RESPs aren’t just for university and college; they can be used for almost any training program, including apprenticeships. So if your child decides he’s going to travel the world as a musician instead of pursuing a degree or training program, you still have good options (music to your ears?):

• You can keep the money in the RESP, in case the child decides to enroll in a program later.
• You can transfer the plan to another eligible beneficiary, such as a sibling.
• You can withdraw the money (and pay tax on the earnings) or transfer up to $50,000 of earnings into your RRSP.