WHEN YOUR PLAN MATURES.

In the spring of each year the Maturity Application Form (MAF) is mailed to subscribers whose agreements are scheduled to mature in that year. Agreements mature on July 31st and forms must be submitted by that deadline.

Need help with completing your MAF? Click here to view our helpful tutorial.

The form is required by the Canada Revenue Agency (CRA)

To report the student's institution and program information;
To report the student’s Social Insurance Number; and
To retain the grant received on the student's agreement.

The Government of Canada wants to ensure that students enrolled in a Registered Education Savings Plan are using their principal refund toward the cost of post-secondary studies.

Students must be enrolled in a recognized post-secondary institution (depending on your plan type) to benefit from Canada Education Savings Grants collected on their plans for Education Assistance Payments.

If a student is not enrolled and a subscriber requests their maturity payment, they will be asked to waive grant eligibility, which will permit any grant accumulated on the agreement to be returned to the government.

If your student is or will be enrolled in a recognized post-secondary institution, and has collected a Canada Education Savings Grant, you must provide confirmation from the Registrar’s office. Please have the Registrar’s office complete the “Verification of Enrolment” on the back of the Maturity Application Form, or attach documented confirmation of enrolment from the Registrar’s office.

For students who will not be attending post-secondary studies in their scheduled maturity year, subscribers may request that the maturity date of their plan be delayed (Option 3 on the Maturity Application Form) to the year they expect the student to attend. Should you choose this option:

The maturity year of your Plan will be delayed to July 31st of the following year.
A new maturity application form will be issued in the newly scheduled maturity year.
With the Family Group Plans, your student must attend first year of an accredited program by the year they turn 21.
With the Family Group Plans, students must qualify for their first Education Assistance Payment in the year they turn 22.

The Knowledge First Financial Contact Centre will be happy to assist you in understanding all your options: contact us

When payments are made:

A cheque will be issued within 2-3 weeks of the maturity date, unless a subscriber is requesting a delay or transfer;
If grants have accumulated on the agreement, maturity refunds will be held until a completed Maturity Application Form is received;
If subscribers fail to contact our office within two years after the maturity date, the refund will automatically be returned to the appointed recipient and any grants accumulated will be returned to the government; and
If subscribers do not return a Maturity Application Form and no grants have accumulated, the maturity refund will be issued to the appointed recipient within 2-3 weeks after the original maturity date.