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Understanding RESPs in a Divorce or Separation

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The RESP may be considered as a marital asset for equalization or division purposes. This means the parties may split it as part of the divorce or separation proceedings. But keep in mind that it comes down to what the both of you agree. There’s no requirement that you must do this.

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Most parents typically treat RESPs as assets for their children and choose to leave them untouched. If you were both contributing to the RESP before divorce or separation, you can continue to do so. But, you cannot open a joint subscriber account after divorce. Another thing you should keep in mind if you do choose this option is an RESP is not protected from creditors. So, if either spouse should file for bankruptcy, some part or even all of the value of the plan could be at stake.

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You can choose to split the RESP down the middle at the time of separation, then continue separate RESPs for the children. There will be no penalty for such transfer so long as the beneficiary under both plans is the same or the plans have siblings in common and the receiving plan allows for more than one beneficiary.

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Parents may also choose to put the RESP towards extra-ordinary expenses (Section 7 expenses) for child support. Post-secondary education is already regarded as part of extra-ordinary expenses in any case.

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What is an RESP Statement?

A Registered Education Savings Plan (RESP) Statement is a document that shows your investment holdings, contributions and transactions for your child’s education savings. During a separation or divorce, these statements become critical financial documents that need attention.

The main purpose of an RESP Statement is to give you a clear picture of the education savings you’ve built for your children. During divorce proceedings, these statements help establish both parents’ financial contributions and how these investments will be handled going forward.

RESPs have big implications during divorce as they are funds specifically designated for your children’s future education. A Certified Divorce Financial Analyst (CDFA) can help you understand how to deal with these assets in your settlement.

What’s in an RESP Statement:

• Account Balance: The total value of contributions, grants and earnings
• Transaction History: Records of deposits, grants and withdrawals
• Grant Information: Details about government grants like the Canada Education Savings Grant (CESG)
• Contributor Information: Who contributed and how much

Who Can Help Me with My RESP During Separation?

When dealing with RESPs in a divorce or separation, specialized professionals can be super helpful:

• Certified Divorce Financial Analysts (CDFAs): These financial professionals specialize in divorce-related financial matters. They can review your RESP statements, explain the tax implications of different division strategies and help create a fair plan for managing education savings post-divorce.
• Divorce Mediators: While not financial experts per se, mediators can facilitate productive conversations about RESPs between separating parents, helping you reach mutually acceptable arrangements.
• Family Lawyers: They ensure any RESP agreements comply with Canadian family law and are documented in your separation agreement.

A CDFA is particularly useful for complex RESP situations as they understand both the investment side and the unique considerations that come up during separation.

What Are the Common RESP Settlement Options?

When separating, couples have several options for RESPs:

1. Joint Contributions: Some parents agree to freeze the existing RESP and continue joint contributions according to a set schedule.
2. Freeze and Create New Plans: A popular approach is to freeze contributions to the existing plan (preserving what’s already been invested) and each parent opens new, individually-sponsored RESPs for future contributions.3. Proportional Division: The existing RESP can be divided proportionally based on each parent’s historical contributions.
3. Education Fund Agreement: Parents can create a separate written agreement about how the RESP will be managed, who will make withdrawal decisions and how funds will be distributed.

Your CDFA can help you determine which approach makes the most sense for your situation while keeping your children’s education protected.

How Are RESPs Valued for Financial Disclosure?

For financial disclosure during separation, your RESP statements must show:

• Current Value: The most recent statement showing the total account value
• Date of Separation Value: The statement closest to your separation date
• Contribution History: Statements showing who contributed what amounts
• Grant Amounts: Documentation of government grants received

A CDFA will help you value the RESP, considering:

• The tax implications of early withdrawals
• The potential repayment of government grants if the RESP isn’t used for education
• The true accessible value of the RESP (considering penalties and taxes)

This valuation is required for fair asset division and will be included in your Financial Statement forms required by Canadian family courts.

What Legal Considerations Apply to RESPs in Canadian Divorces?

