The Registered Education Savings Plan is a government approved plan to help Canadians save for post-secondary education. This RESP Withdrawal calculator helps to break down amounts when it’s time to take funds out.
RESP Withdrawal Calculator
This calculator helps look at options when withdrawing an RESP.
RESP Withdrawal Insights
The RESP Withdrawal calculator serves as a critical tool in navigating the complexities of withdrawing funds from a Registered Education Savings Plan (RESP). This calculator provides a detailed breakdown of withdrawal amounts, taking into account various scenarios and considerations. For instance, if beneficiaries do not pursue post-secondary education by age 21 and the RESP has been active for at least ten years, the subscriber may withdraw the plan’s earnings. However, tax implications and penalties may apply depending on the withdrawal method chosen. The calculator also explores the option of transferring funds to an RRSP, offering insights into the potential benefits and implications of such a transfer.
RESP Withdrawal Calculator is also available in French
RESP Withdrawal Calculator
Calculators are available in English and French.
RESP Withdrawal Considerations
The RESP Withdrawal calculator factors in the principal contributions, repayment of the Canada Education Savings Grant (CESG), applicable taxes on earnings, and considerations for transferring funds to an RRSP. This breakdown helps clients make informed decisions regarding their RESP withdrawals, ensuring they maximize available funds while minimizing tax liabilities and penalties.
Leveraging Education Planning Tools
Education planning calculators complement the RESP Withdrawal calculator by estimating future education costs and illustrating various saving tools and government grants available through RESP contributions. These calculators also simulate scenarios where RESP funds may not be fully utilized, providing families with contingency plans and alternative strategies for their educational savings. By leveraging these tools together, families can effectively plan for their children’s education, optimize their RESP withdrawals, and secure a solid financial foundation for future educational endeavors.
Companion calculators include:
• Saving for Education Now
• RESP Tax Benefits
• CESG Advantage
The calculator can be viewed for free up to five (5) times on this site.
To use the full-featured versions of these calculators in FreshPlan, please contact us.
Companion Infographic
The Education Planning and RESP infographics highlight this tax-sheltered plan that helps you save for a child’s post-secondary education faster. Combine calculators and infographic on your website to engage visitors.
Features
Consumer-facing
These consumer-facing financial calculators can be embedded in your web site quickly and easily.
Responsive
Calculators are easy-to-use and fully responsive on any device – phone, tablet, laptop or desktop.
Full Branding
Calculators can be fully branded according to your branding style guide. You’ll be up and running with a quick turnaround.