Joint RESP
- Thread starter rockscan
- Start date
Tayken
Well-known member
I don't get what you are asking? RESP rules are set forth by the government and are, to the best of my knowledge, not subject to any agreements parents make.
A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter).
Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries.
There are two different types of RESP available: family plans and specified plans.
Any payment made by the subscriber can be withdrawn but, there may be taxes owed on any interest earned in the RESP and the government grants may have to be returned in proportion to the contribution they were granted under.
https://www.canada.ca/en/revenue-ag...registered-education-savings-plans-resps.html
Everything is done to the benefit of the beneficiaries education and not the subscriber's investment. Unless the RESP has two subscribers (e.g. both parents) then a subscriber can withdraw the funds at any time and pay the appropriate tax penalties. If the account has both parents as registered subscribers then you will need consent (in writing) from the other party as to how much can be withdrawn from the account.
I wouldn't recommend dissolving this asset as it is a benefit to the child... Unless the child is never going to do any post-secondary education in the time frame of the agreement with the promoter.
Good Luck!
Tayken
All that other info we know. There is still another student who would use the funds. The problem is kid 1 has one more year of school but under their agreement is not considered a child of the marriage (ex has motioned to change that) therefore no section 7 is ordered (unless a judge rules otherwise). The question is, if cs payor agrees to a withdrawal this year, does this mean he agrees shes a child of the marriage and therefore has to pay section 7 expenses for the year (and cs)?
I say its separate and his agreement to provide kid with that money does not mean he agrees to pay s7. Hes worried it shows he agrees shes a child of the marriage.
I say its separate and his agreement to provide kid with that money does not mean he agrees to pay s7. Hes worried it shows he agrees shes a child of the marriage.