Reduction of EAP qualification requirements to the minimums specified
by the Income Tax Act (Canada) – This change will make it easier for
students to qualify for EAPs.
Expansion of investment policy - This change will allow for income
earned in the plan to be invested in a selection of defined equities,
which is expected to result in a higher rate of return for the plans’
portfolio. Subscribers’ principal and government grants will continue
to be invested in lower-risk securities.
Changing the rules and procedures regarding the return of sales
charges (formerly referred to as membership fees) - This change will
remove the discretionary component to returns of sales charges and
ensure that all available funds are collected by subscribers at
maturity of the plan.
Making defaulted and inactive plans eligible for benefits offered by
the Self Determined Option - This change will result in fewer plans at
risk of cancellation and forfeiting their income and government grants
and more subscribers and beneficiaries having access to funds for
Heritage Education Funds Inc. (Heritage), one of the leading providers
of Registered Education Savings Plans (RESPs) in Canada, today announced
changes to better benefit subscribers and beneficiaries of their popular
Heritage Plans. These changes are intended to better meet the needs and
expectations of Canadian families as they will respond to the
ever-evolving post-secondary landscape.
At a special meeting of subscribers, held on May 29, 2014, a strong
supporting vote by unit-holders in the Heritage Plan was in favour of
increasing the flexibility and changing the investment policy
parameters, giving greater access to funds for post-secondary education.
These changes were reviewed and approved by the Heritage Educational
Foundation Board of Directors and will apply to plans maturing after
July 31, 2014.
“At Heritage Education Funds we are all about planning for the future,
so it is only fitting that we ourselves need to be prepared for our
clients needs for tomorrow. We are incredibly proud to offer these
enhancements to the Heritage Plan, which will better meet the needs of
our clients and provide greater program choices, easier Educational
Assistance Payments (EAPs) qualifications and enable more of our
subscribers and beneficiaries to access funds for post-secondary
education,” said Onofrio Loduca, Chief Executive Officer, Heritage
Education Funds Inc. “Overall, these new benefits allow an increase in
the flexibility of the Plans and we hope more Canadian families will
take advantage of the many benefits a Heritage Education Funds RESP
offers, let alone the government grants that come along with this
The approved changes will include the following modifications:
An RESP from Heritage can help your family prepare for your child’s
future. For more information, contact your local Heritage Education
Funds representative or our Customer Care team by email at CustomerCare@HeritageRESP.com,
or by phone at 1.888.438.3403.
If you have questions about the changes to the Heritage Plan, please
call the Customer Care team, or visit HeritageRESP.com/BetterPlans.
About Heritage Education Funds Inc.
Heritage Education Funds Inc. is one of Canada’s leading providers of
Registered Education Savings Plans (RESPs) and is the distributor of the
Heritage and Impression Plans. Heritage’s objective is to encourage
parents, grandparents and other interested adults to save for a child’s
post-secondary education through a planned education savings program.
Heritage Plans and Impression Plan are scholarship plans issued under
the sponsorship of the Heritage Educational Foundation. Units of the
Heritage Plans are offered by prospectus only, a copy of which can be
obtained from the registered dealer Heritage Education Funds Inc. at HeritageRESP.com.
These securities may not be appropriate for all investors and are
subject to certain risk factors. See the prospectus for details.
Heritage Education Funds (Heritage) is the trade name of Heritage
Education Funds Inc.
Heritage Education Funds Inc.
Johnson, 416-758-6494 (Direct)
Source: Heritage Education Funds Inc.