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Originally Posted by TurdFerguson
Not directly related, but I was just thinking about my RESPs this morning in he shower (where the most productive thoughts of the day are formed). Are RESP contributions tax deductible like RRSP contributions? I've always thought they were not as the money is not taxed when it is withdrawn...
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No they're not tax deductible like an RRSP. The funds are taxable when withdrawn, but in the hands of the student so they have things like tuition to go against them and will almost surely pay little to no tax as a result.
You also have options like moving them to your RRSP down the line if the kids don't go to school (not the grant portion), in which case the tax considerations change accordingly.
Quote:
Originally Posted by Ironhorse
Does the RESP have to done at the same institution as any others RRSPs?
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No, you can have them elsewhere.