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How can I withdraw funds from my TD Direct Investing RESP?

If you're withdrawing funds from your Registered Education Savings Plan (RESP) for the first time to help pay for the beneficiary's post-secondary education, there are a few important things to keep in mind.

Since an RESP is intended for the beneficiary's post-secondary education, you must take a few initial steps to withdraw the funds:

1. Plan ahead: Find out the dates when the college/university payments are due (tuition, residence or rent, etc.).
2. Get official confirmation of school enrolment: The school’s office of the registrar can provide an official document confirming the beneficiary's enrolment or you may be able to access it on the school’s website. Note: Acceptance letters and email confirmation cannot be accepted as proof of enrolment
3. Ensure the funds are in cash: It takes time to convert any investments to cash, so you'll likely have to sell stocks and/or bonds, and consider Guaranteed Investment Certificate (GIC) maturity dates.

RESP Withdrawals for Educational Purposes

• Educational Assistance Payments (EAP)

An EAP is the payment of the RESP's income and government grant (e.g. Canada Education Savings Grant and Quebec Education Savings Incentive) amounts to a beneficiary – a person who will receive EAP under the terms of the plan.

• Post-Secondary Educational Capital Withdrawal (PSE)

PSE withdrawals are payments of contributions to the subscriber or the beneficiary and are subject to the terms and conditions of the RESP (as the promoter can return the contributions when the contract ends or at any time before).

This type of withdrawal is composed of the contributions available in the plan and will be processed without any grant repayment to Employment and Social Development Canada (ESDC). Please note: The withdrawal is limited to the total amount of contributions to the plan assuming the plan has not incurred a loss. 

RESP Withdrawals for Non-Educational Purposes

• Non-Educational Capital Withdrawal (NCW)

NCW is a capital withdrawal by the subscriber when the beneficiary is not attending a post-secondary educational institution. Please note: NCW requests will trigger grants repayment back to the Government, and cannot be reversed once processed.

• Accumulated Income Payments (AIP)

AIPs are withdrawals of accumulated income by the subscriber from an RESP when the beneficiary is not eligible for Educational Assistance Payments (EAP).

Submitting RESP Withdrawal Requests

Once you've determined the type of RESP withdrawal that applies to you, you can submit your withdrawal request in any of the following ways:

• Submit your request using WebBroker*
• Contact TD Direct Investing*
• Complete the RESP Withdrawal Request form and submit it with proof of enrollment at a TD Canada Trust branch

*Accumulated Income Payments (AIP) withdrawal requests cannot be submitted using WebBroker or over the phone and must be submitted at a TD Canada Trust branch.