Monday, February 20, 2012

how to withdraw $ from your RESP

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/a-primer-on-how-to-withdraw-from-resps/article2145056/

1. Don’t wait until the last minute

2. Withdrawals can be made before your child starts classes

3. You don’t have to justify RESP withdrawals or show receipts

4. Specify if the withdrawal is to be from contributions, non-contributions or both

5. Watch the taxes

6. The child can still receive grants, even while doing withdrawals

7. Don’t withdraw more than $7,200 of grant money per beneficiary

8. Don’t leave non-contribution money in the account

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