Overview

There are a few things you need to consider when making a withdrawal from an RESP. Depending on the reason for your withdrawal, you might not have access to the full contributions, gains, or grants that are in your account.

Withdrawing for educational assistance purposes (EAP)

• Withdrawing for EAP is the intended withdrawal scenario for an RESP.
• You can withdraw any contributions, grants, and gains from your RESP.
• Find out more about withdrawing for EAP here.

Withdrawing funds for non-educational purposes before your beneficiary turns 21

• You will only be able to withdraw contributions you made to your RESP. If you are closing the account, any investment losses will be deducted from your contributions.
• For the contribution amounts you withdraw, any corresponding grants will be returned to the government. We'll help you do this when you request a withdrawal. If you are closing the account, all grants must be returned in full.
• For the contribution amounts you withdraw, any corresponding gains from your investments will need to remain in the account. If you are closing the account, gains can be gifted to an educational institution.

Withdrawing funds after your beneficiary has reached the age of 21 or if they have not attended a form of post-secondary education

You have the option to use the fund for other beneficiaries who can still go to post-secondary school. If you choose to continue with the withdrawal:

• You will be able to withdraw all contributions that you made to your RESP (minus any losses in the account).
• Grants received from the government will need to be paid back in full to the government.
• Gains earned from your investments may be funnelled into the account owner’s RRSP.

If you'd like to learn more about RESPs, visit the RESP information page from the Canadian Government.

How to make a withdrawal from your RESP

In order to initiate a withdrawal from your RESP with Wealthsimple, you will need to contact our support team. When reaching out, please make sure to include the following information:

• Whether you are withdrawing your funds for an educational or non-educational purpose.
• Proof of enrolment to a post-secondary institution (only if you’re making an educational withdrawal).

Once we have received your request, we will send you the necessary forms to complete your withdrawal.