Choose a payout option for your matured RESP
Your RESP has a set maturity date. This date typically falls on July 31st of the year your child turns 18. On the maturity date of your Registered Education Savings Plan you'll need to choose the appropriate payout option.
To learn more about the maturity process, click here.
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 who will be enrolled in a program that is less than 2 years in length or who choose not to attend post-secondary education. With the self-determined option, you may withdraw the net contributions 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 institution. Self-determined payments are made up of all the income which has accrued on your Heritage Plan net contributions, all government grants, where applicable, and the income 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. The sales charges are not returned under the self-determined option.
Scholarship Option – Ideal for students taking a 2, 3 or 4 year post-secondary program. With the scholarship option, your net 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) (up to the maximum limits as stipulated by the Income Tax Act (Canada)) as long as the student is registered in eligible studies at a recognized educational institution.
Knowledge First Financial has branch offices located across Canada so that a Sales Representative is always conveniently located near you. Find a local RESP Representative here for expert advice on which RESP pay-out option is best for you and your child.
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, they must register at one of the many recognized colleges and universities available.
Contact us today to secure your child's future with a government RESP.
Explore Your Child's Education Options through RESP Eligible Schools
Congratulations! Your child's RESP has 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 Collège d'enseignement général 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 view a list of approved colleges and universities that our beneficiaries have attended, please click here. If you cannot locate your post-secondary institution on our list, please contact us and we will inquire for you. We will gladly update our eligible school listing with your post-secondary institution.
To learn more about all the education options available to your child, contact us today.
Congratulations on securing your child's post-secondary education; Knowledge First wishes them a bright future!
Heritage Education Funds is a division of Knowledge First Financial Inc. Knowledge First Financial Inc. is a wholly owned subsidiary of the Knowledge First Foundation and is the investment fund manager, administrator and distributor of the education savings plans offered by Knowledge First Foundation and Heritage Educational Foundation. For more information about our education savings plans, please visit knowledgefirstfinancial.ca or refer to our prospectus.