How do I enter an RESP?
Where to find it: ACCOUNTS and INVESTMENTS
Add the account in ACCOUNTS and INVESTMENTS and select RESP. Complete its full details: Individual or Family RESP, subscriber, opening date, province and beneficiaries. Enter children in DEPENDENTS first so they can be selected by name.
For each beneficiary, enter the requested contribution, grant and withdrawal history. These are cumulative amounts, not the account’s current market value. Enter current holdings separately on the investments screen. Update both kinds of information when transactions occur.
For planned contributions, add an entry under AUTOMATIC SAVINGS and WITHDRAWALS and select the intended beneficiary, or allow RESP deposits through PRIORITIES. The projection uses the beneficiary information and history to calculate supported grants and contribution limits.
To model education withdrawals, create an education expense and link it to the RESP and beneficiary. A plain automatic withdrawal takes original contributions; it does not represent an Educational Assistance Payment from grants and growth.