RESPs are a great way to save for your child’s education. But what if they choose not to go? Don’t worry, there are plenty of options.
When 20-year-old Ariel Hartman was in high school, she didn’t worry about how she would pay for her post-secondary education. Hartman’s parents had set up a Registered Education Savings Plan (RESP) to make sure there would be money to help pay her tuition.
Hartman’s RESP was a joint family effort. Her parents put in what they could and relatives contributed as birthday gifts.
They did the same thing for her brother; however his RESP is unlikely to go toward post-secondary education.
“My brother just graduated from high school last May and he doesn’t want to go back to school. He’s not a university or college guy,” says Hartman. She’s hoping her parents may transfer the funds to support her grad school tuition.