2200, 125 – 9 Avenue SE, Calgary, AB T2G 0P6 Phone: 403.770.0001 Mailing address: PO Box 2581, STN Central, Calgary, AB T2P 1C8 Toll Free: 1.877.565.0001 Email: [email protected]Fax: 403.776.8679 www.olympiatrust.com Page 1 of 5 v03-24-2020 RESP Withdrawal Form Registered Plans & TFSA Division Fax: 403.776.8679 Email: [email protected]General Information Fees for withdrawals are outlined in the Olympia Trust Company Fee Schedule. In-kind withdrawals may be subject to third-party certificate reregistration fees. Educational Withdrawals Withdrawal Type Components (Made up of) Withdrawal Limits Lifetime Limits Tax Implications Educational Assistance Payment (EAP) Grant (CESG) + Earnings For all students, annual limit of $24,432 for 2020. Full-Time Students: $5,000 during the first 13 weeks of full-time studies. Part-Time Students: $2,500 for each 13-week enrolment period. CESG: $7,200 per beneficiary. T4A tax slip will be issued to the beneficiary. Non-resident beneficiaries subject to non-resident tax and restrictions. Post-Secondary Education Contribution Withdrawal (PSE) Contributions No limit. No limit. Not taxed. 1. EAPs are paid to the beneficiary. PSEs are paid to the subscriber. 2. RESP contribution room is not restored if completing a PSE. 3. Educational Withdrawal Eligibility Requirements: • Educational withdrawals can only be processed if one of the following situations applies: o The student is enrolled in a qualifying educational program. This includes students attending a post- secondary educational institution and those enrolled in distance education courses, such as correspondence courses, provided by such institutions; or o The student is at least 16 years old and is enrolled in a specified educational program. • A qualifying educational program is an educational program at post-secondary school level, that lasts at least 3 consecutive weeks, and that requires a student to spend no less than 10 hours per week on courses or work in the program. • A specified educational program is a program at post-secondary school level that lasts at least 3 consecutive weeks, and that requires a student to spend no less than 12 hours per month on courses in the program. • Educational withdrawals can be used to cover the student’s living expenses, educational expenses (such as tuition and books), and other relevant expenses. • Valid Proof of Enrolment must be provided. Please refer to Proof of Enrolment Guidelines for full details. • To receive grant as part of an EAP, the student must be a resident of Canada for the purposes of the Income Tax Act (Canada). Otherwise, the EAP will only include earnings, the grant must be repaid to the appropriate government agency, and the EAP will be subject to non-resident withholding tax.
Transcript
2200, 125 – 9 Avenue SE, Calgary, AB T2G 0P6 Phone: 403.770.0001 Mailing address: PO Box 2581, STN Central, Calgary, AB T2P 1C8 Toll Free: 1.877.565.0001 Email: [email protected] Fax: 403.776.8679 www.olympiatrust.com Page 1 of 5 v03-24-2020
RESP Withdrawal Form Registered Plans & TFSA Division
General Information Fees for withdrawals are outlined in the Olympia Trust Company Fee Schedule. In-kind withdrawals may be subject to third-party certificate reregistration fees.
Educational Withdrawals
Withdrawal Type Components (Made up of) Withdrawal Limits Lifetime Limits Tax Implications
Educational Assistance Payment (EAP)
Grant (CESG) + Earnings For all students, annual limit of $24,432 for 2020.
Full-Time Students: $5,000 during the first 13 weeks of full-time studies.
Part-Time Students: $2,500 for each 13-week enrolment period.
CESG: $7,200 per beneficiary.
T4A tax slip will be issued to the beneficiary. Non-resident beneficiaries subject to non-resident tax and restrictions.
• Educational withdrawals can only be processed if one of the following situations applies: o The student is enrolled in a qualifying educational program. This includes students attending a post-
secondary educational institution and those enrolled in distance education courses, such as correspondence courses, provided by such institutions; or
o The student is at least 16 years old and is enrolled in a specified educational program. • A qualifying educational program is an educational program at post-secondary school level, that lasts at least 3
consecutive weeks, and that requires a student to spend no less than 10 hours per week on courses or work in the program.
• A specified educational program is a program at post-secondary school level that lasts at least 3 consecutive weeks, and that requires a student to spend no less than 12 hours per month on courses in the program.
• Educational withdrawals can be used to cover the student’s living expenses, educational expenses (such as tuition and books), and other relevant expenses.
