How does a Registered Education Savings Plan (RESP) work, and how can Canadian families make the most of it? In this episode of Money Questions, Matthew McGowan and Nathan England share an RESP survival guide, from saving for rising post-secondary costs to understanding government education grants and the Canada Learning Bond.
They discuss RESP contribution strategies, including monthly contributions and lump-sum investing; how to choose investments as a child gets closer to school; and what families should know when withdrawing money. Learn the difference between Educational Assistance Payments (EAPs) and Post-Secondary Education (PSE) contributions, why proof of enrollment matters, and how to avoid common RESP withdrawal mistakes. The conversation also covers group RESP providers, unused RESP funds, sibling transfers, transferring eligible funds to an RRSP or Registered Disability Savings Plan (RDSP), and what can happen when RESP money is withdrawn for non-educational purposes.
A practical conversation about RESPs in Canada, education savings, government grants, taxes, investment timelines, and planning for a child’s post-secondary education.
00:00 Money Questions
00:44 The RESP survival guide
04:32 RESP basics and government grants
07:13 Canada Learning Bond
10:34 Catch-up contributions
12:13 Group RESP providers
14:09 Lump-sum or monthly contributions?
19:55 The RESP investment timeline
23:47 Withdrawing RESP funds
25:35 EAPs, PSE contributions, and withdrawal limits
26:32 Proof of enrollment
29:00 A common RESP withdrawal mistake
30:05 What happens to leftover RESP funds?
33:20 Withdrawals for non-educational purposes
34:38 What can you invest in through an RESP?
35:37 RESP funds and disability planning
38:12 Investing in yourself
To learn more, visit: https://www.evangelinewealth.com/DISCLAIMER:
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances. This presentation was prepared by Matthew McGowan and Nathan England, CFP, for the benefit of Matthew McGowan and Nathan England, CFP, Mutual Fund Representatives with Evangeline Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the Fund Fact Sheet or prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.
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