Frequently Asked Questions

About Heritage Education Funds About Heritage Education Funds
Getting to know your RESP Provider
About RESPs About RESPs
Discovering RESPs and how to start
Dollars And Sense Statement of Account
Understanding My RESP and My Annual Statement of Account
Government Grants Government Grants
Knowing the educational grants you are entitled to
Using RESPs Using RESPs
Choosing a Post Secondary School and applying your
Insurance Insurance
Learning RESP Insurance options

Insurance

About Heritage Education Funds

Getting to know your RESP Provider




What is Heritage Education Funds?  +

What is the Heritage Educational Foundation?  +

About RESPs

About RESPs

Discovering RESPs and how to start




What is a Registered Education Savings Plan (RESP)? +

I just had a new baby. How do I open a new RESP?  +

How can I increase the value of my Registered Education Savings Plan?  +

My friends have a child and want to start saving towards their child's future post-secondary education. Can I recommend Heritage?  +

Statement of Account

Statement of Account

Understanding My RESP and My Annual Statement of Account




YOUR INVESTMENT:

How secure is my investment?  +

Is it true that the Heritage Plans RESP pay-outs may be increased by a refund of sales charges, attrition and payments from the discretionary payment account?  +

What does the Closing Balance on the statement of account include?  +

Why is my Closing Balance different than the amount I contributed into the Plan?  +

I have started the plan prior to 2013 and my Opening Balance is zero. Why?  +

What is an unregistered education savings account?  +

How is Interest calculated?  +

If I haven't contributed to an RESP for some time, can I still catch up on missed grant money?  +

Can my income under an Accumulated Income Payment (AIP) be transferred into my Beneficiary's RRSP?  +

How are my RESP contributions invested?  +

Why is the advertized annual return of 4.16% different from the interest amount calculated from the Statement of Account?  +

FEES:

What fees or expenses must I pay for these Plans?  +

Are my sales charges returned?  +

TAX:

Does my beneficiary get taxed on EAPs?  +

Do I get taxed on funds released from the plan?  +

Can my beneficiary study abroad and still receive funds from the plan? If so, are there any tax implications for this?  +

Using RESPs

Government Grants

Knowing the educational grants you are entitled to




FEDERAL (CESG):

What is the Canada Education Savings Grant (CESG)?  +

What is the Additional CESG?  +

How do I apply for a Canada Education Savings Grant (CESG)?  +

Are there any other CESG provisions?  +

CANADA LEARNING BOND (CLB):

What is the Canada Learning Bond (CLB)?  +

How do I apply for the Canada Learning Bond (CLB)?  +

I did not apply for the Canada Learning Bond right away when I first opened my RESP. Am I too late?  +

How long do I have to apply for the Canada Learning Bond?  +

ALBERTA (ACES):

What is the Alberta Centennial Education Savings Plan Grant (ACES)?  +

How do I apply for the Alberta Centennial Education Savings Plan Grant (ACES)?  +

QUEBEC (QESI):

What is the Quebec Education Savings Incentive (QESI)?  +

How do I apply for the Quebec Education Savings Incentive (QESI)?  +

SASKATCHEWAN (SAGES):

What is the Saskatchewan Advantage Grant for Education Savings (SAGES)?  +

How do I apply for the Saskatchewan Advantage Grant for Education Savings (SAGES)?  +

BRITISH COLUMBIA (BCTESP):

What is the British Columbia Training and Education Savings Program (BCTESP)?  +

EDUCATIONAL ASSISTANCE PAYMENT(EAP):

What is an Educational Assistance Payment (EAP)?  +

If my beneficiary will already be in the 2nd academic level when my plan matures, can I apply for the EAP at the same time as the PSE withdrawal?  +

What is the deferral process of an EAP? How long can I defer?  +

ONTARIO (OSAP):

If my beneficiary is applying for the Ontario Student Assistance Program (OSAP), do I have to claim my educational assistance payment on the OSAP application?  +

INDIAN STATUS:

What if my beneficiary has Native Indian status?  +

Using RESPs

Using RESPs

Choosing a post-secondary school and applying your plan




CHOOSING A SCHOOL:

High school is over and a post-secondary education lies ahead. What now?  +

How do I get money out for post-secondary education?  +

Do we have to send the Proof of Registration if we are only requesting the return of our own contributions less fees?  +

YOUR OPTIONS:

What are my Maturity Options?  +

Under what circumstances should I choose a Scholarship Option?  +

What money do I receive under the Scholarship Option?  +

Does my beneficiary receive any payments under the Scholarship Option?  +

What is the Self-Determined Option?  +

What money do I receive under the Self-Determined Option?  +

What is included in the payments to my beneficiary under the Self-Determined Option?  +

What kind of programs qualify under the Self-Determined Option?  +

Which educational programs may not qualify?  +

Is there a monetary limit to an EAP under the Self-Determined Option?  +

THE SCHOOL:

We have not heard from the school and do not know which option to pick yet. What should we do?  +

What do I do if my beneficiary does not attend post-secondary studies?  +

I understand that there is a late fee of $75.00 (plus applicable taxes) if I don't submit my Educational Assistance Payment ("EAP") documents before the August 15th deadline. If I am late in sending my documents, can I still apply for my EAP at a later date?  +

What do I do if my beneficiary is only attending post-secondary studies part-time?  +

What do I do if my beneficiary is only going to begin post-secondary education in January?  +

My beneficiary is fast tracking through the program. Which option is most suitable for us?  +

What happens if my beneficiary is taking an apprenticeship or co-op program? What option is most suitable for us?  +

What is the Office of the Registrar?  +

Who needs to complete the Proof of Registration Form?  +

I'm not able to provide you with Proof of Registration by August 15th. Can I have an extension? If so, how long do I have to submit my documents and apply for the EAP?  +

What happens if my beneficiary hasn't successfully completed the previous academic level?  +

What do you mean by "successful completion of the previous academic level"?  +

What if my beneficiary has failed a course/year? Does he/she get penalized?  +

Can the maturity date be delayed? If so, how can it be?  +

Can I substitute the beneficiary if he/she decides not to pursue post-secondary studies?  +

Insurance

Insurance

Learning RESP Insurance options




What is Heritage Education Optional Insurance?  +

How does the Heritage Education Optional Insurance work?  +

What happens if my spouse or I become deceased and there is no Insurance on my plan?  +

Who qualifies for Insurance coverage?  +

How are Insurance Premiums calculated and applied?  +

I do not have insurance on my plan, but I would like to add it. What do I need to do?  +

If I cancel my plan, do I get Insurance Premiums back?  +