How do I have an RESP pay for education expenses?
Where to find it: EXPENSES → Add Expense / Edit → Select RESP account and beneficiary
First complete the RESP and its beneficiaries in ACCOUNTS and INVESTMENTS. The student must be identified so the expense can be associated with the right beneficiary.
In EXPENSES, add or edit the education cost. Select the RESP and the beneficiary in the education-related fields. Enter the amount and dates using the same annualized or one-time conventions as other expenses, then save.
TIME MACHINE first uses available Educational Assistance Payments from grants and growth and attributes that taxable portion to the student. It can then use available original contributions for the remaining cost. Read the year report to see how much was paid from each source.
Do not add the same education cost again as a separate automatic RESP withdrawal. An automatic withdrawal is a return of contributions, while the linked education expense tells the projection to calculate an EAP.