Tips on preparing to access RESP funds
If the time is approaching that you need to access RESP funds for education purposes, following are some important details for the redemption process to ensure a smooth transition.
Tandia works with our registered plan trustee, Concentral Financial for the administration of RESPs. They ensure we abide by the rules set out in the Income Tax Act for the release of funds.
For each and every RESP withdrawal, the beneficiary must provide Proof of Enrollment from the post-secondary institution. This document confirms that the beneficiary has officially enrolled at the school and it is usually provided immediately after payment of tuition fees.
Please note that this document is not the same as a "Notice of Acceptance" which is usually the first letter a student receives to advise that they have been accepted to a post-secondary program. Unfortunately it does not confirm that the student has enrolled. Please ensure you obtain an original copy of the Proof of Enrollment as this is the only accepted form mandated by the Income Tax Act and it will be required by Tandia to process the RESP withdrawal.
We are here to help make the transition to post-secondary education as smooth as possible. Please contact our Member Solutions Centre toll-free at 1.800.598.2891 or visit your branch if you have questions regarding access to RESP funds.