Seeking clarity on withdrawing funds from the kids RESP and how the grant clawback calculates. As mentioned in the title, this is for non educational purposes.
At this point not looking for alternatives or why not to do this. Thanks.
Looking to take out 4K and I’m wondering how the grant clawback is calculated. I.e. we haven’t benefitted from the full 25% for every year it’s been open – so my best guess is for every $2500 the gov will take 20% back?
I’m also thinking about splitting the withdrawal in two so that at least half can continue to accrue earnings until the funds are needed for withdrawal, seeing as there are no fund / account fees.
Thanks for your help.
Statistics: Posted by mrap2609 — Dec 4th, 2019 10:21 am