RESP: The Old Switcheroo
Navigating RESP withdrawals can be tricky, especially when dealing with different university policies. This article highlights the challenges of accessing RESP funds, including the requirement for a Letter of Enrollment and how universities vary in their responsiveness. Some institutions make it easy, while others add bureaucratic hurdles. The piece also touches on bank procedures when withdrawing from an RESP and the importance of planning ahead to avoid delays in funding education. A must-read for parents managing Registered Education Savings Plans for their children’s post-secondary education.
Keywords: RESP, education savings, university costs, financial planning, student funding, bank procedures, withdrawal process