What Can I Spend My Child's RESP On?

Arry Pandher
Head of Growth, TD Scholarship winner
Last updated,
July 22, 2024

If you’ve had the foresight to put money away into a RESP (Registered Education Savings Plan) for your child, you might be wondering if there’s a limit. Or which types of purchases the funds can be used for.

What exactly can you spend your child’s RESP on?

Many parents are unaware that RESP funds can cover a wide range of educational expenses beyond just tuition. Other eligible expenses include textbooks, course materials, student housing, transportation costs, professional development courses and other related expenses.

Your RESP is a powerful tool for funding your child's education, and in this guide, we’ll be covering the wide range of possibilities.

Ready to learn how you can maximize your RESP investment to make your child’s future even brighter?

Eligible RESP Expenses

Most parents are already aware that an RESP can be put towards tuition. But did you know that’s just the tip of the iceberg?

You can use your RESP to cover costs for a wide range of educational expenses.

Textbooks and Course Materials

Most students are shocked to learn just how much they’ll be spending on textbooks, but RESP withdrawals can provide relief. They’ll also cover lab fees, subscriptions to course-related software, and even some necessary tools, like graphing calculators.

Student Housing

Students need accommodations, and RESPs can be used for various types of housing expenses related to education. From dorm rooms and off-campus apartments to expenses such as utilities, internet, and rent – it all can all qualify.

Transportation Costs

Most universities require students to purchase a parking pass to park on campus, and those can get quite expensive. Even taking the bus or public transportation adds up over time. Your RESP can offset these expenses.

Computers and Software

Nowadays, students won’t get very far without laptops. Thankfully, RESP funds can cover these types of purchases, as well as any necessary software related to your child’s academic field. 

Study Abroad Programs

Studying abroad isn’t meant to be a vacation – it’s a chance for a student to broaden their horizons and gain valuable global experience. RESP funds support that goal, and can be put towards travel expenses and foreign living costs.

Professional Development Courses and Conferences

For those who would benefit from professional development courses or attendance at a conference (whether as a visitor or a presenter), RESP funds can cover the fees.

Education Consulting and Tutoring

Private tutors and consultants work with some of the top students in Canada, and RESP funds can be put towards this type of educational support.

If you’d like to learn more about education consulting, AdmissionPrep.com's expert mentors are available to answer your questions and offer advice. Get your child accepted to one of their top-choice schools, guaranteed – or your money back. Find out if they qualify by taking our Program Assessment Quiz.

How to Maximize Your Child’s RESP

If you’ve completed the process of opening an RESP for your child, you’ve already taken the most important step.

But to maximize the potential of this savings vehicle, you’ll need to:

Note that Educational Assistance Payments are for full-time students, while Post-Secondary Education withdrawals are for part-time learners or apprentices in approved programs. 

Making all these decisions yourself can feel overwhelming. We recommend you speak with a tax or accounting professional to learn how to take advantage of grants from the government and avoid wasting money on suboptimal withdrawals that incur more tax than necessary.

The Hidden Costs of University

Your RESP can significantly alleviate the pressure of university costs, but it’s far from a cure-all. 

Students who come into higher education without a clear game plan can waste valuable time, energy and money. Taking unnecessary courses, changing majors or struggling with studies and requiring additional years to complete coursework are all common occurrences.

Extra time means extra dollars spent.

At AdmissionPrep.com, our expert mentors offer tailored guidance that can help your child make informed decisions about higher education so your hard-earned dollars get invested intelligently.

And with our guaranteed admissions program, you can rest assured that your child will be accepted into a university that aligns with future life and career goals. Does your child qualify? Find out by taking our free Program Assessment Quiz.

Investing in Your Child’s Future

As you can see, a RESP is more than just a savings account. It’s a tool that can help streamline your child’s success at university.

Strategic use of your RESP can make your investment go even further.

If you want to learn how we can work with your child to get into their top choice university, fill in our Program Assessment Quiz today.

Arry Pandher
Head of Growth, TD Scholarship winner
Last updated,
July 22, 2024

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