Withdraw from Your RESP

Withdraw from Your RESP

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.

Withdrawing Contributions

Contribution Withdrawal

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.

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postsecondary students in lecture hall

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

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student with backpack and mother packing the car

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.

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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.

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advantage of the government grants in your RESP, your student must be enrolled in a qualifying program when funds are withdrawn.

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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.

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Students send a clear message: the path to success starts with an RESP because I knew I had my parents’ financial support, I was able to really focus on my studies and I’m very grateful for that opportunity.

Madeleine,
First Year, Master of Social Health
Postgraduate Award Winner, 2016

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Madeleine Postgraduate Award Winner of 2016