What happens to my RESP if my child doesn’t continue studying?
You have two options:
You can name a new beneficiary if it’s an individual RESP. If it's
a family RESP, other children who are beneficiaries of the plan can
use the contributions.
You can close the RESP and grants will have to be repaid to the
government. But your contributions and the income generated in the
will return to you. You can transfer these funds to an RRSP
to continue saving tax-free.