RESP Question

[vick_gandhi]

so my parents have put away money for me..

i was just wondering what the process was in making payments for university?

and also if i need a laptop..can i use that money as well?

[steven_wwjd]

I believe you just need to get some confirmation papers signed by your post-secondary institution proving that you are meeting their requirements (e.g. full time? part time? 1st year? etc). After you have completed that step, the fund will be sent to you accordingly. So with that said, you could simply do whatever you want with the money but most likely you should have your tuition covered first before you spend it anywhere else.

[Khrak]

I don't know how the different options work, but my RESP simply deposits dierectly to my bank account around the middle of August.

[John_In_Vancouver]

I believe you just need to get some confirmation papers signed by your post-secondary institution proving that you are meeting their requirements (e.g. full time? part time? 1st year? etc). After you have completed that step, the fund will be sent to you accordingly. So with that said, you could simply do whatever you want with the money but most likely you should have your tuition covered first before you spend it anywhere else.

This is true.

I believe there are limits to how much can be withdrawn in the first few weeks. Best bet is to call the RESP company to find out exact.

[ramoose]

so my parents have put away money for me..

i was just wondering what the process was in making payments for university?

and also if i need a laptop..can i use that money as well?

yep I did but mine was in a self-directed plan. any gains on the plan and you will get a slip for income tax but for a student that is no big deal.

[lint]

This is true.

I believe there are limits to how much can be withdrawn in the first few weeks. Best bet is to call the RESP company to find out exact.

I believe the timeframe is 3 months, and then the entire amount can be withdrawn at your discretion.

[Thalo]

I think it's first 13 weeks (one semester) limit is $5000, after that no limit provided you can show proof of enrollment/tution payage.