Apply for the Canada Learning Bond (CLB) – After applying
4. After applying
An RESP can stay open until the end of its 35th year. The funds must be used and the RESP must be terminated on or before the 35th year of the plan. Specified plans can stay open up to 40 years.
If a child does not continue their education after high school and the RESP is closed:
- any amount contributed to the RESP goes back to the subscriber
- the CLB and the Canada Education Savings Grant go back to the Government of Canada
Accumulated interest earned in the RESP can be:
- returned to the subscriber
- transferred to a Registered Retirement Savings Plan (RRSP) of the subscriber or the subscriber’s spouse
- transferred to a child’s Registered Disability Savings Plan
- gifted to a designated educational institution
Ask your RESP promoter for more information.
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