RESPs aren’t just for university and college; they can be used for almost any training program, including apprenticeships, recognized by the government. 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.
Introduce your friends to CST Spark!
Whether you love how easy we make it to manage your RESP online or get government grants, let your friends in on the benefits of a CST Spark RESP too.