Many Ways You Can Spend Your RESP On

Education can turn out to be an expensive decision if not planned well. With increasing opportunities and increasing arenas for aspiring a bright future, financial constraint is not what you want your child to worry about. The Registered Education Savings Plan brings to you an option where the government will also save for your child’s future, but only unless you also save for it too.

The whole RESP accumulated amount, once matured, can be used by your child for his or her higher studies without any bias. So here is where you need to know, how much and where can the RESP amount can be spent, so that it can help you understand the plan better.

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On Anything and Everything

The beneficiary can use the amount to fulfill any of his expenses ranging from tuition fees to athletic gears. All is okay as long as it is associated with his or her education, which means, he or she can use the amount to buy a study table, pay his rent, buy books, travel for projects and also shop for an interview.

At Anywhere and Everywhere

RESP also gives you the benefit of spending the amount in any currency as you wish. It simply means, the amount may not only be used for higher education in and within Canada, but can also be used for higher education in other countries as well.

Even if Your Child is Aspiring for Harvard University, RESP in Canada is still an idle plan for it

Also on Anyone

A parent or a grand-parent too can open the RESP account and begin saving for their beneficiaries. But what if the child once grown up, does not want to do any higher studies? What if he or she gets a job directly after high school, or joins the armed forces. In such cases, the holder of the account can simply transfer the savings to another beneficiary they want to save for and they can withdraw it once they want educational funds between the age 18-21.

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