If a family member has saved Registered Education Savings Plan (RESP) funding for your education, you will be expected to use it as a resource.
The terms of RESP plans can vary a great deal. For example, many plans don't allow you to use RESP funding for your first year of a multi-year school program. Contact your plan holder for details about how you can access the funds of your plan. Report your RESP funding as follows:
If you have investments, including RRSPs, we assume you will use these as a resource toward the cost of your education. Some RRSP amounts may be exempted; if you are going to school after spending some time in the workforce, and made RRSP contributions during that time, you may be eligible for a $2000 exemption for each of those years.
When you withdraw RRSP funding to use for school, either during your pre-study period or study period, and/or to claim the exemption, report your RRSPs to us as follows: