NOTICE: Impression Plan Changes
Jan 4, 2019
NOTICE: IMPRESSION PLAN CHANGES
We would like to advise all customers of the Impression Plan regarding upcoming important changes. The Impression Plan is sponsored by Heritage Educational Foundation, a not-for-profit corporation, and administered and distributed by Knowledge First Financial Inc. (Knowledge First Financial). Knowledge First Financial also administers and distributes the Family Single Student Plan, which is sponsored by the Knowledge First Foundation. Both the Heritage Educational Foundation and Knowledge First Financial are owned and controlled by the Knowledge First Foundation.
To improve customer service and potential investment returns, the Heritage Educational Foundation is recommending that all customers enrolled in the Impression Plan transfer to the Family Single Student Plan.
Reasons to Transfer to the Family Single Student Plan
Like the Impression Plan, the Family Single Student Plan is an individual Registered Education Savings Plan (RESP). The Family Single Student Plan has the same flexibility in making contributions and withdrawals as the Impression Plan and offer additional unique features:
- with more than $93 million under management, the Family Single Student Plan offers greater potential for higher investment returns;
- the maximum management fee of the Family Single Student Plan is 0.80%, less than the current Impression Plan management fee of 1.95%;
- by transferring to the Family Single Student Plan, you will enjoy enhanced customer service and secure 24/7 access to your individual plan information, including the ability to request educational assistance payments online;
- Knowledge First Financial will waive the Deferred Sales Charge (DSC) feature of the Impression Plan for any customer who agrees to transfer their individual plan holdings; and
- your Sales Representative will not change.
You can also request to close your plan and withdraw any available funds in accordance with the Income Tax Act (Canada) requirements, such as Educational Assistance Payments to fund your beneficiary’s post-secondary tuition costs or an Accumulated Income Payment to a subscriber, as applicable.
To initiate the next step for your plan please contact us at 416-502-2500 or 1-800-739-2101. We will be pleased to assist you in this transition.
R. George Hopkinson
President and Chief Executive Officer
Knowledge First Financial Inc.
Heritage Education Funds is a division of Knowledge First Financial Inc. Knowledge First Financial Inc. is a wholly owned subsidiary of the Knowledge First Foundation and is the investment fund manager, administrator and distributor of the education savings plans offered by Knowledge First Foundation and Heritage Educational Foundation. Knowledge First Financial® is a registered trademark of Knowledge First Financial Inc.