Maturity Date On and After July 31st, 2015

Understanding Your Maturity Options

When your child or beneficiary has made that important decision to either pursue post-secondary studies or consider other options, you will need to make some decisions regarding your RESP.

We're here to help make that process simple. Check out the maturity time resources available to ensure you make the best decision in relation to your goals.

Do you have questions about maturing your plan?
Click here to learn about your plan's maturity.

Click here to walk through a demo of our maturity process.

Have Questions?
Click here to access the maturity Q&A section.

Not sure if your desired post-secondary institution qualifies?
Click here to access the list of approved post-secondary institutions.

Want to fill out an online application for quick processing?
Click here to access your online account and complete the digital form.

Understanding Your Plan's Maturity

Typically, your plan's maturity date is on July 31st of the year your beneficiary turns 18 years old and is expected to start their first year of post-secondary studies. Depending on your document delivery preference of important updates, an information notice will be sent to you within 180 days prior to your maturity date, but not later than July 1st. This notice will invite you to login to your Subscriber Online account to guide and instruct you on the steps of the maturity process and the forms to be completed by you and your beneficiary.

Before your maturity date, you must select an option that best suits your beneficiary's academic studies. There are 2 options available: the scholarship option and the self-determined option.

The Scholarship Option +

The Self-Determined Option +

Educational Assistance Payments (EAPs)

An educational assistance payment (EAP) is the payment your child receives from their RESP when they enroll in an approved post-secondary institution. The beneficiary will receive EAPs once a year in their 2nd, 3rd and 4th year of eligible studies, depending on the option selected and provided he or she remains eligible. This payment consists of investment earnings and government grant money accumulated in their RESP.

Under both the Scholarship Option and the Self-Determined Option, EAPs consist of the following:

• Income on principal,

• Government grants, and

• Income on government grants.

Additionally, under the scholarship option, EAPs may also consist of a non-discretionary payment to enhance the EAP1.

Please note that a non-discretionary payment to enhance the EAP1 is not available under the self-determined option.

Important: Pursuant to the Canada Revenue Agency (CRA) regulations, there is an annual EAP threshold limit of $23,460. If the total EAP is more than this amount, you or your beneficiary will be required to provide Heritage with proof of the beneficiary's educational expenses that meet or exceed the annual threshold limit in order to receive any remaining balance.

Important information for clients not pursuing post-secondary education:

  • You can substitute the beneficiary of your plan as long as no EAPs have been paid and provided certain conditions are met.
  • Under the self-determined option, you can request the return of your contributions less fees and you can request your accumulated income payment (AIP) to be paid to you or to the joint subscriber (if applicable) subject to the following 2 different taxes:
    1. your regular income tax, and
    2. an additional federal tax of 20% (or 12% federal and 8% provincial tax for residents of Quebec).

To avoid incurring any taxes, you can transfer up to $50,000 of income to your or your spouse's* RRSP, providing there is RRSP contribution room to do so and you satisfy all AIP requirements.

What is the criteria to request the earnings as an Accumulated Income Payment (AIP) +

Ready to fill out your maturity application?
Click here to access your online account and complete the digital form.

1 This is a non-discretionary payment to beneficiaries in a beneficiary group, which represents the amounts of pre- and post-maturity attrition remaining after the refund of up to 25%, up to 50% and up to 100% of the sales charges has been paid. See prospectus for full details.

*Your spouse must be named as the joint subscriber to your RESP.

Understanding Your Maturity Options – Q & A

When does my plan mature? +

Will Heritage contact me when my plan matures? +

What are the options for maturity? +

What is a recognized college or university? +

How do I know which option suits my beneficiary's needs? +

What do I need to provide to receive my funds? +

What important timelines should I be aware of? +

What type of program can my beneficiary take that is eligible for EAPs? +

If I want to change my beneficiary, what are the rules? +

For more information please contact our Customer Service Team at 1.866.269.0639 or by email at