Our RESP Plans
Group Option Plan

Group
Option Plan

Protection of principal, for disciplined and committed savers.

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Achievers
Plan

Set your own Plan Contribution Target! Enrol at any age.

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Self-Initiated
Option Plan

For those who seek a flexible RESP.

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Using your RESP

Congratulations - you've made all your contributions, been paid all of your government grants, and you've watched your investments grow over the years. What happens now that your child has graduated from high school and is ready to move on?

With that hard earned acceptance in hand and when they're ready to head off to attend post-secondary school, once your RESP has matured, you'll be able to start withdrawing money from the RESP. These withdrawals can help them with those important education costs such as tuition, books, food, housing and more.

Where can I use my RESP?

RESPs can be used for 4-year degree programs but did you know that RESPs can also be used for shorter diploma or certificate programs?

Full-time program in Canada:

An educational program at post-secondary school level that lasts at least three consecutive weeks, and that requires a student to spend not less than 10 hours per week on courses in the program.

3

Consecutive Weeks

10

Minimum Hours Per Week

Part-time program in Canada:

An educational program at post-secondary school level that lasts at least three consecutive weeks, and that requires a student to spend not less than 12 hours per month on courses in the program.

3

Consecutive Weeks

12

Minimum Hours Per Month

Full-time program outside Canada:

A program at a foreign educational institution with a duration of at least 13 weeks, or 3 weeks for university programs.

3

Consecutive Weeks

12

Minimum Hours Per Month

Full-time program outside Canada:

A program at a foreign educational institution with a duration of at least 13 weeks.

3

Consecutive Weeks

10

Minimum Hours Per Week

Part-time program in Canada:

An educational program at post-secondary school level that lasts at least three consecutive weeks, and that requires a student to spend not less than 12 hours per month on courses in the program.

3

Consecutive Weeks

12

Minimum Hours Per Month

Full-time program outside Canada:

A program at a foreign educational institution with a duration of at least 13 weeks.

3

Consecutive Weeks

12

Minimum Hours Per Month

For all 3 of the CEFI Plans, Beneficiaries must be enrolled in any post-secondary program that qualifies under the Income Tax Act (Canada)1.

1 Please consult the Plan's prospectus for full information and a definition of Eligible Studies.

What Educational Institutions are eligible?

Qualifying post-secondary educational institutions include universities, community colleges, certain trade schools, vocational schools, technical schools, religious schools, CEGEPs, as well as distance learning or correspondence learning programs.
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What about schools outside of Canada?

For eligible schools outside of Canada, the program must be at a university, college or other educational institution at which the Beneficiary was enrolled in a course of at least 13 consecutive weeks in duration or at a university in which the Beneficiary was enrolled on a full-time basis in a course of at least three consecutive weeks. The educational institution must be eligible to receive Canada Student Loans.2

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

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What happens if they decide not to enroll in post-secondary?

Don't worry, there are options available. Depending on the RESP you choose, you can transfer the savings to another child. You may even be able to get back your investment earnings subject to conditions and also subject to tax. At CEFI, we can help you navigate these issues both early on and later as your RESP grows.
Thanks for taking the time to read through the basics about how RESPs work. We would love to show you the RESP options that CEFI offers and how our customized service approach might be the right fit for your family.
Contact us today for more information

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