Nope, nuh-uh! We don’t charge a fee when you withdraw money from your RESP. It’s your money, after all. Keep in mind though that there can be other costs associated with taking money out of an RESP if you do it at the wrong time or in the wrong way. If you take out money before your child enrolls in post-secondary studies or you don’t use all the money in your plan, the grant money will be returned to the government. And while your money is tax-sheltered when it’s in an RESP, the Canada Revenue Agency will charge tax on the income you’ve earned once the money is pulled out. (Pssst… you can avoid taxes by putting that income in another tax-sheltered account, such as an RRSP.)

At CST Spark, we strongly believe you should be able to keep as much of your money in your pocket as possible. So if you’re unsure about withdrawals, just reach out and we’ll help you figure out a withdrawal plan that helps you avoid taxes and grant losses.