Everything You Need To Know About RESPs - Registered Education Savings Plans - Modern FImily<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything You Need To Know About RESPs - Registered Education Savings Plans - Modern FImily\" \/>\n<meta property=\"og:description\" content=\"Some avid readers may recall that back in early June we mentioned that we were asked to be a guest host for one of my … Everything You Need To Know About RESPs – Registered Education Savings Plans Read More \u00bb\" \/>\n<meta property=\"og:url\" content=\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"Modern FImily\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-09T05:23:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-10T06:22:35+00:00\" \/>\n<meta name=\"author\" content=\"Court and Nic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Court and Nic\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\"},\"author\":{\"name\":\"Court and Nic\",\"@id\":\"https:\/\/modernfimily.com\/#\/schema\/person\/cd920766f9866aecf7db4876adf124f9\"},\"headline\":\"Everything You Need To Know About RESPs – Registered Education Savings Plans\",\"datePublished\":\"2020-07-09T05:23:00+00:00\",\"dateModified\":\"2020-12-10T06:22:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\"},\"wordCount\":1133,\"commentCount\":6,\"publisher\":{\"@id\":\"https:\/\/modernfimily.com\/#\/schema\/person\/cd920766f9866aecf7db4876adf124f9\"},\"image\":{\"@id\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/modernfimily.com\/wp-content\/uploads\/2020\/07\/My-Post-pdf.jpg\",\"articleSection\":[\"Financial Independence\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\",\"url\":\"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/\",\"name\":\"Everything You Need To Know About RESPs - 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{"id":3014,"date":"2020-07-08T23:23:00","date_gmt":"2020-07-09T05:23:00","guid":{"rendered":"https:\/\/modernfimily.com\/?p=3014"},"modified":"2020-12-09T23:22:35","modified_gmt":"2020-12-10T06:22:35","slug":"everything-you-need-to-know-about-resps-registered-education-savings-plans","status":"publish","type":"post","link":"https:\/\/modernfimily.com\/everything-you-need-to-know-about-resps-registered-education-savings-plans\/","title":{"rendered":"Everything You Need To Know About RESPs – Registered Education Savings Plans"},"content":{"rendered":"

Some avid readers may recall that back in early June we mentioned that we were asked to be a guest host for one of my favorite podcasts<\/a>. Well the suspense is finally over as the podcast episodes are out.\u00a0 I know, I know, you haven’t been able to sleep at night…!<\/p>\n

Back in early May I was approached by the lovely Chrissy from Eat Sleep Breath FI<\/a> who is one of the co-hosts of the Explore FI Canada podcast<\/a> to be a guest host with them.\u00a0 The topic? RESPs.<\/p>\n

I was all for this as we have an RESP open for our 2 year old daughter and within hours I came up with an exhaustive list of questions to ask Kari from Money In Your Tea<\/a> who was the episode guest and has 4 children, one who is in university and another who is starting later this year (sorry Kari for the bombardment of questions!).<\/p>\n

I was planning to write a detailed post or two on RESPs in the future but these podcast episodes now serve the same purpose (and saves me a TON of time by not having to type everything up so slowly).<\/p>\n

Curious about any of these questions?<\/p>\n

What is an RESP and who should have one?\u00a0 Who should not have one?<\/li>\n

Where can you open an RESP?<\/li>\n

What is the maximum contribution that the subscriber can contribute and what government grants are available?<\/li>\n

When did the RESP program start and how have the contribution limits and grants changed over the years?<\/li>\n

What is the maximum age you can contribute into an RESP? How old can a child be to remain eligible to withdraw from their RESP?<\/li>\n

How do you open up an RESP?<\/li>\n

Does your child have to go to school in Canada?<\/li>\n

What type of institutions qualify?<\/li>\n

What happens if your child decides not to go to post secondary school?<\/li>\n

What are the pros and cons of using individual vs. family accounts?<\/li>\n

How difficult is it to switch from an individual RESP for one child over to a family RESP once you have more than one?<\/li>\n

What has been your contribution strategy?<\/li>\n

What asset allocation do you use for your RESPs?<\/li>\n

Has your investment strategy been the same for all 4 children?<\/li>\n

Is there a cost to reallocate your assets within the RESP over the years if you transition from equities heavy in the beginning to fixed income heavy towards the end?<\/li>\n

What is the process of receiving grant money from the government?<\/li>\n

How are the withdrawals taxed?<\/li>\n

How does the timing of withdrawals impact taxes since the school year calendar differs from and the tax year calendar year?<\/li>\n

