I’ve read that I can only access the funds in my RESP when the child has enrolled in eligible studies. What qualifies?

Access is easy!

Group Savings Plan and Group Savings Plan 2001

In the Group Savings Plans, your child is able to collect Educational Assistance Payments (EAPs) in four installments (1 EAP per year). To collect an EAP, your child must be enrolled in eligible studies for that year. Both full-time and part-time studies are eligible to receive EAPs, and you also qualify for a sales charge refund if you meet the terms of your plan.

We recognize distance learning and correspondence courses, too. Any program of three weeks or more that qualifies under the Income Tax Act in Canada is eligible. If your child is studying outside of Canada, any full-time university program of three weeks or more is eligible; any other post-secondary program abroad must be of 13 weeks or more in duration. If the post-secondary institution qualifies, then it also qualifies under our plan to receive EAPs.

Your child also has until the 36th year of the plan to collect all of their EAPs.

Founders’ Plan
If you have a Founders’ Plan, (which you probably purchased before 2001), your child is only able to receive EAPs if they enroll in full-time studies at a university or community college. They will receive EAPs in three installments (during the 2nd, 3rd and 4th academic year or equivalent) and must apply for all of them by the age of 24. Proof of academic advancement is required.

The Founders’ Plan does not cover part-time studies. In order to receive EAPs for part-time studies, you must transfer to our Individual or Family Savings Plan before the plan’s maturity date.

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Withdrawing from your RESP