RESP Redemption Process
As we are approaching the beginning of another semester, Chimuk Landry Private Wealth wants to remind our clients of the process for redeeming funds from their Registered Education Savings Plans. Although school is still a couple of weeks away, this process can take additional time, especially for first-time withdrawals.
Delays with new registered dealer name
With the recent change to one dealer name, IG Wealth Management Inc., there are expected delays in processing work for RESP. Please contact our team as soon as possible if you require a withdrawal.
Requirements:
Step 1: Confirm that the educational institution is approved for the RESP program.
Step 2: Obtain Proof of Enrollment from the approved institution. i.e. Letter from the Registrar
Step 3: Let us know the details of your redemption.
Step 1: Confirm that the educational institution is approved for the RESP program. Please provide us with the institution’s name and the program which will be attended. We can help confirm if it is approved for the RESP program.
Alternatively, you can use the links below. for the 2025 updated lists of institutions:
Once confirmed, we will proceed to step 2.
Step 2: Obtain Proof of Enrollment from the approved institution. Please ensure documentation contains the following:
Beneficiary/student’s full name
Name of the educational institution (by a logo, letterhead, or website address)
Program of study – name of the program
Program type – university, college, trade college, or other
Qualified education program (full-time) or Specified education program (part-time)
Program length – number of years
Course length – number of weeks
Start Date / Term Date
Complete documentation for this information is on a Letter from the Registrar, which can be obtained from the institution’s registrar office. We will accept this information in an email form or a letter. We have included a PDF that outlines acceptable and unacceptable proof of enrollment documents. If you have any questions, please reach out, and we are happy to verify if the documents you have encompasses all required pieces of information.
Please note that proof of enrollment is only valid for the term it is displaying and an additional six months. For example, if you provided proof of registration for the September term, we would not require further proof of enrollment for the winter term.
Step 3: Let us know the details of your redemption. Generally, there are no restrictions to withdrawals. In the very first year of a program only, there is a limit for withdrawing the Canada Education Savings Grant or Income portion of the RESP. We will advise you if this impacts things or not.
If you have specific questions about the restrictions on redemptions for first-time withdrawals, please don’t hesitate to reach out.
The Chimuk Landry Team
