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She notes that for some clients, saving for their kids’ education may be “lower on the list” in comparison to other financial goals. “If a child is three or four years old, it’s okay if you miss a year or two,” he says. “There’s lots of time to catch up and you can still collect the maximum grant.” Family RESPs don’t require parents to withdraw the government grants in accordance with each child. When they’re ready to save in the RESP again, parents could make catch-up contributions evenly to each child to get the government grant match for all children but pool the grant money and withdraw it in the eldest child’s name up to the $7,200 maximum.
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