The mechanics of RESP withdrawals

This practical guide will take you through the process.

Philip Rebiere 18 August, 2015 | 5:00PM
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By the time August rolls around, parents turn their attention to school-year planning and, if you have a first-year university-bound student at home, it will be a busy month! Tuition, for one, is due as early as Aug. 1st at some institutions. First installments for residence and meal plans is a sizeable payment, and depending on the university, can be due as early as the end of July.

This means that if you are planning to use all or part of your child's RESP to make these payments, you need to get your withdrawal underway, or you could be out of pocket for up to $15,000 or more.

Some people may tell you it is easy to withdraw funds from an RESP, but without the right documentation, it can be a frustrating and costly exercise. The following is a step-by-step guide for RESP withdrawal.

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About Author

Philip Rebiere

Philip Rebiere  Phil Rebiere, a freelance contributor for Morningstar, is a student in the business-management program at Western University's Richard Ivey School of Business.

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