• Valid Proof of Enrolment must be provided. Please refer to Proof of Enrolment Guidelines for full details. • To receive grant as part of an EAP, the student must be a resident of Canada for the purposes of the Income Tax
Act (Canada). Otherwise, the EAP will only include earnings, the grant must be repaid to the appropriate government agency, and the EAP will be subject to non-resident withholding tax.
Withdrawal Type Components (Made up of) Withdrawal Limits Lifetime Limits Tax Implications
Contribution Withdrawal
Contributions No limit. CESG must first be repaid.
No limit. Not taxed.
Accumulated Income Payment (AIP)
Earnings No limit. CESG must first be repaid. Certain conditions must be met prior to withdrawal.
Up to $50,000 of Earnings can transferred to an RRSP or RRSP Spousal.
Subject to a 20% additional tax (60% for residents of Québec) on top of regular income tax rates. T4A tax slip will be issued to the subscriber. Non-resident subscribers are not eligible to receive AIPs.
1. All non-educational withdrawals are paid to the subscriber.
2. RESP contribution room is not restored if completing a Contribution Withdrawal.
3. When making a non-educational withdrawal, earnings must remain in the RESP until eligible for an EAP or AIP.
4. To be eligible for an AIP, the subscriber must be a resident of Canada and one of the following conditions must be met:
• The RESP must have existed for 10 or more years, and all beneficiaries have reached 21 years of age and are ineligible to receive an EAP.
• The RESP has existed for 36 years. • All beneficiaries are deceased.
5. If transferring an AIP to an RRSP or RRSP Spousal, proof of contribution room must be provided.
6. After an AIP is made, the RESP must be closed by the last day of February of the following calendar year.
7. If the subscriber does not qualify for an AIP and the beneficiaries are no longer eligible for an EAP, the earnings remaining in the RESP can be paid to a designated educational institution. This payment is considered a gift and not a donation, and therefore, a tax receipt will not be issued. Any incentives remaining in the RESP must be repaid in cash.
8. CESG (Grant) Repayment for Non-Educational Withdrawals
• If the RESP is being closed, all grant must be repaid in cash. • If the RESP is remaining open, a proportionate amount of grant must be repaid in cash.
Olympia Trust Company requires at least one of the following valid Proof of Enrolment (POE) documents when requesting an Educational Assistance Payment (EAP) or Post-Secondary Education (PSE) Contribution Withdrawal from an RESP. The request may be submitted as soon as the beneficiary is enrolled in the current or upcoming semester, or up to six (6) months after the end of course of study. Invalid POE documents will cause delays in processing RESP withdrawals.
Valid Proof of Enrolment: To be valid, document must:
Proof of Enrolment letter from the Office of the Registrar
• Be on the school’s letterhead. • Be signed or certified by the Office of the Registrar
or department head. • Clearly state the student’s name. • Clearly indicate the semester of study. • Indicate the courses or program being studied. • State that the student is enrolled/registered at the
school.
Timetable/Course Schedule
• Be sent from the Office of the Registrar or printed from the school’s official website. School logo or website address must be clearly indicated.
• Clearly state the student’s name. • State the course length and the number of hours in
a course or program per academic session. • Clearly indicate the semester of study.
Invoices from the Office of the Registrar
• Be sent from the Office of the Registrar or printed from the school’s official website. School logo or website address must be clearly indicated.
• Display the school’s logo or name. • Imply part- or full-time status (by course length,
tuition cost or number of courses). • Clearly indicate payment due date and date of
receipt.
Invalid Proof of Enrolment: Document is invalid because it:
Letter of Acceptance or Offer of Admission • Does not prove acceptance of the offer, enrolment
or registration.
Student ID Card • Does not prove current enrolment and program
details.
Invoices and receipts for non-tuition expenses, registration deposits, or fees
• Does not prove current enrolment and program details.
Note: Although students may claim any education-related expenses, receipts for books, rent registration deposits, and other non-tuition expenses do not constitute proof of enrolment.
Subscriber Last Name Subscriber First Name Account Number
Beneficiary Last Name Beneficiary First Name Beneficiary SIN
2. Type ofWithdrawal
In Cash In-Kind* (Use the In-Kind Withdrawal Instructions chart below)
Full Withdrawal (RESP will be closed) Partial Withdrawal
Educational Withdrawal (Complete Sections 3 & 4) Non-Educational Withdrawal (Complete Section 5) *In-kind withdrawals may be subject to third-party certificate re-registration fees.
