Educational Savings Plan

An RESP

  • is a special savings plan (like a savings account)
  • is registered by the Government of Canada
  • allows savings for education after high school to grow tax-free and could also gain government money through the Alberta Centennial Education Savings Plan, Canada Education Savings Grant and the Canada Learning Bond, if you qualify.

RESP funds can be used for full- or part-time studies in a qualifying program

  • full-time education—a course of study with a duration of at least 3 weeks in a row, with at least 10 hours of instruction or work each week
  • part-time education—a program with at least 12 hours per month spent on courses.

RESPs are comprised of

  • Subscriber’s contributions
  • Educational Assistance Payments (grants and interest)

Withdrawing funds

Check with your RESP provider for specific procedures. 

You will need to provide your RESP provider with confirmation of your status as a student. You can print or download an official verification of enrolment through myStudentSystem. This document will contain the signature of the university registrar on MacEwan University letterhead. Verify enrolment »

Educational Assistance Payments (EAP) limit

  • The maximum EAP during the first 13 weeks of enrolment is $5,000
  • You may apply to Human Resources and Social Development Canada for permission to receive a larger amount
  • Following the 13-week period, you can get any amount in EAPs.

Check to see if the terms of your RESP limit the amount of Educational Assistance Payments that you can receive. You should ask your RESP provider for more information.

Subscriber’s contribution

Contributors can withdraw as much as they want of their own contributions to help pay for education.