Maturity

Congratulations! Your CST RESP is about to mature!

What does this mean?

Chances are your beneficiary (student) will turn 18 this year and be ready to go to school. This means you can now start withdrawing money from your CST RESP account.

There are two options to access your funds:

  1. You can have your beneficiary (student) register an online account with us for quickest payment delivery. Once logged in select “Request your Payment” to get them started, OR

  2. You can complete the maturity package that was mailed to you.

What will I need to do to withdraw money from my RESP?

To withdraw money you will have to provide us with proof of enrolment (proof that your beneficiary is going to an approved post-secondary school).

There are several different ways you can provide proof of enrolment to CST. You can send us one of the following items:

  1. The school’s verification or proof of enrolment form from the registrar or from the post–secondary school website on school letterhead and addressed to the beneficiary. The form is to include the date when proof was issued, semester(s) or school year and confirmation that the beneficiary is enrolled full or part time.

  2. An offer of acceptance from the school and one of the following:

    • receipt of partial or full payment of tuition OR
    • a copy of school’s invoice or residence deposit OR
    • school program course calendar proving student enrolment in a qualifying program.
  3. The Proof of Enrolment Form (to find the form check your Maturity Package that was mailed to you or access it through your online account), completed by you and the school registrar. Note: The school may charge you a fee for completing the form.

What will I receive?

There are two types of payments which you (as the Subscriber) and your CST RESP beneficiary (student) are eligible for:

  1. Principal. This is the sum of all contributions that you made to the account over the years less fees, paid to you (as the Subscriber).

  2. Education Assistance Payments (EAPs) paid to your beneficiary (student) and are made up of funds from education savings grants and the investment income earned on the principal plus grants. If you are enrolled in one of our group plans, EAPs are paid out in three or four installments (once each school year) depending upon the plan type. If you are enrolled in an Individual or Family Savings Plan, you decide the amount and timing of your EAPs based on the income in your account.

RESP Withdrawal Limits

Keep in mind the Income Tax Act (Canada) doesn’t allow an EAP to exceed $5,000 for a student who hasn’t completed at least 13 consecutive weeks of study in the previous 12 months. If the beneficiary (student) is subject to the $5,000 cap but entitled to an EAP that exceeds this amount, we will pay the EAP in two installments - $5,000 in August or September and the balance after we receive proof that the beneficiary (student) has completed 13 weeks of consecutive study. For part-time study, the students may access up to $2,500 of their income and government grants for each 13 week period of study.

What if your child isn’t planning to go to school this year but will in the future?

Simple, rest easy, you do not have to do anything at this time and we will connect with you next year.

What if your child doesn’t go to school?

If your child doesn’t pursue post-secondary studies or training, you have a number of different options (depending on plan type) including the ability to extend the period of time (up to the end of the 36th year of your plan ) to qualify for Educational Assistance Payments (EAPs). For more details on all your options head to: CST Open Dialogue.

Maturity Tutorials:

Watch our tutorials for more information on the following:

Your Maturity Package and Understanding Your Options

Your Maturity Package - Approximately 30 seconds. Click Here

Your Beneficiary's Plans for Post Secondary - Approximately 1 minute. Click Here

Details About Your Options - Approximately 9 minutes. Click Here

How to Complete the (Maturity) Form. Approximately 7 minutes. Click Here

Getting Your Money (How the Payments Work)

Payout Schedule for Group Savings Plan and Group Savings Plan 2001 - Approximately 1.5 minutes. Click Here

Payout Schedule for the Founders' Plan - Approximately 1 minute. Click Here

Payout Schedule for the Individual / Family Savings Plan - Approximately 1.5 minutes. Click Here

How to Apply for Your EAP Online - Approximately 30 seconds. Click Here

What to do if changing your plan

How to Transfer to the Individual / Family Savings Plan - Approximately 1.5 minutes. Click Here

Features of Individual / Family Savings Plan - Approximately 1.5 minutes. Click here

There is audio throughout this tutorial. Please ensure your speakers are turned on.

To view in full screen mode during playback, click on the screen toggle icon located in the lower-right hand corner of the viewing console.
To view the table of contents during playback, click on the contents icon located in the lower-left of the viewing console.

You need Adobe Flash Player 9 or higher installed to view these tutorials.

Not sure what plan you’re in?

Check your Maturity letter or your annual client statement.

More information?

Click on the links below to find out more.

What is an Education Assistance Payment (EAP)?
What is an Accumulated Income Payment (AIP)?