Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Redirect RESP Savings for Greater Potential

24 Sept 2024 · 1 min

Watch on YouTube

0:37

A YouTube monologue (by Richard Canfield) advising that parents may consider redirecting RESP contributions into an alternative policy. The speaker expresses regret for having contributed to an RESP, warns that if funds are withdrawn for non-education uses growth will be taxed and government grants lost, and gives an illustrative outcome (roughly returning to the original principal over decades).

Chapters

I wish I had have known about this from day one. I wouldn't have put any money into an resp. That extra money that I was putting aside into programs I would have redirected first into a policy. Also, if I could encourage young parents to redirect the money, I can't even explain the potential later on. I was going through some options with Henry before about my child. If she decides to defer forever, she might not want to go. What can I use that money for instead? And but there's restrictions. All of the growth will be taxed. The government portion will be gone. So we'll basically end up back around 50,000 where it started and it'll be 25 years later.