This is truly the most wonderful time in your RESP journey. Typically, the first step is that the student/child enrolls in an eligible post-secondary education or training program, provide proof of enrolment and the Education Assistance Payments (EAPs) become available. The student/child can use these payments for any school-related expenses, including rent, tuition and meals (Welcome to adulthood, young scholar—it involves a lot of bills!). EAPs are made up of government grants and all that income/earnings your RESP has earned over the years.

After the EAPs are used up, you can decide what to do with the contributions you made. You might decide to give them to that young person in school if he or she still needs funds for school. Or maybe after all the incredible saving you've done over the years, it's time to treat yourself. A bathroom reno perhaps? A trip? You'll be happy to know neither you nor your child has to pay tax on your original contributions.

Introduce your friends to CST Spark! 

Whether you love how easy we make it to manage your RESP online or get government grants, let your friends in on the benefits of a CST Spark RESP too.