How do I collect the money in my plan? What is included in these payments?

The year your child turns 18 years old or is enrolled in post-secondary, the money in your CST plan is ready to be accessed. This means that the funds in your RESP are ready to be withdrawn and your child will be able to use them to pay for school.

In the past, you needed to wait until your plan’s maturity date – that is no longer the case. We want to make sure your child can access their money when it’s time for them to go to school CST will always send you a reminder email to let you know when it’s time to access your funds.

The payments from your CST RESP will be as follows:

  • Principal refund – when your child is ready to go to school, you’ll receive a payment for your contributions minus fees in your account. This is the case if you have a group plan or an Individual or Family Savings plan.
  • Educational Assistance Payments (EAPs) – an EAP is a payment your child receives from their RESP when they officially enroll in their post-secondary program. If you are enrolled in one of our group plans, EAPs are paid out in three or four installments (one each school year) depending upon the plan type and are made up of the following:
    • Proportionate share of the net income earned on the contributions of all Beneficiaries in the same year of eligibility
    • Government grants and any income earned on the grants your child has received
    • Additional benefits only available in a group plan (including the sales charge refund (if applicable) and the Group Plan Benefit.

If you are enrolled in an Individual or Family Savings Plan, you decide the amount and timing of your EAP.

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. 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.

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When you’re ready to collect your money