Resp

[thezone]

So how can you use it once you need it? does it need to be used up asap or can can the RESP amount be used in smaller chunks of like $2000/yr?

[BadDrafter]

Not to steer the topic off too much but can you use an RESP on yourself? I am planning on going back to university in a few years.

[1226]

http://www.cra-arc.gc.ca/tax/individ...sp/menu-e.html

[BadDrafter]

So basically is it is possible for me to pay say for instance my mother $20,000 a year, declare her an employee, she stashes the money in an RESP and when I go to university she can give it back to me while I dodge the taxes on the savings completley. Will that work?

[15-20_God]

So how can you use it once you need it? does it need to be used up asap or can can the RESP amount be used in smaller chunks of like $2000/yr?

you don't have to withdrawal it all at once, payments amounts can vary but there is no minimum or maximum.

[fly]

Not to steer the topic off too much but can you use an RESP on yourself? I am planning on going back to university in a few years.

There's the Lifelong Learning Plan that you can withdraw from your RRSP for education. It's pretty much the same as the Home Buyer's Plan.