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Self-Initiated Option Plan

The CET Self-Initiated Option Plan

Designed for investors who are seeking a flexible, individual RESP option. A good option for those who value control over the timing and amount of payments from the Plan.

Key Benefits

  • Contribute when & how much you want – no scheduled deposit requirement!1
  • There is no age restriction for the beneficiary that you select
  • Beneficiary Insurance is available to protect your beneficiary2
  • The Canada Learning Bond Only Self-Initiated Option Plan allows select Canadians to open a RESP without having to invest any of their own money!
  • 1 Subject to legislative lifetime limits. A minimum contribution of $300 within 12 months of the date of enrollment applies.
    2 Offered by CUMIS Life Insurance.

    What to expect when you choose the Self-Initiated Option Plan:




    1. Select your beneficiary:
      Your beneficiary needs to be a resident of Canada.

      Start your contributions:
      Start contributing when and how much you choose1. And you can make your contributions by direct deposit, online banking, Visa, MasterCard, American Express or cheque.

      1 Subject to legislative lifetime limits. A minimum contribution of $300 within 12 months of the date of enrollment applies.




    2. When you open your plan, your trained Dealing Representative will work with you and assist you in applying for all government grants that are available to you.

      Going forward, we continue to collect and administer all grants that you are eligible to receive.




    3. Plan deposits and government grants in the plan are carefully invested in a safe and secure asset mix designed to maximize growth and minimize risk.

      With your investment income growing in a tax sheltered Plan, your savings grow faster for your beneficiary.

    4. You select your Plan’s date of maturity at the time you open your plan. When your plan matures, you let us know about the program of Eligible Studies in which your beneficiary is enrolled, and we pay you your net contributions.

      We pay EAPs upon proof of enrollment in Eligible Studies 1 and completion of our application forms. You tell us how much you would like to be paid from the Plan and when. Government grants collected over the life of the plan are paid to beneficiaries as part of EAPs.

      1 Please consult the plan’s prospectus for full information and a definition of Eligible Studies. Educational Assistance Payments can be paid up until December 31 of the 35th year following the year you open the Plan.

    • We are proud to also offer a Canada Learning Bond (“CLB”) only Self-Initiated Option Plan as a means of enabling lower income families to open an Education Savings Plan in a cost efficient way that does not require contributions of the subscriber’s own money. Canada Learning Bond recipients could receive up to $2,000 towards their RESP as set out below1 :

      $25 to help cover the cost of opening the RESP;

      $500 to add to the RESP now, to help you start saving early; and

      an extra $100 each year until the calendar year your beneficiary turns 15.

      Who is eligible?

      Generally speaking, Canadian families whose net income is less than $44,701 (2015 income threshold) may be eligible to receive the Canada Learning Bond if the child is born after December 31, 20032. The beneficiary and the subscriber(s) will each need to provide their Social Insurance Number (SIN) to us at the time the Plan is opened.

      How does it work?

      You must qualify to receive the Canada Learning Bond in order to open a Canada Learning bond Only Self-Initiated Option Plan. To open a CET Canada Learning Bond Only Self-Initiated Plan, you need to meet with one of our Dealing Representatives and complete the documents that are required to open the Plan, including the process to apply for the Canada Learning Bond, which requires SINs for the beneficiary and all subscribers. You will not be required or asked to contribute any of your own money. Once your application is approved, the Canada Learning Bond will be deposited directly into your child's RESP every year that he or she is eligible (Once you have applied, it is renewed automatically each year). The Bond is usually paid in the month of August.

      CEFI waives both the Sales Charge and the Annual Depository fee for subscribers who open a Canada Learning Bond only Self-Initiated Option Plan3. With the Canada Learning Bond only Self-Initiated Option Plan, there is no requirement to meet the $300 investment minimum as the subscriber is not contributing his/her own funds.

      1 Please see here for more information about the Canada Learning Bond.
      2 Please see here for more information about eligibility to receive the Canada Learning Bond.
      3 Please refer to the Plan’s prospectus for full information on all fees that apply. Fees and restrictions apply if the subscriber contributes his/her own funds and the Plan no longer consists of Canada Learning Bond only. As long as the Self-Initiated Option Plan consists solely and exclusively of the Canada Learning Bond, there is no requirement to meet the $300 investment minimum.

    RESP - Earn Air Miles reward miles

    Earn AIR MILES® reward miles

    Earn 10 AIR MILES® reward miles with every unit enrolled in the CET Self-Initiated Option Plan. Receive 1 AIR MILES® reward mile for every $100 contributed until your Plan matures.

    Educational Assistance Payments (EAP)

    You tell us how much you would like to be paid from the Plan and when. Government grants collected over the life of the plan are paid to beneficiaries as part of EAPs.

    Eligible Studies

    Qualifying post-secondary educational institutions include universities, community colleges, certain trade schools, vocational schools, technical schools, religious schools, CEGEP's, as well as distance learning or correspondence learning programs. Please see the Master List of Designated Educational Institutions (both in Canada and international) here.

    Learn More
    57.93% Government Bonds; 5.54% Treasury Bill; 24.64% Equity Securities; 4.40% Variable Rate Securities; 2.17% Corporate Bonds; 5.32% Financial institution Bonds

    Investment Asset Mix
    as of Dec 31st 2016

    Our investment objectives are to maximize long-term growth of income on subscribers’ RESP savings while ensuring the preservation of those savings.

    In 2016, we paid out over $80 Million to Canadian families with children attending post-secondary studies.1

    1 Total 2016 payments to beneficiaries was calculated by taking the sum of Subscriber deposit withdrawals due to maturity plans and Total disbursements to beneficiaries in the Statement of Changes in Net Assets Attributable to Subscribers and Beneficiaries in our 2016 Annual Audited Financial Statements.

    What if things change?

    We understand and are always available to assist you. There are options available if you need to make a change to your Plan. If your financial situation changes, we are available to assist you and explore options in a professional and informed manner.