written by David Gillan, CFP, CIM, Vice President, Toronto | May 24, 2016
You’ve spent years accumulating that RESP nest egg for your darling little Einstein. Now it’s time for him or her to fly the coop – what to do?
In part one of this article, I spoke about Registered Education Savings Plans (RESPs) more broadly, and touched on Canada Education Savings Grants (CESGs). In this installment, we’ll take a look at the ABCs of EAPs (Educational Assistance Payments) and Accumulated Income Payments (AIPs).
Payments from an RESP
Sorting out the various tax implications when withdrawing funds from your RESP can be a little overwhelming. Your Financial Planner can guide you on the best way to do this, taking your own personal situation into account. Here are some discussion points you may want to cover with him or her:Read more »