What are the two payment portions of an RESP – PSE and EAP?<\/li>\n

What is the withdrawal process like?<\/li>\n

What counts as a qualified expenses?<\/li>\n

Do you have to submit receipts to the government for these items? Do you need to prove it’s going towards the child somehow? Has it been a relatively easy process?<\/li>\n

Is there a withdrawal optimization strategy readily available for parents looking to withdrawal for their children’s education?<\/li>\n

Can you structure your withdrawals so the EAP gets withdrawn first and then the PSE so that if not all funds are used, the remainder can be with withdrawn tax free? How do you go about ensuring that order?<\/li>\n

Has the $5,000 limit on EAP within the first 13 weeks gotten in the way of your preferred withdrawal strategy?<\/li>\n<\/ul>\n
Phew!\u00a0 Exhausted yet from just the questions alone?\u00a0 Curious to know the answers?\u00a0 If so, tune in to our two part interview with Kari where Chrissy, the Money Mechanic, and I tackle all these questions and more.<\/p>\n
\n
Explore FI Canada: Episode 32: All About RESPs (Part 1) | Money in Your Tea and Modern FImily<\/a><\/li>\n
Explore FI Canada: Episode 33: All About RESPs (Part 2) | Money in Your Tea and Modern FImily<\/a><\/li>\n<\/ul>\n
This was my first time getting to play host and I had a lot of fun!\u00a0 Thanks guys for having me on!<\/p>\n
Like all our previous guest information, these podcast links can also be found on our Guest Appearance page<\/a>.<\/p>\n
I’d love to get some feedback from our FImily out there with any critiques or constructive criticism during my first hosting experience.\u00a0 So please, tune in and let me know how I can continue to grow and improve.\u00a0 I find that my mind wanders a lot when recording a podcast and it’s something I’m trying to work on.\u00a0 While it might seem like today’s post was short, after tuning in, you can see how much information we unpack in these two podcast episodes.<\/p>\n
Any parents out there with RESPs for their kid(s)?\u00a0 Any new parents looking for more information on RESPs?\u00a0 Check out these podcasts as the goal was for it to become the go to spot for all information regarding Registered Education Savings Plans.\u00a0 After tuning in, we’d love to hear your feedback in the comments below!\u00a0 Did we miss anything on these podcast interviews?<\/p>\n
Support This Blog<\/h2>\n
If you liked this article and want more content like this, please support this blog by sharing it.\u00a0 Not only does it help spread the FIRE, but it lets me know what content you find beneficial.\u00a0 Writing is NOT my strong suit and it honestly takes me hours to write each post so the more encouragement the better!\u00a0 Engaging in the comments below keeps me motivated.\u00a0 You can also support this blog by subscribing to receive emails anytime a new post is published.\u00a0 Thank you FImily!<\/p>\n
We believe in stacking up life hacks to keep your enjoyment levels to the max without depleting your bank account.\u00a0 Here are some ways to further educate yourself and save thousands of dollars over your lifetime by making some simple adjustments:<\/p>\n
\n
Investing Newbies: Check out our\u00a0 free Investing 101 Series.<\/a><\/li>\n
How much are you paying for your phone plan?\u00a0 Canadians,\u00a0 learn more about Public Mobile, and see how we are paying $3\/mo for our cell phone plan<\/a>.<\/li>\n
How much are you paying for internet?\u00a0 Canadians,\u00a0 learn more about the various Independent Service Providers out there to see who services your area so you can lower your monthly bills<\/a>.<\/li>\n
How much are you paying for home insurance?\u00a0 We were able to reduce our rates by 25% by switching over to Square One Insurance.\u00a0 If you live in BC, AB, SK, MB, and ON, check out Square One for your home insurance, landlord insurance, and\/or tenant insurance<\/a>.\u00a0 Use this link to receive an extra $15 off your quote.\u00a0 (Note that you must use this link to start the process to get the $15 off even if you prefer to pay over the phone.)<\/li>\n
How much are you paying for your monthly utility bills?\u00a0 See how you can likely save on this monthly expense<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Some avid readers may recall that back in early June we mentioned that we were asked to be a guest host for one of my …<\/p>\n
Everything You Need To Know About RESPs – Registered Education Savings Plans<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":2,"featured_media":3215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[13],"tags":[],"yoast_head":"\nEverything You Need To Know About RESPs - 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