MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ - Knowledge First Financial Inc. today announces the approval and initiation of a process to discontinue further sales of and enrolment of customers into the Impression Plan. The Impression Plan was launched in 2003 by the Heritage Educational Foundation (the "Foundation") and was distributed by Knowledge First Financial Inc. (as successor to Heritage Education Funds Inc. by amalgamation, "Knowledge First").
The Impression Plan is an individual education savings plan that features no up-front fees for enrolment but imposes a deferred sales charge on customers who leave the Plan within the first six years. The decision to discontinue further sales of the Impression Plan was approved at the December 2018 Board of Directors meeting and is the first step towards the overall objective of winding down this Plan fully and completely.
"The Impression Plan was developed to provide consumers with an option to choose an individual RESP," said George Hopkinson, President and CEO, Knowledge First Financial Inc. "Although individual RESPs are an excellent choice for consumers, the Impression Plan has not achieved its planned growth objectives. We believe that winding down the plan is in the customers' best interest." Each customer has been presented with the option to transfer to the Family Single Student Plan, which has the same flexibility in making contributions and withdrawals as the Impression Plan and offers additional unique features, including improved customer service and greater potential for higher investment returns due to its larger investment scale.
The Impression Plan was administered by the Heritage Educational Foundation, which is responsible for the coordination of the functions provided by the depository, trustee and portfolio advisers. This administration has been contracted to Knowledge First Financial Inc. ("Knowledge First Financial"), which has also been appointed to offer enrolment in the plan to subscribers. The Family Single Student Plan is an individual RESP promoted by Knowledge First Foundation.
About Knowledge First Financial
Canadian families have relied on education savings plans offered by Knowledge First Financial for more than 50 years. Since 1965, payments from the plans have reached $6.6 billion and the Knowledge First Foundation has further enhanced Education Assistance Payments to students by over $50 million. Today, the company manages $6.4 billion in assets for more than 500,000 RESPs.
Knowledge First Financial Inc. is a wholly-owned subsidiary of Knowledge First Foundation and is the investment fund manager, administrator and distributor of Registered Education Savings Plans. Knowledge First Foundation is a not-for-profit Canadian corporation with no share capital. The Foundation is therefore able to reinvest excess revenues in initiatives that support student success.
SOURCE Knowledge First Financial Inc.
For further information: Jacques Naud, Senior Vice-President, Sales & Distribution, Knowledge First Financial Inc., Cell: 416-565-9553, [email protected]; Jo-Anne Wong, Manager, Communications & Public Relations, Knowledge First Financial Inc., 905-270-8777, ext. 4266, [email protected]