How to withdraw RESP funds + MORE Aug 27th

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

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Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…

As the RESP’s subscriber (the person who opened and contributed to the account), you may have questions about how to withdraw RESP funds and what the beneficiary (the student) can use them for. Most of the RESP commentary talks only notionally about the withdrawal process. Here are the specifics.

What to know about RESP proof of enrollment

When you’re ready to make a withdrawal, one of the first things the RESP promoter (the financial organization that offers the RESP) will ask for is proof of enrollment in eligible post-secondary studies. The processing time for this proof could vary, and the withdrawal may not be available immediately, so plan accordingly. 

What post-secondary education is considered eligible?

Part-time studies in Canada must be at least three consecutive weeks and at least 12 hours per month…