How to Maximize Your RESP Withdrawals
Now that your student has graduated high-school and is headed off to post-secondary it’s time to put all those hard-earned savings to work. Make sure you are making the most of them with these tips on how to maximize the withdrawals from your Flex First/Single Student Plan.
When your student reaches the post-secondary years, it’s time to take the first step in accessing your savings from your RESP. With a Flex First or Family Single Student Plan, you have the flexibility to withdraw net contributions, Educational Assistance Payments, or a combination of both – according to your student’s needs.
Maturity Application for Heritage Plans: In a Heritage Plan this process is called ‘maturing your plan’ and is accomplished by selecting the appropriate option on your maturity application before the August 15 deadline.
Educational Assistance Payments
Payments from your RESP made to your student during the post-secondary years are called Educational 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.
Watch our video to learn more about how you can manage your EAP online:
Flex First and Family Single Student Plans video
Are you a student? This information is 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 your studies after high school. You can also check on the status of your Educational 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.