In Canada, RESPs have specific legal considerations during divorce:

• RESPs are generally considered family property subject to division in most provinces
• Government grants may need to be repaid if the RESP is collapsed during divorce
• The subscriber (usually a parent) controls the RESP, not the beneficiary child
• Changes to subscriber arrangements may require financial institution approval

Your CDFA can work with your lawyer to navigate these legal considerations while developing a plan that protects your children’s education funds.

How Does a CDFA Help with RESP Decision-Making?

A Certified Divorce Financial Analyst can help with RESPs by:

1. Analyzing Tax Implications: Explaining how different RESP decisions affect your tax situation post-divorce
2. Projecting Education Costs: Creating forecasts of future education expenses to ensure adequate saving
3. Developing Contribution Schedules: Creating fair, manageable contribution plans for both parents
4. Integrating with Overall Settlement: Ensuring RESP decisions align with other financial aspects of your separation, including child support and property division
5. Creating Documentation: Helping prepare the financial records needed for your separation agreementUnlike general financial advisors, CDFAs know how RESPs interact with other divorce-specific financial matters like support payments and asset division.

What Happens to Government Grants in the RESP After Separation?

Government contributions like the Canada Education Savings Grant (CESG) require special attention during divorce:

• Grants remain attached to the beneficiary child, not the parent contributors
• If an RESP is collapsed, government grants typically must be repaid
• New individual RESPs may have different grant eligibility based on post-divorce household incomes
• Maximum grant limits apply per beneficiary, regardless of how many RESPs exist

A CDFA can help you structure your post-divorce RESP strategy to maximize available government grants while both parents can contribute to their children’s education.

How Do I Ensure Fair RESP Management After Separation?

To manage RESPs fairly after separation:

1. Document Everything: Include RESP provisions in your separation agreement, outlining contribution expectations, withdrawal processes and decision-making authority
2. Create Accountability Mechanisms: Require regular statements to be shared between parents
3. Set Clear Milestones: Define what happens at key points, such as when children start post-secondary education
4. Plan for Contingencies: Address what happens if a child doesn’t pursue higher education or if one parent can’t maintain contributions

Your CDFA can help you draft these provisions to ensure they’re financially sound and implementable.

What Should I Ask My CDFA About Our RESP?

When working with a CDFA on RESP matters, ask:

• “How will freezing our current RESP and starting individual plans affect government grants?”
• “What’s the most tax-efficient way to structure our RESP arrangements?”
• “How do we handle RESP decisions when our child starts university?”
• “What financial documentation do we need to properly value the RESP?”
• “How do we ensure equal contributions based on our different incomes?”
• “What happens if one of us can’t maintain the agreed-upon contributions?”

These questions will help your CDFA give you customized advice for your situation.

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The statement is typically sent to subscribers on a quarterly basis, usually in March, June, September and December. If you have not received your statement for the period, you may need to conduct inquiries.

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Navigating RESPs during a divorce or separation can be complex, but with proper professional guidance from a Certified Divorce Financial Analyst, you can protect these important investments in your children’s future. The key is understanding your options, documenting your agreements carefully, and maintaining focus on your children’s educational needs despite the challenges of separation.

Do you have questions about your specific RESP situation during divorce? Submit your questions to our team of Certified Divorce Financial Analysts who specialize in helping separating parents protect their children’s education savings. We’re here to help you navigate this important aspect of your separation with confidence and clarity.

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There are many RESP considerations you need to take into account when separating, how you will fund the RESP and who the
subscriber(s) of the plan will be.

Understanding how to treat your RESP in the event of separation or divorce will be important to securing the future and welfare of your children. Contact a qualified professional for help to learn more about how you may approach this issue.

Are you having trouble reaching an agreement on your finances? Do you want to avoid going before the judge and asking for help? Consider working with a family mediator who can help you end your marriage in a way that is peaceful, cost-effective, and child-focused.

Would you like to learn more? Get in touch for a Get Acquainted Call to learn more about finding a separation agreement with a soft landing.

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