Baytex Energy Corp T.BTE

RESP knowledge anyone?

[CoachAmI]

BTE has put my kids RESP accounts into a unique position.  The fund has grown so high with potential of going even higher with BTE.

Does anyone know if it is possible to use RESP funds to buy a house?  Or will my kids be stuck paying a tonne of interest when I cash BTE out?

Sorry for asking an RESP question on BTE board, but it is BTE that put me in this position...lol.

[BayStreetWolfTO]

Good question. I would certainly talk with a financial advisor on that. I am not familiar with the rules on an RESP.

[byloselhir]

should be able to find that out on the government website but as far as i know it is for the education of children not their parents greed

[byloselhir]

i hope you are proud of your greed and your kids can sleep safe in their beds while children are homeless, hungry and dying this greed makes me puke

[jleer42]

Agree on speaking with a financial advisor. Some basic informaton is below. https://www.manulifeim.com/retail/ca/en/viewpoints/tax-planning/resp-withdrawals-strategies-and-tax#:~:text=Withdrawals%20from%20an%20RESP%20can,taxable%20to%20the%20student%20beneficiary.

[CoachAmI]

Thanks.  This is very helpful.

[marcrobert]

no you cant buy a house with resp funds like rrsp if thats what you mean. You can take your money out after 10 years but you will pay tax on all but your initial investment all amounts considered regular income (not cap gains) repay grants While the subscriber’s contributions can be withdrawn tax free at any time, subject to repayment of Canada Education Savings Grants (CESGs),5 the

[CoachAmI]

Thanks again.

[gmf1001]

the answer is yes.  RESPs can be used for anything related to your child's studies including accomodation.  There's nothing that says that accomodation can't be purchased rather than rented.  Now your children will still have to pay tax when you transfer the profits out of the RESP. RESPs allow you to achieve tax-free investment gains within the RESP.  Your

[CoachAmI]

Wow.  That is great.

[JohnnyDoe]

your kids declare the resp as income. Once done with education if there is money left, you collapse it and declare the income