Yes! Whatever plan you have with us, the funds accumulated for your beneficiary’s education―known as educational assistance payments, or EAPs―are available upon his or her enrolment in a post-secondary program of study.
It’s important to know that under the Income Tax Act (Canada), the EAP limit during the first 13 weeks of post-secondary studies is set at $5,000 for full-time programs. All RESP providers are subject to this restriction when making payments.
In sum, this limit allows students to start off on the right foot while ensuring they still have funds afterwards to pursue their education! To learn more about smart RESP withdrawal strategies, we invite you to read this article: Smart RESP Withdrawal Strategies.
* Our lawyers insist that we mention the identities marked with an asterisk are fictitious and only serve to present the most frequently asked questions. We understand your concerns well, so we took the lead. The answers, for their part, are all very real.