The Power of One
Our Family Single Student Education Savings Plan (Single Student Plan) was introduced in 1994 and is our longest standing individual RESP. When you open your plan, you’ll choose your contribution schedule based on the amount you want to save for your child’s post-secondary education. You can choose to make regular contributions once per month or to contribute a lump sum contribution once a year. You may also make ‘ad-hoc’ contributions as your cash flow permits.
You can change the amount and frequency of your contributions as long as you don’t exceed the lifetime maximum contribution limit of $50,000.
Once your child is enrolled in a post-secondary program, you can choose the amount and timing of the Educational Assistance Payments (EAPs), which consists of government grants and accumulated income in the plan. Knowledge First Foundation may also use excess revenues to supplement payments to students.
How Your Money Is Invested
With a Single Student Plan, you don’t have to worry about making investment decisions or managing a portfolio. We take care of that for you with a strategy focused on providing steady growth in your investments over the long term.
Your contributions, along with government grants and the income earned on both, are invested mainly in Canadian fixed income securities such as federal, provincial and municipal bonds, mortgage-backed securities, treasury bills and investment-grade corporate bonds. Income earned in the plan may also be invested in equity securities listed on a stock exchange in Canada or the U.S. and Exchange Traded Funds.
Group Life and Disability Insurance
The Single Student Plan is a good choice for those who value the security of ongoing completion protection in the event of death or total disability. Group life and disability insurance is included as a feature of the Plan (optional in the province of Quebec).
For full plan details, please see the prospectus.