What Education Programs Qualify for RESP Funding?
Did you know that RESP accounts can be used for funding more than just Canadian University and Colleges? In fact, there is a wide array of post-secondary programs both inside and outside of Canada that qualify for RESP funding.
Many parents worry that the RESP funds they have spent years saving will not be entirely used by their children, leaving them with no choice but to liquidate the account for non-education related purposes which can lead to high taxes and lost grants.
The reality is that RESP accounts are not just limited to funding 3 or 4 year Canadian University and College Courses. In fact, many more post-secondary education courses and programs, of varying lengths qualify for RESP funding.
For example, in addition to Universities and Colleges, apprenticeships, trade schools, CEGEP (College of General and Vocation Education) and other institutions certified by the Minister of Employment and Social Development qualify for RESP funding. For a full list of Canadian post-secondary education institutions that can be funded by RESP funds click here.
In addition, programs and courses that fit into one of the above categories do not have to be extensive in length to qualify for RESP funding:
- For full-time programs in Canada – courses must last a minimum of at least three weeks in a row, with a minimum of 10 hours of instruction per week.
- For part-time programs in Canada – program must last at least three consecutive weeks and require a student to spend at least 12 hours per month on courses in that program.
- For full-time programs outside of Canada – the program at a foreign education institution must be at least 13 weeks in duration.
For more information about RESP accounts, or to find out if the post-secondary education institution your RESP beneficiary is attending qualifies for RESP account funding, please don’t hesitate to contact us. We would be pleased to discuss your education goals.