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1. “Subscriber death beneficiary mental impairment”
2. “Long-term mental impairment RESP beneficiary”.
By Trend News Line 2024-02-09 06:48:27.
The Eligibility Criteria for Receiving EAPs from an RESP
As of the time of this reporting, the eligibility criteria for receiving Educational Assistance Payments (EAPs) from a Registered Education Savings Plan (RESP) are as follows:
1. The Recipient:
The recipient, who is the subscriber of the RESP, has passed away. The cause of death is currently unknown.
2. Beneficiary’s Status:
Each beneficiary of the RESP has also passed away or is at least 21 years old, making them ineligible to receive EAPs.
3. Minimum RESP Existence:
The RESP must have been in existence for a minimum of 10 years. This condition ensures that the plan has been active and accumulating funds for a significant period.
4. Exception for Mental Impairment:
However, the last two conditions mentioned above may be waived under certain circumstances. If the beneficiary now suffers from a severe and prolonged mental impairment, they may still be eligible to receive EAPs from the RESP, even if they are over 21 years old or the plan has not been in existence for 10 years.
This eligibility criteria is subject to change based on the regulations and policies governing RESP disbursements. Please consult with a qualified financial advisor or the RESP provider for the most up-to-date information.
Note: The cause of death for the recipient is currently unknown as at the time of this reporting.
This information was reported by Dwayne Gray on February 9, 2024. (Source: Dwayne Gray’s Twitter)
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Source : @DwayneG54306747
The recipient is the subscriber has died
Each beneficiary has died or 21 or older and is not eligible to receive EAPs
The RESP has existed for a least 10 years
The last two conditions may be waived if the beneficiary now suffer from a severe and prolonged mental impairment— Dwayne Gray (@DwayneG54306747) February 9, 2024
1. “subscriber has died beneficiary severe prolonged mental impairment”
2. “RESP existed 10 years beneficiary severe mental impairment”.