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Ask an advisor: RESP withdrawals

Learn about how to withdraw money from an RESP for a post-secondary student.

 

 


View video script

 

Description: This animated video introduces an illustrated character Kim and her advisor to show how to withdraw money from an RESP for a child for post-secondary education.

Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “How do I withdraw money from an RESP?” fades in below. An illustration of a graduating student draws on the right side of the frame.

Kim: My oldest child will be ready to start post-secondary school soon.

Description: Kim talks on a cell phone in her living room while her son reads a book at a nearby table. Screen splits in half to include the advisor on the right half, sitting in an office.

Advisor: That’s great news!

Kim: How do we withdraw money from his registered education savings plan?

Description: Screen moves to full view of the advisor in her office.

Advisor: We’ll contact your RESP provider with proof that he’s enrolled in a qualified post-secondary educational program.

Description: Screen changes to circle with $5,000 in it. Above the circle, text that says 1 weeks starts to spin until it reads 13 weeks.

Advisor: Once you’ve done that, if he’s attending full time, the most you can withdraw is $5,000 during the first 13 weeks he’s enrolled.

Description: Text in circle changes to read $2,500. Above the circle, text changes to read part time.

Advisor: If he’s going part time that limit is $2,500.

Description: Text in circle changes to read Any amount. Above the circle, text changes to read After 13 weeks.

Advisor: After that, you can request withdrawals of any amount with no limit unless he takes a break from studies and doesn’t re-enrol within 12 months.

Description: A dollar sign in a circle appears on screen, then transitions to become one date on an illustration of a calendar. Screen transitions to Kim in her living room again.

Kim: What can we use the money for?

Description: Screen transitions to image opf Kim’s son in a school setting, then a bookstore, then an apartment.

Advisor: Tuition, textbooks, living expenses. Stuff like that.

Description: Screen transitions to Kim in her living room again.

Kim: And what if he decides not to go to post-secondary school?

Advisor: You have options, including moving the money that you put into the RESP to your registered retirement savings plan.

Description: Screen transitions to illustration of a piggybank with letters RESP under it, then money moving to another illustration of an easy chair with the letters RRSP under it.

Screen transitions to advisor in your office again.

Advisor: Once he’s firmed up his plans, let’s talk more about withdrawing the RESP money, including how those withdrawals will be taxed.

Description: Text – Let’s talk. Contact me today appears onscreen with the legal line: “Video produced by Canada Life. canadalife.com 1 888 252-1847."

News

Attended “An Evening with Lisa LaFlamme” in support of THE MUSEUM. She is gracious, humble and funny…proof that “the comeback is better than the setback”. Lisa encouraged attendees to purchase RRSPs and to have their own bank accounts. Just one more thing to secure personal financial security.

The results are in...

September 10, 2023 - Nancy Koebel

Thank you community. Lyfestyle Financial is thrilled to share the results of our Passion for Fashion event held April 3 2023 in support of the YWKW Family Relocation Project. Shout out to La Creme. We look forward to hosting the event next year on March 25, 2024.

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PASSION FOR FASHION 2023

Event date and time Apr 03, 2023 05:00 PM Eastern Daylight Time - Apr 03, 2023 08:00 PM Eastern Daylight TimeApr 03, 2023 05:00 PM Eastern Daylight Time - Apr 03, 2023 08:00 PM Eastern Daylight Time

Event location St. Georges' Banquet Hall 665 King St N, Waterloo, OntarioSt. Georges' Banquet Hall 665 King St N, Waterloo, Ontario

Come out and enjoy a 4 course dinner, awesome prizes, silent auction and fashion show, featuring latest fashions from La Crème.

Help us raise money for YW-Kitchener-Waterloo and Family Relocation Project.

Meet many awesome women and have fun.

Use the link to book your ticket for the evening. 

Call on 519-744-5433 for more details

RSVP