How to withdraw funds from your RESP
You planned; you saved; you did it! Your decision to invest in an RESP is about to pay off in a world of possibilities for your student. The time has come to reap the rewards of your commitment by turning your RESP into funding for post-secondary education. We can help guide you through the steps to ensure you are getting the most out of your investment.
When your student reaches the post-secondary years, it will be time to mature your plan from the investment stage to the withdrawal stage. At plan maturity, you can withdraw your contributions to help cover tuition and associated education costs.
Education Assistance Payments
Payments from your RESP during the post-secondary years are called Education Assistance Payments (EAPs). Once enrolled in an eligible program, your student will request an EAP which includes the government grants and income earned while in the plan.
Are you a student? We’ve got information for you.
As a student, you can learn more about the RESP that was set up for you, including how to access the funds to pay for university or college. You can also check on the status of your Education Assistance Payments.
Other Withdrawal Types
There may be circumstances when you need to access some or all of your contributions prior to the time when your child is ready to attend post-secondary education. Or there could be remaining funds in your RESP after your student is finished school. We are here to help you through the options for withdrawing your funds.