What happens when it’s time to take my money out of the RESP?
Once your beneficiary enrolls in a post-secondary education or training program, Education Assistance Payments (EAPs) become available. On top of tuition, EAPs can be used for school-related expenses, and let’s face it—some are even more than tuition. These expenses can include residence, books, a laptop, transportation to and from school, a meal plan and more.
EAPs are made up of government grants, as well as earnings.
As for the contributions you made, you decide when to withdraw them and what to do with them. You can either give them to your child, or withdraw them for yourself, tax-free.