In-Kind Withdrawal Instructions
Number of Shares / ALL Security Name Price per Unit
($) Total Withdrawal
($)
3. EducationalWithdrawal
Proof of Enrolment documents attached (See Proof of Enrolment Guidelines for more information)
Educational Assistance Payment (EAP - Grant & Earnings): $ If there are insufficient earnings and/or grant to fulfill the EAP request, the remainder will be processed as a Post-Secondary Education Contribution Withdrawal.
University Private Trade, Vocational, or Career College Community College or CEGEP
Other:
Institution Name
Institution Address (street, city, province, postal code)
Program Program Length (years)
Academic Year Start Date Current Year (1st, 2nd, 3rd, 4th) Academic Year Length (weeks)
5. Non-EducationalWithdrawal
The repayment of some or all of the Canada Education Savings Grant (CESG) to the appropriate government agency may be required. When withdrawing contributions, assisted contributions are always withdrawn first.
Contribution Withdrawal (Contributions only): $
Accumulated Income Payment (AIP - Earnings only): (net) $
c) Electronic Funds Transfer (EFT) - Please complete section 7.
7. Electronic Funds Transfer Only applicable for withdrawals by EFT.
For EAPs, the account listed on the VOID cheque must be in the name of the beneficiary. For all other withdrawals, the account listed on the VOID cheque must be in the name of the subscriber.
Name of financial institution:
A VOID cheque must be attached I/we authorize the Company, and the financial institution designated (or any other financial institution I/We may authorize at any time) to begin deductions and/or direct deposits and/or refunds from time to time as per my/our instructions as set out herein, and/or payments as the case may be, for payment of all charges and/or refunds arising under my/our account(s) and arrangements and agreements with the Company. Refunds and/or payments for the full amount of services delivered will be credited/debited to my/our specified account as specified herein. This authority is to remain in effect until the Company has received written notification from me/us of its change or termination. This notification must be received at least ten (10) business days (but not longer than thirty (30) days) before the next debit is scheduled at the address provided below. I/We may obtain a sample cancellation form, or more information on my/our right to cancel an Electronic Funds Transfer (EFT) Agreement at my/our financial institution or by visiting www.payments.ca. The Company may not assign this authorization, whether directly or indirectly, by operation of law, change of control or otherwise, without providing at least 10 days prior written notice to me/us. I/we have certain recourse rights if any debit does not comply with this agreement. For example; I/we have the right to receive reimbursement for any Electronic Funds Transfer that is not authorized or is not consistent with this Electronic Funds Transfer (EFT) Agreement. To obtain a form for a Reimbursement Claim, or for more information on my/our recourse rights, I/we may contact my/our financial institution or visit www.payments.ca.
Further by signing below, you represent and warrant as follows:
1) That you will not hold the Company responsible for any delay or loss of funds due to incorrect or incomplete information supplied by you or by your financial institution or due to an error on the part of your financial institution in depositing funds to your Account;
2) That you waive any pre-notification requirements as specified by sections 15(a) and (b) of the Canadian Payments Associate Rule H1 with regards to recovering amounts directly from your Account in connection with amounts incorrectly credited to your Account.
3) That the Company may change its fees schedule by providing you with 30 days prior written notice of such changes. If you do not cancel this authorization during such notice period, this authorization shall continue to be used in conjunction with such revised fee schedule where applicable.
4) Where payments, funds transfer or refunds are in relation to personal services (other than business services) this authorization shall be considered a personal pre-authorized debit agreement.
8. Authorization I understand Olympia Trust Company (“Olympia”) may reject my request if the information contained in this form is not true, complete and correct.
I hereby waive, release and forever discharge Olympia from any and all liability that Olympia may have for any losses, costs, damages, expenses, charges, taxes, penalties, assessments, fines, liabilities and obligations that I may suffer, pay or incur and, in addition, agree to indemnify, defend and hold Olympia harmless from and against any losses, costs, damages, expenses, charges, taxes penalties, assessments, fines, liabilities and obligations, including any legal fees and disbursements on a full indemnity basis, any costs incurred in connection with the enforcement of this indemnity and any indirect, incidental, consequential, exemplary, special or punitive losses or damages or loss of profits that Olympia may suffer, pay or incur to the extent arising out of, relating to, this form or Olympia’s reliance thereon.
Signature of Subscriber Date (mm/dd/yyyy)
Signature of Joint Subscriber (if applicable) Date (mm/dd/yyyy)
Privacy Notice: In providing services to you, we receive non-public, personal information about you. We receive this information through the transactions we perform for you and may also receive information about you by virtue of your transactions with our affiliates and other parties. We will hold your personal information in accordance with our Privacy Policy, a copy of which may be found on our website at www.olympiatrust.com.
