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What are my RESP withdrawal options?

When it’s time to withdraw from your RESP, you’ll need to choose one or more of the following withdrawal options:

  • Educational Assistance Payment (EAP) - This is a withdrawal of the grant money the federal government contributed towards your student’s education.

    During the first 13 consecutive weeks of enrolment, you can withdraw up to $5,000 in EAPs for full-time studies, or $2,500 for part-time studies. After those initial 13 weeks, you can withdraw additional EAPs with no limit, so long as your student remains enrolled in a qualifying program. (Learn more about EAPs.)

  • Post-Secondary Education (PSE) capital - This is the money you contributed. So long as your student is enrolled in a qualifying educational program, you can withdraw any amount of these funds on their behalf tax free.

  • Non-Educational Capital Withdrawal (NCW) - RESP withdrawals that are not being used for education will be subject to certain restrictions and consequences. You may withdraw the full value of your contributions, however any investment growth will be taxed as income, plus a 20% penalty. Any grant money in the account will be returned to the government. 
  • What happens if the RESP beneficiary doesn’t pursue post-secondary education? Depending on your circumstances, other options for the RESP may be available to you. Learn more here.

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