Voyageur 168
RESP Withdrawals Need a Plan, and Remote Border Crossings Have a New Phone Line.
News for residents of the “11th province”: Canadians abroad.
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RESP Withdrawals Need a Plan
Back-to-school season has reached the RESP phase, which is a particular moment in time when years of sensible saving can get uncomfortably easy to fumble. MoneySense says parents should start withdrawals as soon as they have proof of enrolment, not when tuition is already being demanded.
RESP money comes in two buckets. Contributions can usually get withdrawn in a tax-free way. Government grants, bonds and investment growth come out as Educational Assistance Payments and are taxable to the student. Planner Sandi Martin told The Canadian Press that families often make a blunder by draining the tax-free piece first.
For Canadians abroad who kept an RESP open for a child studying in Canada, the whole thing is a remote administrative hassle that can have impactful tax consequences. A student may have low income while enrolled, which can make taxable withdrawals cleaner earlier rather than after school ends.
If this scenario might affect you or someone you’re close to, read on to make sure your moves are maximally tax efficient.
Read more: MoneySense / TD Canada Trust
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Remote Border Crossings Get a Phone Line
Canada is giving remote border-crossing permit holders a bit more runway. Active Remote Area Border Crossing permits are going to stay valid until 11:59 p.m. on November 30, 2026, and the program is expected to shutter on December 1.
The replacement is telephone reporting for remote entries in northern Ontario and from the Northwest Angle into southern Manitoba. CBSA listed the Northwest Angle, the Canadian shore of Lake Superior, the Sault Ste. Marie upper lock system, Cockburn Island, and the stretch from Pigeon River through Lake of the Woods as areas affected.
You might think the info is niche until it is your cabin, your dock, your fishing trip, or your cross-border family route that is going to be impacted. CBSA says the program has had about 11,000 members a year (~90% American), and no new permit applications are being accepted.
From December 1, travellers entering through those areas will need to report by phone site or at a port of entry. In a story that will come as a surprise to few, the border is getting less informal, even in the middle of nowhere.
Read more: Canada Border Services Agency / CIC News