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Can you transfer funds from an RRSP to a child’s RESP?



Our response:

There is no direct way to transfer funds between a Registered Retirement Savings Plan (RRSP) and a Registered Education Savings Plan (RESP). If you use funds from an RRSP to add to an RESP, you must first withdraw the money, which will have tax consequences. In addition, you will permanently lose the original contribution room you used to contribute to your RRSP.

Learn more about contributing to an RESP.

Speak to a financial representative or tax professional for advice about the options that work best for your investment plan. You can also learn more about RESPs from Employment and Social Development Canada.

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