Closing Your RESP

What if my child doesn't go to post-secondary school?

If your child chooses not to pursue post-secondary education you can recoup the original contribution portion of your RESP by closing down the plan. You will however need to pay back any grants received from the government, and investment earnings (interest and dividends) will be taxed. If you have more than one child, you always have the option of transferring the RESP to a sibling who is interested in post-secondary education.