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    If there is money left in an RESP after the last child has completed post secondary, what happens to that extra money? Is it lost, can it be removed?

    Has anyone ever withdrawn RESP money for childs room and board when the child lives at home and goes to local university?

  • #2
    Originally posted by frustratedwithex View Post
    If there is money left in an RESP after the last child has completed post secondary, what happens to that extra money? Is it lost, can it be removed?

    Has anyone ever withdrawn RESP money for childs room and board when the child lives at home and goes to local university?
    I would think it would all depend on your RESP carrier. I have a few for my children and if they chose not to go to Univ or they finish with unused money it gets split the following.

    We only get back our actual payments into it and not on the amount left with interest.

    So if we invested 40k into the RESP and there is 60k in there when he goes to schools and only uses 30k. They will deduct the 30k from our 40k contributions and credit the remaining 10k into an RRSP splitting it equal between my ex and I.

    As I understand it though, in my case if my son chooses a 3year program he will get the full amount which should be about 38k devided into 3 cheques at the begining of each year so there wont be and left anyways.

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    • #3
      Thank you.


      Originally posted by cashcow4ex View Post
      As I understand it though, in my case if my son chooses a 3year program he will get the full amount which should be about 38k devided into 3 cheques at the begining of each year so there wont be and left anyways.
      If I know how much is in the account when last child starts their program, I can request that it be equally divided into say 4 cheques, (4 years),? Or have it put into an RRSP?

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      • #4
        here is one i am dealing with - we had two RESP's, one for each child. Divorce is requested, tuition - instead of taking it from the RESP like it should have been the woman takes it from the joint pay the bills account we left to.....um pay the bills! Tuition is not house bills - so it came daown to my request and waiting two weeks for her to replace it. I called the bank and asked them how/why and I was told we own the original deposit 50/50 and yes it was within my right to produce the tuition reciept and remove 1/2 to cover my portion. Ok she got me there because the day before I found out at my bank appointment to remove the apportioned tuition amount..... There was no RESP! She cashed them both out completely....

        What is one's right there? (even if she pulled it out 100% and deposited it into a new RESP account - is that theft with tracability??) Ok I admit the kids still have to go to school and pay tuition but what if it isn't all used up?

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