As a key element of the RESP withdrawal process, the withdrawal form must be completed accurately to avoid refusals due to missing or incorrect information. Here are some important elements to consider when working with iA Financial Group to provide your clients with the best possible experience.
We encourage you to follow all the instructions in the RESP Withdrawal Guide and to pay close attention to each section of form F51-183-1.
Some specific points to remember when accompanying your client:
- Verification of enrolment: must include the name of the beneficiary, the current session (ex.: Fall 2023), the name of the post-secondary institution and whether enrolment is full-time or part-time. Course schedule or timetable for one session or three consecutive weeks are accepted. Offers of admission are not accepted. Confirmation of enrolment is valid for a maximum of six months after the end of an academic session or ceasing to be enrolled in an eligible program.
- Form signature: if the contract includes a joint subscriber, their signature is required in addition to the subscriber's. The electronic signature must be made using one of the tools accepted by iA and must include the summary.
- School and withdrawal instructions sections (nos. 1 and 2 of the form): all fields must be completed and consistent with the verification of enrolment provided.
- Payment method: include the void personal cheque and ensure that the choice on the form matches the void cheque attached. If the client chooses a bank confirmation instead, it must contain all relevant information and include the institution's stamp.
Higher amounts for educational assistance payments (EAP)
Good news for your clients! Following changes to the Income Tax Act effective March 28, new EAP withdrawal limits are in effect:
- Full-time students: Increase from $5,000 to $8,000 for the first 13 weeks of study
- Part-time students: Increase from $2,500 to $4,000 for every 13-week period of study
If your client submitted a request after March 28, they are allowed to make an additional withdrawal up to the new limit by submitting a new separate request.
If you have any questions, please contact your sales manager or your agency directly.
