Can I transfer money out of my RESP anytime? Can I make withdrawals?

Yes, you can transfer your CST Advantage Plan to the CST Individual or Family Savings Plan or to another RESP provider. Doing so will mean that you are no longer be entitled to your group plan benefits. At any time, by canceling your CST Advantage Plan, you can withdraw all of the principal before your child turns 18 (the maturity date of the Plan). On cancelling your plan, any income earned in the plan will remain for the benefit of the remaining beneficiaries in your beneficiary group and any government grants are returned to the government. We want your child to be able to access the funds to finance their post-secondary education when the time comes. For this reason, you are able to fully withdraw your principal when your child turns 18 (the plan’s maturity date) and is enrolled in eligible post-secondary studies. In the Individual or Family Savings Plan, you can withdraw all or part of your principal at any time but, if your child is not enrolled in eligible post-secondary studies, you will need to return any government grants received to the government. To avoid cancellation of your plan, you will need to maintain a minimum balance of $100.

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