QUEBEC CITY, June 8, 2018 /CNW Telbec/ - The Universitas Foundation of Canada ("Universitas Financial") announces that the minimum contribution to open its INDIVIDUAL Plan has been lowered to $25 rather than the former $500. Furthermore, $25 will also be the minimum amount for any subsequent plan contributions.
This amendment aims to allow a maximum number of families to benefit from the Canadian Education Savings Programs, and the Quebec Education Savings Incentive in the case of Quebec residents.
Thus, it will no longer be necessary to pay off the entire sales charge up front when opening an INDIVIDUAL Plan. This fee will be taken at a 40 percent rate from contributions, up to a maximum of $200, and the sales charge will be paid in full once the contributions total $500.
If you opened a no-charge INDIVIDUAL Plan for your beneficiary to receive the Canada Learning Bond (CLB), you will now be able to make additional contributions to your plan, provided these total at least $25. In these cases, a sales charge of up to $200 will apply and be taken at a 40 percent rate from the additional contributions.
Moreover, current REFLEX Plan or UNIVERSITAS Plan subscribers can now request to transfer to the INDIVIDUAL Plan if their RESP holds at least $100 at the time of the transfer request (subject to certain conditions). In the past, the minimum was set at $500.
Finally, INDIVIDUAL Plan subscribers can withdraw part or all of the contributions accumulated in their RESP at any time, provided their account holds a minimum balance of $100 (excluding the sales charge). In the past, the minimum amount was set at $300.
The amendment to the Prospectus will take effect as of June 8, 2018.
About the Universitas Foundation of Canada
The Universitas Foundation is a non-profit organization created in 1964 under the Companies Act, Part III (Quebec). It is one of the main promoters of scholarship plans qualified for registration as RESPs in Canada and its mission statement is "We offer a stepping stone to a bright future for those who dare to dream!" The Foundation is duly registered in the provinces of Quebec and New Brunswick, manages over $1.4 billion in assets and has issued nearly $777 million in educational assistance payments (EAPs) and returned savings to date.
SOURCE Universitas Financial
For further information: Bertrand Legret, Massy Forget Langlois public relations, [email protected], 514 842-2455, ext. 15