An EAP is a withdrawal of Government grants and the Income earned in your RESP. The CRA sets some limits on EAP amounts:
$8,000 for the first 13 weeks of study in a full-time program
$4,000 for each 13 weeks of study in a part-time program
The maximum annual EAP withdrawal is set by the CRA annually and is $26,860 a year for 2023.
Don’t forget EAPs are not the only withdrawal type - you can also withdraw your principal contributions to your Plan as (a PSE withdrawal).
Please contact us to find out more!