Here’s a quick look at how your RESP investing strategy should change over time:
| Young child under 10 | Child to age 15 | Older child age 16+ | |
|---|---|---|---|
| RESP goal | Start contributing and prioritize growth | Balance growth and risk | Transition to a conservative investment strategy |
| Focus areas | * Open an RESP even if you can’t make the maximum contribution for the year* Get in the habit of regularly contributing to the account | * Continue making contributions, with the goal of hitting the annual maximum* Evaluate your RESP and rebalance the funds to start shifting away from risky investments | * Gradually reduce risky investments to favour stable investment options* Develop an RESP withdrawal plan with the beneficiary |
| Mindset | Start contributing to take advantage… |
