John Doe (CL)

Insurance Advisor
Investment Representative

John Doe is a tax and financial advisor who believes in helping clients with comprehensive financial services with an emphasis on tax planning and preparation, individual retirement, investments and insurance.

He combines personal attention with a focus on strategic, tax-efficient financial planning and over 10 years of experience in the tax and financial services industry to help his clients achieve financial prosperity. The ability to be a full service provider of financial needs allows Marco to create seamless and convenient experiences for his clients.  

Ask an advisor: RESP withdrawals – Canada Life

Learn about how to withdraw money from an RESP for a post-secondary student.

 

 


View video script

 

Description: This animated video introduces an illustrated character Kim and her advisor to show how to withdraw money from an RESP for a child for post-secondary education.

Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “How do I withdraw money from an RESP?” fades in below. An illustration of a graduating student draws on the right side of the frame.

Kim: My oldest child will be ready to start post-secondary school soon.

Description: Kim talks on a cell phone in her living room while her son reads a book at a nearby table. Screen splits in half to include the advisor on the right half, sitting in an office.

Advisor: That’s great news!

Kim: How do we withdraw money from his registered education savings plan?

Description: Screen moves to full view of the advisor in her office.

Advisor: We’ll contact your RESP provider with proof that he’s enrolled in a qualified post-secondary educational program.

Description: Screen changes to circle with $5,000 in it. Above the circle, text that says 1 weeks starts to spin until it reads 13 weeks.

Advisor: Once you’ve done that, if he’s attending full time, the most you can withdraw is $5,000 during the first 13 weeks he’s enrolled.

Description: Text in circle changes to read $2,500. Above the circle, text changes to read part time.

Advisor: If he’s going part time that limit is $2,500.

Description: Text in circle changes to read Any amount. Above the circle, text changes to read After 13 weeks.

Advisor: After that, you can request withdrawals of any amount with no limit unless he takes a break from studies and doesn’t re-enrol within 12 months.

Description: A dollar sign in a circle appears on screen, then transitions to become one date on an illustration of a calendar. Screen transitions to Kim in her living room again.

Kim: What can we use the money for?

Description: Screen transitions to image opf Kim’s son in a school setting, then a bookstore, then an apartment.

Advisor: Tuition, textbooks, living expenses. Stuff like that.

Description: Screen transitions to Kim in her living room again.

Kim: And what if he decides not to go to post-secondary school?

Advisor: You have options, including moving the money that you put into the RESP to your registered retirement savings plan.

Description: Screen transitions to illustration of a piggybank with letters RESP under it, then money moving to another illustration of an easy chair with the letters RRSP under it.

Screen transitions to advisor in your office again.

Advisor: Once he’s firmed up his plans, let’s talk more about withdrawing the RESP money, including how those withdrawals will be taxed.

Description: Text that says “Let’s talk. Contact me today.” appears onscreen with the Canada Life logo and legal line: “Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-888-252-1847.”

Recent posts

Supporting your parents financially

Mar 28, 2024 - Canada Life

It’s more common for people to support their parents financially due to a lack of retirement savings and parents outliving their savings. Combining government assistance with a financial strategy can maintain financial stability for both generations....

Read more

How to balance your career and caregiving duties 

Mar 21, 2024 - Canada Life

If you’re balancing your career and caregiving, it’s important to seek help from your employer as well as your support network at home to help you mentally, physically and financially....

Read more

How to talk with aging parents about finances

Mar 14, 2024 - Canada Life

There are several reasons why it’s important to talk with your aging parents about money. There are strategies to help make the conversations less awkward and more productive....

Read more

Contact

Let's build you a financial plan!

Events

There are no events to show

There are no events to show