Short Summary
An RESP is a registered account designed to help save for a beneficiary's post-secondary education. Contributions are not tax deductible, but investment growth is tax-deferred, and eligible accounts may receive Canada Education Savings Grants (CESG).
Request an Educational Withdrawal
Please see this dedicated article on RESP Withdrawals
FAQ
What is an RESP?
An RESP is a registered account designed to help save for a child's post-secondary education.
What is the contribution limit?
There is:
No annual contribution limit
$50,000 lifetime contribution limit per beneficiary
What is the CESG?
The Canada Education Savings Grant provides:
20% matching on eligible contributions
Up to $500 annually
Up to $7,200 lifetime
What are RESP withdrawals used for?
RESP funds may help cover:
Tuition
Books
Living expenses
Other education-related costs
What is a PSE withdrawal?
A Post-Secondary Education withdrawal consists of original contributions and is generally tax-free.
What is an Educational Assistance Payment (EAP)?
An EAP consists of:
Government grants
Investment earnings
and is generally taxable to the student.
What are the EAP limits?
During the first 13 weeks:
$8,000 for full-time students
$4,000 for part-time students
For 2026:
$29,459 annual administrative threshold
After the first 13 weeks, full-time students generally have no fixed EAP limit if eligibility continues.
What happens if the beneficiary does not attend school?
Options may include:
Changing beneficiaries
RRSP transfers (if eligible)
Plan closure
Grant repayment
Troubleshooting
My withdrawal requires additional documents
Educational withdrawals generally require proof of enrolment and supporting documentation.
Why was my RESP withdrawal delayed?
Processing may be delayed if:
Forms are incomplete
Documentation is missing
Proof of enrolment is not provided
How long does an RESP withdrawal take?
Once complete and accurate documentation is received, withdrawal requests are generally processed within 4–5 business days.
Why are grants being repaid?
Government grants may need to be repaid when educational requirements are not met or when accounts are collapsed.
Concepts & Definitions
Subscriber
The individual who opens and contributes to the RESP.
Beneficiary
The student who may receive educational funding from the RESP.
CESG
Canada Education Savings Grant.
PSE Withdrawal
Original contributions withdrawn for education purposes.
EAP
Educational Assistance Payment consisting of grants and investment growth.
AIP
Accumulated Income Payment. May occur when educational savings are not used for qualifying educational purposes.
Compliance Notes
RESPs are governed by CRA registered plan rules.
Educational withdrawals may require proof of enrolment.
Government grants may be subject to repayment requirements.
Tax treatment depends on the type of withdrawal.
Eligibility criteria for educational programs must be met.