How long does my child have to use his or her RESP?

September 8, 2017 ATB Financial

If your child takes a few years after high school to travel and figure out what direction they want to pursue in a post secondary education, don’t worry. They’ll have plenty of time to use their RESP before it expires.

Contributions to an RESP can be made up to 31 years after it is first opened. That’s lots of time to put it to good use, especially when you can open an RESP up until your child turns 17. However, it typically makes sense to open one no later than a few years before your child turns 17 because they are only eligible for government grants until their 17th year. These grants are one of the biggest reasons to choose an RESP and you’ll want to take full advantage of them.

The RESP has to be completed by the end of its 35th year. This gives the child an additional 4 years to use the money toward their post secondary education.

 

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