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April 21, 2010

I have a few friends who were lucky enough to have RESPs started for them when they were young. They’re drawing on their RESPs to pay their way through school and maybe the occasional keg party.

You have to be careful about drawing on RESPs, because the tax rules can be a little tricky. Oddly, the student poverty really helps with that. Between the low income and the tax deductions, drawing on RESPs is to your advantage.

If you’ve had to deal with student loans, then RESPs are something to start thinking about when you start thinking about having your own little people.

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