Your plan’s maturity date is on July 31^st of the year your beneficiary turns 18 years of age and is expected to start their first year of post-secondary studies.

There are 2 options to choose from before your maturity date: the scholarship option and the self-determined option. When selecting the scholarship option, you can choose to receive your EAPs over the course of either one, two, or three years.

In Canada, a recognized institution generally includes 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, CEGEP, Registered Private Vocation Schools (registered and approved by the Ministry of Colleges and Universities for each province), and other institutions recognized as having degree or diploma-granting status by provincial statute.

Outside of Canada, a recognized institution generally includes universities and colleges and other institutions having degree or diploma-granting status as recognized by associations in such countries which are equivalent to those referred to above.

The scholarship option is ideal for students taking 2, 3 or 4 years of eligible studies. It provides for payment of your contributions less fees savings along with up to 25%, up to 50% or up to 100% of the sales charges (depending on the payout option selected) and provides educational assistance payments (EAPs) to your beneficiary over 1, 2 or 3 years depending on the scholarship option chosen. The self-determined option is ideal for students enrolled in eligible studies that are less than 2 years in length, or not attending at all. It provides for payment of your contributions less fees and provides EAPs if your beneficiary enrolls in a qualifying program or an accumulated income payment or AIP if your beneficiary does not enroll in a qualifying program.

In order to release your contributions less fees, you will need to complete the online maturity application process and must also provide proof of registration. If the beneficiary is not yet enrolled in a qualifying program, your contributions less fees will be kept in your plan until such proof can be provided. This is done to ensure the government grants are maintained in your plan and will be available to your beneficiary with the EAPs.

If your beneficiary does not intend to enroll in a post-secondary program, you can request the release of your contributions less fees under the self-determined option by also completing the online maturity application process. As proof of registration is not being provided, all government grants will be returned to the applicable governments.

Your choice of maturity option must be selected prior to your maturity date. If your selection is not received at Heritage by July 31^st, one of the following will apply:

• If your plan was opened prior to August 14, 2009, Scholarship Option 3 will be selected on your behalf; or
• If your plan was opened on or after August 14, 2009, the Self-Determined Option will be selected on your behalf and you will not be entitled to the refund of your applicable sales charges and your beneficiary’s share of group plan attrition.

In case we select a payout option on your behalf, you are still required to submit all necessary documents.

Eligible studies consist of the following:

In Canada:

• A full-time program which is a course of study of at least 3 consecutive weeks, with at least 10 hours of study per week; or

• A part-time program which is a course of study of at least 3 consecutive weeks, with at least 12 hours of study per month.

Outside of Canada:

• A full-time program which is a course of study at a university of at least 3 consecutive weeks, with at least 10 hours of study per week; or

• A full-time program which is a course of study at a recognized institution other than a university, of at least 13 consecutive weeks, with at least 10 hours of study per week; or

• A part-time program which is a course of study of at least 13 consecutive weeks, with at least 12 hours of study per month.

If you are substituting your beneficiary prior to your maturity date, the new beneficiary must be younger than the current beneficiary (unless they are both under 15 years of age). The maturity date and the year of eligibility will be adjusted for the new beneficiary.

Under the scholarship option, you can substitute your beneficiary after your maturity date as long as no EAPs have been paid from the plan or forfeited. The new beneficiary must be younger than the current beneficiary and the substitution must occur prior to the current beneficiary’s 21^st birthday. Also, both beneficiaries must have valid Social Insurance Numbers.

Under the self-determined option, you can substitute your beneficiary after your maturity date as long as no EAPs or AIPs have been paid. There is no age limit for substituting the beneficiary however the change must occur prior to the plan’s expiration date.

In a plan where only the CESG is held, in order to keep the CESG for any substitution of beneficiary, both beneficiaries must be siblings or related to the subscriber by blood or adoption AND be under 21 years of age. If these requirements are not met, the CESG will be returned to the government. In a plan where the CESG and other government grants are held, in order to keep all grants for any substitution of beneficiary, both beneficiaries must be siblings AND be under 21 years of age. If these requirements are not met, all government grants will be returned to the applicable governments.