When it comes time for your child to attend college or university, the money is taxed in your child’s hands instead of yours.
(Your child is not likely to have to pay any income tax, as he will be entitled to the tuition deduction and is unlikely to have much employment income during the school year.)
You can request, on his or her behalf, to withdraw money from the RESP to help pay for their studies, but the student who receives money from an RESP must claim their Educational Assistance Payment as income.
For more information, please click:
Canada Revenue Agency(CRA) Using your Registered Education Savings Plan (RESP)
TurboTax RESP: College Savings Plan With Tax Benefits
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