Choosing the Right RESP Payment Option
The Heritage Plan has a set Maturity Date which you will have chosen early in the planning process. This date usually falls on July 31st of the year your child turns 18. On the Maturity Date of your RESP, you'll need to choose the appropriate payout option. See below to determine the right RESP payout option for you:
Self-Determined Option – Perfect for students enrolled in a program that lasts less than 2 years or who choose not to attend post-secondary education. With the Self-Determined Option, your may withdraw the principal of your child's RESP any time after the Maturity Date. Your child will then receive Self-Determined Payments if attending an eligible post-secondary institute. Self-Determined Payments are made up of all the interest which has accrued on your Heritage Plan principal, all CESG, CLB, ACES and QESI grants, where applicable, and the interest earned on those grants. Self-Determined Payments can be applied to any post-secondary education costs, including tuition, books, residence, and other legitimate education expenses.*
Scholarship Option – Ideal for students taking a 2, 3 or 4 year post-secondary program. With the Scholarship Option, your contributions are returned to you tax free at maturity to be used for your child's first year of post-secondary education.
Impression Plan - Impression Plan Subscribers are free to decide the amount and timing of their Educational Assistance Payments (EAPs) as long as the student is registered at a recognized educational institution.
Heritage Education Funds have branch offices located across Canada so that a Heritage RESP Representative is always conveniently located near you. Find a local Heritage RESP Representative here for expert advice on which RESP pay-out option is best for you and your child. *Certain conditions apply. Please see Prospectus for more details.
Choose the right university or college for your child after the maturity of your RESP
Once your child's RESP education savings plan has matured, your child must register at one of the many recognized colleges and universities available.
Contact us today to secure your child's education savings plan with a government RESP.
Explore Your Child's Education Options through RESP Eligible and Approved Schools
Congratulations. Your child's RESPs have matured and you have chosen a payout option that is right for you. Now the final stage is set for your child to choose from the many recognized educational institutions available to RESP alumni.
See the RESP eligible and approved schools below:
In Canada - All universities and community colleges recognized by the Association of Universities and Colleges of Canada, the Association of Canadian Community Colleges or the American Association of Bible Colleges are RESP eligible. Along with Colleges d'Enseignement General et Professionnel (CEGEP) and Registered Private Vocation Schools (registered and approved by the Ministry of Colleges and Universities for each province). Other institutions recognized as having degree or diploma-granting status are also RESP eligible if they are recognized by a provincial statute.
Outside Canada – Any university, college or institution that has degree or diploma-granting status which is equivalent to those in Canada are RESP eligible.
To learn more about all the education options available to your child, contact us today, and congratulations on securing your child's education and bright future.
Use RESPs to help fund your child's post secondary education
Get in touch with Heritage's long history of RESP saving for educational funds
See how other RESP alumni have used the tax free savings of an RESP group plan
Take advantage of lower-risk investments and a higher rate of return from your RESP