RESP babies

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.

From MoneySense:

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.


Posted on September 6, 2013, in Personal Finance, Personal Tax and tagged , , . Bookmark the permalink. Leave a comment.

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