Apply for the Canada Learning Bond (CLB) – After applying

4. After applying

An RESP can stay open until the end of its 35^th year. The funds must be used and the RESP must be terminated on or before the 35^th 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.