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What to do when you have insufficient or unused RESP funds

– moneysense.ca

Registered education savings plans (RESPs) are the best way to save for a child’s post-secondary education. Contributions attract government grants, and the accounts grow tax-deferred. Withdrawals can be used for trade school, college or university funding in Canada and abroad.

According to Statistics Canada, the average cost of undergraduate tuition nationally for the 2022/2023 school year was $6,834 per year. The costs can be greater or smaller depending on the program of study, and tuition represents only a portion of the total cost of post-secondary education. In fact, the data shows a four-year university program can cost $96,004 for a student living on campus and $48,074 for a student living at home.

In contrast, the average RESP balance for children aged 14 to 17 was $22,180 at the end of 2019. That’s enough to fund approximately one quarter to one half of the cost of a typical four-year university program. What should parents do to close the gap?

MoneySense’s Student Money Guide
Read now

What if the RESP falls short of covering education costs?

Planning for RESP withdrawals can be more art than science…

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