Parents: ever thought about using those RESP savings for your own education?

Adult Learners

This guest post was written by Adam Dolgin, a CST Planholder and the voice behind the popular parenting blog Fodder 4 Fathers.

As a father with a young family, I often take any opportunity I can get to take advice from my older, wiser counterparts when it comes to anything and everything involving parenthood. It’s one thing to look one, two, five, even ten years down the road, but it’s really hard to see yourself and your family beyond that without some insight from those who have gone before you. So it’s good to listen to the  “older” guys tell their tales, especially when it comes to things like money and saving and education planning.

Planning - it’s a funny thing. No matter how hard you try to make plans for the future, life will find a way to alter those plans. Call it the Robbie Burns in me, but I’m a firm believer that the best laid plans of mice and men do indeed go awry, and my conversations with some more experienced dads prove that.

Take this scenario where my friend saved up for years and years so his son could go to college, and his son decided instead that he wanted to be a musician. Or the more desirable scenario where my friend saved up for years and years for his daughter to go to university only to learn that she got a full hockey scholarship to the school of her choice. Either way, these guys saved up all this money for years upon years only to find out it was all for not. Their kids didn’t need it. Great…

Well, actually it is great. Parents often forget that certain RESP plans have a built-in back up for you just in case your kids don’t need everything you saved for them. What is this back up plan? Well, it’s simple: it allows you to use the funds for your own education.   

Now, don’t laugh. As a part-time college instructor I see this all the time – hard-working adults who want to upgrade their skills in courses like business writing, sales, and social media; parents who always wanted to go back to school but couldn’t afford it while raising a family. That’s the beauty of an education plan that allows you to transfer funds from child to parent when those best laid plans do go awry. Just because your child can’t use it doesn’t mean that you can’t.

Recently, I’ve spoken to a few dads who have gone back to school and are looking forward to the brand new world that will open up to them when they graduate: more money, more responsibility , and more freedom of choice. They spent all those years sacrificing so their kids would be set up for the future, and when their kids tell them that they are making their own way, they are happy to take the opportunity to set up a brand new future for themselves.

So, when you choose an education savings plan, make sure you choose one that has flexibility. Plans change, and you need a company that will work with you to make sure that all those hard, lean years of saving don’t go to waste. If you’re a young dad like me, and you’d like to learn more about setting up your family for the best future possible, I recommend you call a sales representative from CST Consultants Inc. today. The Canadian Scholarship Trust Plans they offer make sure you’re covered for all that life throws your way.  

For more updates from Adam, visit his blog Fodder 4 Fathers or follow him on Facebook and Twitter.

Learn more about CST’s plans by visiting

Edu Week Series FinalThis post is part of CST’s #EduSaveWeek blog series to celebrate Education Savings Week in Canada (November 16-22, 2014). Join the conversation on Facebook and Twitter and help us spread the word about the importance of saving for post-secondary. 

Parents: ever thought about using those RESP savings for your own education? | CST Blog | C.S.T. Consultants Inc.


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