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THIS SITE IS INTENDED FOR CANADIAN INSTITUTIONAL INVESTORS ONLY. IT IS NOT INTENDED FOR THE GENERAL PUBLIC OR FOR INVESTORS THAT DO NOT RESIDE IN CANADA BY ACCEPTING THIS TERMS OF USE AGREEMENT, YOU CONFIRM THAT YOU ARE ENTITLED, UNDER THE SECURITIES LEGISLATION OF YOUR PROVINCE OF RESIDENCE, TO PURCHASE SECURITIES WITHOUT THE BENEFIT OF A PROSPECTUS BECAUSE YOU ARE (I) AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF NATIONAL INSTRUMENT 45-106 PROSPECTUS AND REGISTRATION EXEMPTIONSAND/OR (II) A “PERMITTED CLIENT” WITHIN THE MEANING OF NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS.
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Don't have an account?
Don't have an account?
This is the best part. A beneficiary is attending a post-secondary institution and it’s time for you to direct your savings towards tuition, text books, rent, phone bills and all those bus tickets that will keep your kids close to home.
Here’s what we need:
The document you use as proof of current enrollment must include the following:
A Letter of Acceptance is NOT proof of enrollment.
As long as it has the elements noted above, we’ll accept:
We cannot accept:
Tip
If you are withdrawing for more than one beneficiary, you must submit one withdrawal form and one POE for each student.
1. Educational Assistance Payment (EAP) – a withdrawal of grant and growth
This is the type of withdrawal we recommend you make first. EAPs consist of the plan’s grant and growth. These withdrawals are attributed to the beneficiary, who is typically in a lower tax bracket than the subscriber.
The amount of EAP you can withdraw depends on whether the beneficiary is a full-time or part-time student.
EAP withdrawal limits
Student Designation | (from the program’s start date) | After first 13 weeks | Withdrawal Limit |
---|---|---|---|
Full-Time Student | $5,000* | In 2017, the annual EAP limit was $23,113. Check with CRA for the latest information. | $7,200 |
Part-Time Student | $2,500 | $2,500 per rolling 13 week period | $7,200 |
*A student who takes a break from their studies for more than 12 months is considered a new student upon their return. In that case, the first 13 week rule applies.
2. Post-Secondary Education (PSE) – a withdrawal of contributions
There’s no limit on PSE withdrawals—and there’s no tax implication for subscribers or students. You don’t have to use PSE withdrawals for tuition. As long as you can produce proof of enrollment, you can spend this money on any of the costs associated with post-secondary education.
Tip
We strongly recommend you deplete the plan’s EAP balances before withdrawing contributions. Contributions can be withdrawn at any time and for any reason. EAP can only be withdrawn penalty-free while a beneficiary is in school.
More information
RESP Flyer – explains the benefits of opening a Franklin Templeton RESP