Knowledge First Financial announces the successful completion of its Heritage Plan transfer

March 2, 2022 – Knowledge First Foundation (“Knowledge First"), the parent company of Knowledge First Financial Inc., Canada’s largest RESP company, is pleased to announce that all Heritage Group and Self-Determined Option (“SDO”) RESPs have been successfully transferred to Family Single Student Plans, effective March 1, 2022.

This change comes as a result of a successful Heritage subscriber vote held on May 6, 2021, where 70.70% of Heritage Group and 95.63% of Self-Determined Option Plan customers in attendance voted in favour of the change.

In completing the plan transfer, Knowledge First has successfully wound up and exited its group plan business, now only selling and managing individual RESPs.

“By transferring to an individual RESP, like the Family Single Student Plan, customers can now enjoy significantly more flexibility and agency over their education savings than ever before,” said Carrie Russell, President and CEO, Knowledge First Financial. “These savings vehicles are better able to meet the ever-changing, and far more fluid needs of today’s students, allowing them to financially prepare and respond to any eventuality.”

Individual RESP plans, like the Family Single Student Plan, provide greater flexibility, ownership, and ease of use for customers, giving them more control of their plan while creating more certainty about what they will have in their RESP when it comes time for their loved ones to receive a post-secondary education.

Unlike group plans, individual RESPs offer a greater potential for returns due to expanded investment parameters, and all income generated is owned by the customer, even if their loved one chooses not to pursue an education. Customers can also choose when and how to contribute and withdraw their savings, incorporating tax-advantaged strategies into the planning process while having the ability to scale up or down to match life’s circumstances.

In April, all former Heritage Group and SDO customers can expect to receive a summary of the transfer and details around their new Family Single Student Plans in the mail.

For all updates and information related to the transfer, customers can visit Knowledge First Financial’s dedicated Heritage Plan Transfer webpage or contact the company’s customer care department with any questions at 1-800-363-7377.

About Knowledge First Financial

Knowledge First Financial Inc. is Canada’s largest registered education savings plan company. With approximately $7.0 billion in assets under management, Knowledge First Financial is committed to empowering students by giving them the resources they need to financially and mentally succeed along their academic journeys. As a wholly owned subsidiary of the Knowledge First Foundation, a not-for-profit Canadian corporation, the company manages over 600,000 RESPs for customers, helping approximately 60,000 students through post-secondary studies each year. Since 1965, the company has paid out approximately $8.2 billion to subscribers and students through their plans.

For further information:

Michael Jesus
Sr. Manager, PR & Communications, Knowledge First Financial