Educational Assistance Payments

Educational Assistance Payments

In a Family Group Plan? November 1, 2019 is an important date.

With Family Group Plan, EAPs are paid on a more structured schedule starting the year after the plan matures. They are paid in two installments each year, over three different years. The deadline to respond is November 1st, but the sooner the request is made, the sooner the EAP will be paid to the student. If the student is not going to school in 2019, you must delay their EAP to remain eligible next year. November 1st is also the deadline for the student to delay their EAP. To request an EAP or to delay an EAP, simply access your account through our secure login.



For more information about requesting or delaying an EAP, download our EAP Instruction Sheet.

In a Heritage Plan? August 15 is an important date.

With the Heritage Plan, EAPs must be requested by August 15th. It is fast and easy to do this online through our secure login by clicking Receive Funds From My Account from the menu.

The Income Tax Act applies limits to the withdrawal amounts at the beginning of your student’s studies, as outlined in the chart below.

In a Flex First or Family Single Student Plan?

The benefit of having an individual plan is you choose the amount and timing of your EAPs. You can request an EAP from the time the student is enrolled in a post-secondary program, up to 6 months after it has finished. To request an EAP, simply access your account through our secure login and click Apply For An EAP from the menu.



For more information about requesting an EAP, download our EAP Instruction Sheet.

EAP Withdrawal Limits

Program Type

Description

EAP Withdrawal Limit:

Full-time studies in Canada
 

At least 3 weeks long with 10 hours of course work per week

First 13 consecutive weeks: $5,000 maximum
After first 13 consecutive weeks: $22,000 maximum*

Part-time studies in Canada
 

At least 3 weeks long with 12 hours of course work per month

Each 13-week semester: $2,500 maximum

Full-time studies outside of Canada

At least 3 weeks long at a university, or 13 weeks long at a college or other type of educational institution

First 13 consecutive weeks: $5,000 maximum
After first 13 consecutive weeks: $22,000 maximum*

*Based on 2019 data. Indexed annually.

What if your student decides not to pursue a post-secondary education?

It’s important to know that an RESP can remain open for 35 years. That’s good news if your student has decided to postpone or prolong their post-secondary education and they are in an individual plan. But if your student is not going to pursue post-secondary studies in an eligible program or recognized institution, you have other options. You can transfer the plan to another student within the allowable timeframe or you can consider one of the other ways to withdraw funds from your plan. We are here to help you understand the different options.

Program Eligibility

To take advantage of the government grants in your RESP, your student must be enrolled in a qualifying program when funds are withdrawn.

Learn More

Your EAP is just a click away!

Simply access your account through our secure login. You can also track the status of your payments.

New this year! Family Plan and Flex First customers can request an EAP on behalf of their student through the secure login.

Secure Login

Forms & Resources

  • EAP Withdrawal Form

    Read More
  • Instructions to Request or Delay an EAP
    (Flex First and Family Single Student Plans)

    Read More
  • Instructions to Request or Delay an EAP (Family Group Plans)

    Read More
  • Maturity Instructions

    Read More

We’re here to help

If you have any questions about withdrawing funds from your RESP from Knowledge First Financial, please contact our Customer Service team.

Contact us