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College Tuition Fees in Ontario. You can also expect an average of $800 in ancillary fees (student activity fees, athletic fees, health insurance, etc.) and $1,300 for books and supplies. Please note that these figures do not include living costs, such as rent, utilities and transportation. Tuition for specialized programs may be higher.
- Overview
- On this page
- Taking money out of an RESP
- How to use the RESP to pay for education
- Amount of money that can be withdrawn
- Track the CESG amounts you use for education
- If you don’t use the RESP for education
- Definitions
Pay for education using the Registered Education Savings Plan
•Taking money out of an RESP
•How to use the RESP to pay for education
•1. See if the school is eligible
•2. Request money on behalf of the beneficiary
•3. Provide required documentation
•Amount that can be withdrawn
Money in a Registered Education Savings Plan (RESP) can come from many sources:
•contributions from the subscriber and/or others
•benefits received, like the Canada Learning Bond (CLB), Canada Education Savings Grant (CESG), and/or provincial benefits
•interest accumulated on the money in the RESP
Because of these different sources of money in an RESP, there are different ways to withdraw.
Educational Assistance Payments (EAPs) include money from benefits and accumulated interest. EAPs are considered income for the beneficiary and are taxed when taken from the RESP. However, beneficiaries may not have much income during their studies, so it is possible that the beneficiary pays little to no tax when receiving an EAP.
You can use the money in the RESP to pay for education right away or keep it for future education. To take money out of the RESP to pay for education, the subscriber asks the RESP promoter for an EAP. The beneficiary can use the EAP money to pay for expenses like tuition, books, tools, transportation, and rent.
To receive an EAP and pay for education:
•the beneficiary must enrol in full- or part-time studies at an eligible school (in Canada or abroad). Programs must meet the minimum weeks of study and hours per week to be eligible
•the subscriber must request the EAP from the RESP promoter
•Full-time program
If the beneficiary is enrolled in full‑time post‑secondary studies, EAPs are limited to $8,000 during the first‑13‑consecutive weeks of enrollment.
After that, you may request any available amount with no limit unless the beneficiary takes a break from their studies and does not re-enroll in a qualifying educational program for 12 months. If that happens, the original limit is reinstated.
For both full- and part-time studies, the beneficiary is also eligible to receive payments for up to 6 months after the end of their enrollment in a qualifying program (provided the provisions of the RESP allow this benefit). This is only possible if the expenses would have qualified for EAPs if they had been paid immediately before the beneficiary's enrollment stopped.
•Part-time program
If the beneficiary is enrolled in part-time studies, EAPs are limited to $4,000 for every 13-week period of enrollment.
When a beneficiary receives an EAP, they will also receive a notice detailing the amount of the CESG in the payment received. The beneficiary cannot receive more than $7,200 from the CESG in their lifetime. It is their responsibility to keep track of the CESG amount received; beneficiaries must repay any amount over the $7,200 limit.
You have 4 choices:
•keep the RESP open and leave the money in it for future studies
•replace the beneficiary
•transfer the money to other registered savings plans
•close the RESP
Consult Managing your RESP, taxes, and transfers for more information.
"Promoter" definition
The promoter is the financial organization where you open the RESP. The promoter administers all amounts contributed into the RESP and releases money from the RESP to the beneficiary when it is needed for eligible expenses for education after high school.
"Subscriber" definition
The subscriber is the person who opens the RESP with a promoter. Anyone can be a subscriber and open an RESP for a child. This includes parents, guardians, grandparents, other relatives, and friends. The subscriber can also choose to make contributions. Contributions to the RESP are not needed to receive the CLB, but are needed to receive the CESG.
"Beneficiary" definition
The beneficiary is the person (usually a child) who will get money from the RESP to pay for their education after high school, as long as the school and program are eligible. The beneficiary can be a child or an adult The beneficiary can be the same person as the subscriber, if an adult opens an RESP for themselves Depending on the plan type, there can be more than one beneficiary for each RESP
- Personal savings / RESPs. Many students start thinking about paying for school early — but it’s okay if you haven’t. If you can take on a part-time or summer job during high school, you can save some of that money to start building your college or university fund.
- Scholarships / Grants / Bursaries. Make sure to research for scholarships, grants, or bursaries that you may be eligible for. Many scholarships are based on merit, while grants and bursaries are often awarded based on financial need (but other accomplishments may be considered).
- Government loans and bank loans. All levels of government in Canada offer some kind of financial assistance to post-secondary students, and there are many options to consider.
- Employment during school / On-campus jobs. If possible — and your course load allows it — getting a part-time job or having a side-hustle while in school may help you during the school year.
- 10 min
- Fill out the FAFSA. Fill out the Free Application for Federal Student Aid to receive federal aid like grants, work-study opportunities and even federal student loans.
- Search for scholarships. You don’t have to wait until you’re a senior in high school to start your scholarship search. In fact, it could pay to start earlier.
- Choose an affordable school. Paying for college will be easier if you choose a school that’s reasonably priced for you. To avoid straining your bank account, consider starting at a community college or technical or trade school.
- Use grants if you qualify. The high school class of 2021 forfeited $3.75 billion in federal Pell Grant money by not completing the FAFSA, according to a study by the National College Attainment Network.
Jul 27, 2023 · 5. Work During School. One good way to pay for school, especially if for students who have a full or partial scholarship lined up, is to work part-time while in school. This can help pay for room and board, books, or possibly even tuition.
Oct 31, 2022 · Attending a four-year, public university costs about $10,000 a year in tuition and fees for in-state students, according to the College Board. That price tag doesn’t include room and board, and ...
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Mar 21, 2024 · Now, she’s thinking about grad school. Canadian undergrads pay an average of $7,076 per year in tuition fees, up three per cent from last year. That’s more than double what Miller and her ...
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