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Navigating RESP withdrawals can be tricky, especially when dealing with different university policies. This article highlights the challenges of accessing RESP funds, including the requirement for a Letter of Enrollment and how universities vary in their responsiveness. Some institutions make it easy, while others add bureaucratic hurdles. The piece also touches on bank procedures when withdrawing from an RESP and the importance of planning ahead to avoid delays in funding education. A must-read for parents managing Registered Education Savings Plans for their children’s post-secondary education.

Keywords: RESP, education savings, university costs, financial planning, student funding, bank procedures, withdrawal process

Withdrawing funds from a Canadian RESP should be simple, but hidden fees from universities can catch parents off guard. While RESPs are designed to support education, some institutions charge a fee just to provide the confirmation letter needed by banks to release the funds. This outdated and frustrating process adds unexpected costs and delays to an otherwise beneficial savings tool. In this article, we explore the hurdles families face when trying to access RESP funds, the lesser-known quirks of RESP withdrawals, and how to minimize the impact of admin fees on your education savings. Learn what has changed since 2010 and how to prepare for a smoother RESP experience today.