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Transfers out of Registered Educational Savings Plan (RESP)

 

If you have established an RESP (Registered Educational Savings Plan) and made tax deductible payments, if a child does not pursue post-secondary education, one of your options, if the RESP has existed for at least 10 years and all beneficiaries are over the age of 21 and not pursuing a post-secondary education, is to transfer up to $50,000 to your RRSP (or your spousal RRSP) provided you have the contribution room available.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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