled at a post-secondary institution have an RESP to help pay for tuition, books, room and board. Among students with a RESP to tap, three-quarters said they would not be able to afford university/college without it. Among students without an RESP, a whopping 84% said they wish they had one and 91% said they plan to set one up for their kids one day. It’s no wonder. A four-year university degree can cost upwards of $60,000, according to the bank. For children born in 2013, costs could reach $140,000 by the time they attend a post-secondary institution. Pick up the September/October issue of MoneySense magazine on newsstands now for additional information on students and RESPs or try out our RESP Calculator.