FREQUENTLY ASKED QUESTIONS.
Where can my child attend school to qualify for education assistance payments?
Students can attend any institution anywhere in the world that qualifies under the Income Tax Act.
What if my child's post-secondary education is subsidized?
Payments are not affected or reduced by student loans, fellowships, scholarships or bursaries.
Can I advance or delay my child's plan?
Yes. If your child is going to college or university sooner than expected, you can apply for an earlier year of maturity. If you know your child isn’t going to start in the year of maturity originally chosen, you can apply to receive payments later. Your Knowledge First Financial Sales Representative can help you understand the options available to you, and whether any of those options include fees.
Does my child need to achieve high grades to qualify?
No, for group plans they simply need to show that they have completed their current academic level and have been accepted into the next academic level of their program.
What if my child doesn't pursue post-secondary education?
If the original child in your plan won’t be eligible for education assistance payments, you can designate another child. Under an Individual Plan, unused investment income can be paid out to the subscriber as an Accumulated Income Payment or transferred to an RRSP, subject to ITA Guidelines. If you are in the Family Group Plan, you can transfer to the Individual Plan before maturity or before the student turns 19 years of age, whichever comes first.
Can I change my method of contribution?
Yes. You can make one-time, monthly or annual deposits.
Can I change the amount of my contribution?
Yes. You can increase or reduce contributions.