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Your child or grandchild is heading off to a university or college this fall and it‘s time to take advantage of all that money you‘ve prudently accuâ€" mulated in their Registered Education Savings Plan (RESP). It‘s also time to make some decisions that can help maxiâ€" mize the plan‘s value to your newly minted postâ€"secondary student. The right withdrawal strateâ€" gies can minimize the taxes your student pays and gain the maximum benefit from Educaâ€" tional Assistance Payments (EAPs), which are made up of the Canadian Education Savâ€" ings Grant (CESG), the Canadiâ€" an Learning Bond (CLB) and income earned on the money you‘ve saved in the RESP. Withdraw income before withdrawing contributions. As the subscriber to your student‘s plan, you can elect to withdraw the income as an EAP in the hands of your student because he or she is likely to be in a lower tax bracket. Avoid withdrawing contribuâ€" tions before your student begins school. Otherwise, you will trigâ€" ger a repayment of the CESG. Spread out the EAPs over the expected length of the educaâ€" tional program instead of taking an allâ€"atâ€"once lump sum. Know how to make RESP withdrawals This avoids burdening your student with a huge taxable income in the first year and Updates galore! Open mnc;_'lpi, gourmet kitchen, granite counters, coffered :viling. lllrge en _ suite, . island. . Plus‘ MLS 519â€"241â€"4876 66 Pebblecreek Ct., Kitchener Re/Max Real Estate Contre Inc., $399 900 519â€"741â€"0950 Gayle Travers takes advantage of his or her (presumably) lower marginal tax rates over a number of years. Limit initial withdrawals. Most plans restrict withdrawals to a maximum of $5,000 in the first 13 weeks of your student‘s program. You can exceed the $5,000 This column, written and limit by requesting permission published by Investors Group in writing from the Minister of Financial Services Inc., presents Human Resources within those general information only and is first 13 weeks. not a solicitation to buy or sell This allows you to avoid havâ€" _ any investments. For more inforâ€" ing to pay the extra expenses mation on this topic please conâ€" out of your own pocket or withâ€" _ fact Russ McEachnie at 519â€"886° drawing plan funds as an Accuâ€" 2360, ext. 257, or email him at mulated Income Payment (AIP). russell.mceachnie@investorsâ€" Make the right withdrawais group.com. Classy established 4 bedroom home with }nall water inground pool waiting for new owners U{duud windows, fooring, conâ€" lpmtrorary itchen, Corian counters and isâ€" \!an . Great entertaining space inside and out. MLS. 0731727 Coldwell Banker Peter Benninger Realty, Brokerage $19â€"742â€"5800 ext: 2267 to avoid paybacks. You may be required to refund some of the CESG grant money if there are any earnings remaining in your RESP plan after your student completes (or leaves) their post secondary program. To avoid a potential CESG payback, be sure to use up your RESP earnâ€" ings first. Be sure you‘ll have the money when you need it. Before releasing an EAP, your RESP carâ€" rier will require proof of enrolâ€" ment (a letter of acceptance or an invoice) â€" so get that docuâ€" mentation to your carrier as early as possible. Years ago, you made the right decision â€" an RESP is essential to offsetting the rising cost of education. A professional advisor can provide you with the informaâ€" tion needed to make informed decisions to help achieve finanâ€" cial stability for your family and a debtâ€"free education for your children or grandchildren. FAIND JT 519â€"285â€"2530 From the latest information on local politics to minor sports scores to what‘s going on in the pub down the street. 4300 KING STREET EAST, KITCHENER (near Sportsworld Drive) 519â€"650â€"4300 MONDAYâ€"FRIDAY 9:30 AM â€" 9:00 PM * SATURDAY 9:30 AM â€" 5:00 PM « SUNDAY 12 NOON â€" 5:00 PM Custom built and spacious home backing onto mn-‘;;:dce Huge oak kitchen with istand, 3 room, 3 bath, master with luxury en suite, large deck and much more Won‘t last long. New MLS WATERLOO CHRONICLE . Royal LePage Elmira Real Estate â€"â€"Servi $19â€"669â€"3192 WATERLOO CHRONICLE + Wednesday, August 29, 2007 + 19 Hoires{}jlery ind LWOR n a a