RESP Withdrawal Calculator — Plan Your Child Education Funding
Calculate RESP withdrawals including Educational Assistance Payments and refund of contributions. Understand tax implications for your student.
RESP withdrawals have two components: the refund of your contributions (non-taxable) and Educational Assistance Payments (EAP) consisting of government grants and investment growth (taxable in the student hands). Since students typically have low income the tax on EAP is minimal or zero. Maximum EAP is $8000 for full-time students in the first 13 weeks then $5000 per subsequent 13-week period.
Calculate Now
Canada Take-Home Pay Calculator
Key Information
| Parameter | Details |
|---|---|
| EAP First 13 Weeks | $8000 maximum |
| EAP Per 13-Week Period | $5000 maximum |
| Contribution Refund | Tax-free (your original money) |
| CESG Received | 20% match up to $500/year |
Plan RESP withdrawals
Get accurate results instantly — 100% free, no signup required
Use Calculator NowFrequently Asked Questions
How much RESP can I withdraw for my child?
For a full-time student you can withdraw unlimited contribution refunds (tax-free) plus up to $8000 EAP in the first 13 weeks. After that $5000 EAP per 13-week period. For a $50000 RESP (say $30000 contributions + $20000 growth/grants): the $30000 is tax-free and $20000 EAP is taxable in the student name (likely $0 tax if only income).
What happens to unused RESP?
If your child does not pursue post-secondary education: wait up to 35 years from opening (child may change mind). Transfer to another child beneficiary (no penalty). Transfer growth to your RRSP (up to $50000 if you have room). Withdraw growth as Accumulated Income Payment (taxed at marginal rate + 20% penalty). Government grants must be returned to the government.
Is RESP worth it?
Absolutely. The 20% CESG match alone makes RESP unbeatable. Contributing $2500/year gets $500 free from the government. Over 18 years: $45000 contributed + $7200 CESG + investment growth = approximately $80000-100000 for your child education. No other investment gives an immediate guaranteed 20% return.
Related Calculators
Last updated: March 2026