MISSISSAUGA, ON, Feb. 22, 2019 /CNW/ - Knowledge First Financial Inc. announces that it has completed the wind-up of the Impression Plan and the process of transferring all its remaining subscribers to Knowledge First Foundation's Family Single Student Education Savings Plan, commenced on February 13, 2019 (the "EffectiveDate"). The Impression Plan ceased to be a reporting issuer on the Effective Date.
The Impression Plan is an individual education savings plan sponsored and administered by Heritage Educational Foundation and was distributed by Knowledge First Financial Inc. (as successor to Heritage Education Funds Inc. by amalgamation, "KnowledgeFirst Financial"). This administration has been contracted to Knowledge First Financial, which has also been appointed to offer enrolment in the plan to subscribers. The Family Single Student Education Savings Plan is also an individual education savings plan sponsored by Knowledge First Foundation.
The approval and initiation of the process to discontinue further sales and enrolment of customers into the Impression Plan was approved at the Board of Directors meeting of the Heritage Educational Foundation on December 7, 2018.
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. As at April 30, 2018, the Knowledge First Financial manages $6.4 billion in assets for more than 500,000 registered education savings plan agreements on behalf of its customers.
Knowledge First Financial Inc. is a wholly-owned subsidiary of Knowledge First Foundation and is the investment fund manager, administrator and distributor of various education savings plans, including the Family Single Student Education Savings Plan. 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 students.
SOURCE Knowledge First Financial Inc.
For further information: Jo-Anne Wong, Manager, Communications & Public Relations, Knowledge First Financial Inc., 905-270-8777, ext. 4266, [email protected]