The RESP is a tax-sheltered education savings account that can help you, your family, or friends save for a child's education after high school. It is also registered by the Government of Canada.
How to withdraw funds from your RESP?
Once the child (the RESP beneficiary) has graduated from high school and enrolled full-time or part-time in a qualifying post-secondary educational program, you can request, on his or her behalf, to withdraw money from the RESP to help pay for their studies.
When you withdraw government payments or interest earned from an RESP account, that money is called an Educational Assistance Payment. Educational Assistance Payments include the interest earned in the RESP as well as any Canada Education Savings Grants, provincial grants and Canada Learning Bonds received. You can use this money to pay for post-secondary school expenses like tuition, books and transportation.
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