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:
- A completed RESP Withdrawal Form
- Proof of enrollment
What Qualifies as Proof of Enrollment?
The document you use as proof of current enrollment must include the following:
- Beneficiary Name
- Student Number
- Name of the Educational Institution
- Term or Semester
A Letter of Acceptance is NOT proof of enrollment.
As long as it has the elements noted above, we’ll accept:
- A letter from the Registrar’s Office confirming enrollment
- A tuition invoice (not past due)
- A student timetable
We cannot accept:
- A Letter of Acceptance or Offer of Admission (conditional or unconditional)
- Student cards
- Cashier receipts
- Bank or credit card statements
Tip: If you are withdrawing for more than one beneficiary, you must submit one withdrawal form and one POE for each student.
Two Types of Educational Withdrawals
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 | FIRST 13 WEEKS (from the program’s start date) |
AFTER FIRST 13 WEEKS | LIFETIME GRANT 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 Contributions can be withdrawn at any time and for any reason.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
- EAP Withdrawals – more information about Educational Assistance Payments and requirements
- EAP Calculations – find out how the government calculates the composition of each withdrawal