Frequently asked questions
- What happens if the beneficiary decides not to pursue a post-secondary education or I need to withdraw the money?
- Can I transfer funds between RESPs?
- How long does my child have to decide whether or not to pursue a post-secondary education?
If you have additional questions about RESPs, please don't hesitate to call us at 1-800-281-8029, or visit any TD Canada Trust branch.
- What happens if the beneficiary decides not to pursue a post-secondary education or I need to withdraw the money?
You have a number of options, including -
- transfer the RESP assets to another eligible beneficiary
- withdraw the funds for yourself (you must repay the government grants and pay taxes and a surcharge on investment income you withdraw)
- transfer up to $50,000 of the investment income to the subscriber's regular or spousal Retirement Savings Plan (RSP)if there is enough contribution room
- donate the investment income to a Canadian educational institution
Conditions apply to all of these options, so please ask us for details.
- Can I transfer funds between RESPs?
Yes, a transfer between RESPs can be made under certain conditions. Please ask us for details.
- How long does my child have to decide whether or not to pursue a post-secondary education?
Your child does not have to attend college or university right after high school; however, an RESP must be terminated in the 25th year following the year in which the plan was established.
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