My daughter is starting college. How do I withdraw my RESPs?
Dear Cheryl&Mack,
My daughter's starting post-secondary this September and we just got the first bill.
She’s getting OSAP, which is helpful but it won’t cover the full tuition! I've got some money saved in her RESP, but I need to figure out how to withdraw it before the deadline.
What’s the process to get the money? She starts in 3 weeks and we need about $5,000…
Signed,
Last Minute Parent
Dear Last Minute Parent,
You're not alone. Many parents and students procrastinate when it comes to getting their funds because who wants to worry about September in the summer?
But time flies, doesn't it?
Getting money from the RESP isn't difficult. Here are a couple of things to note: Inform your advisor about your withdrawal.
They need to know who it should be payable to, whether it's the beneficiary (the student identified in the RESP), the subscriber and/or joint subscriber (the contract owner(s)), or both.
Each organization may have different requirements for direct deposits, so consult your advisor for specifics.
Verification of enrollment is crucial when receiving your RESP money. This section must be completed and stamped by the school registrar's office.
If obtaining the registrar's stamp is difficult, alternative documents like an invoice or payment receipt indicating full tuition, proof of online enrollment, personalized timetable, or course schedule may be accepted.
Stay in touch with your advisor and communicate your plan, ideally before two weeks out.
Remember, this is general advice, and different schools may have varying rules.
Sending well wishes to your daughter for her first year at post-secondary.