Family Single Student
As an individual plan, Family Single Student provides more choice in amounts and timing of Educations Assistance payments than Family Group. Family Single Student is a smart transfer option to consider if your child is unsure of whether they will attend four years of post-secondary education.
Transfer Option to the Family Single Student Plan
You have an option to transfer to a Family Single Student Plan from the Family Group Plan, which will give you more choice on how to receive Education Assistance Payments (EAPs) from your RESP. Transfers must be completed prior to the plan’s maturity year, or by December 31st of the year your child turns 19 (whichever comes first). With the Family Singles Student Plan, you would have greater control over the amount and timing of your EAPs, which is particularly important if your student will not be attending four years of post-secondary education. It is also a good option if you would like to withdraw the majority of your funds at the start of post-secondary education. However, it is important to understand that your total payout could be lower with the Family Single Student Plan because you are no longer part of the shared pool. The choice is yours.
Your Savings Goal
Your Family Single Student Plan has a savings goal that is based on a number of units that you intend to have when your plan reaches maturity. Your contributions correspond to units, as the number of units you will have in your plan depends on how much you contribute, how often you contribute, and how many years you invest in your plan. The sales charge for your plan is calculated based on how many units you have in your plan.
With the Family Single Student Plan, you choose between one-time, monthly or annual contributions. You can change your contribution option at any time. If you qualify for the Canada Learning Bond or the B.C. Training and Education Savings Grant, you can open a Family Single Student plan without making any deposits and just receive the government grants.
If you would like to make changes to the contribution schedule of your Family Single Student Plan, speak with your Knowledge First Financial sales representative or contact our Customer Service Team to understand the best option.
Reviewing your Family Single Student Plan
Your Family Single Student Plan is an investment in your child’s future. Like any financial plan, it’s a good idea to revisit your goal once a year. A good time to do this is when you receive your annual statement of account, which includes the balances for each component of your plan, your transaction details and the status of your government grant applications. Your statement is based on a calendar year of January to December. The Statement of Account includes an illustration of potential funds available and is great tool to see how you are progressing towards your education savings goal.
How to Read Your Family Single Student Plan Statement (PDF)
For updates on changes to the Family Group plan, see our Notice of Plan Changes
Keep us in the know
Let us know about important changes in your life – like starting a new job or moving into a new home. Keeping us informed will help us find ways to make sure you’re getting the most out of your RESP. To update your account information, contact our Customer Service team or complete and send us a Customer Update Form.