November 15, 2016
If my child does not pursue a post-secondary education, I will lose my money.FALSE
FACT: With Universitas Financial, when your RESP reaches maturity, you recover 100% of your contributions (savings) whether your child goes to school or not.
When your plan reaches maturity, the full refund of your investment is 100% guaranteed, even if your child does not go to school. As for the grant money received, this sum will be returned to the applicable government.
What important to remember is that our plans are adapted to today’s student life. If a beneficiary doesn’t start college right after high school, the educational assistance payments (EAPs) are not lost. Students have up to 35 years following the year their plan was opened to request their EAPs. In the event a beneficiary clearly isn’t planning to pursue a post secondary education, our subscribers have several options to keep their plan’s earnings:
-Transfer the RESP to another beneficiary1
-Transfer the funds to an RRSP2
-Withdraw the funds as an accumulated income payment (AIP)2
Universitas Financial only issues payments to University students.FALSE
FACT: With Universitas Financial, our beneficiaries receive educational assistance payments (EAPs) for all levels of post-secondary education, including trade school programs.
Educational assistance payments (EAPs) are issued for all levels of post-secondary in Canada or abroad, whether trade/vocational, college or university programs.
Over the years, our plans have been revised to better meet the needs of our clients based on the realities of today’s education system.
For all the details regarding the eligible post-secondary programs under the different plans offered by Universitas Financial, please refer to our prospectus.
With Universitas Financial, there are hidden fees.FALSE
FACT: All the fees necessary for the management of RESPs are disclosed. This are discussed and explained in detail at the time the plan is opened.
No RESP provider has the luxury of being able to offer services for free. Although our fee structure varies from that of banks/financial institutions, the amount charged represents the average industry standard.
Ultimately, the important thing to consider is the risk/reward ratio of this financial product and the fact that it helps create a savings discipline for investors. Over the past 10 years, our best-selling RESP (REFLEX group plan) generated a net return of 3.91%3. This is a solid return for a financial product that offers a 100% capital guarantee4.
Let’s also highlight that investors who set up a group RESP with Universitas Financial will receive a refund corresponding to the full amount paid in sales charges once their contract reaches maturity.
If I have financial problems, I’ll be trapped with no options!FALSE
FACT: We offer multiple solutions in the event of a financial problem!
Financial hardship can happen to anyone, that why Universitas Financial will offer the guidance and support to find the most advantageous solution if an expected event changes your situation.
Subject to certain conditions, these options include:
-reducing the amount of your contributions;
-suspending your contributions temporarily;
-switching contribution options*.
*Psitt! A contribution option corresponds to the frequency of your deposits: monthly, annual or one-time contributions.
With Universitas Financial, I have to make a long-term commitmentFALSE
FACT: You don’t have to make a long-term commitment to set up an RESP with us.
Each family’s situation is unique. That's why Universitas offers options5 when it comes to investing in an RESP. Families can simply choose the option best suited their needs and preferences:
-Monthly contributions over 5 years, 10 years, or longer (based on the child’s age).
-Annual contributions over 2 years, 5 years, 10 years, or longer (based on the child’s age).
-Single (one-time) contributions, the time and frequency of which are determined by the subscriber. Minimum $50.
1Certain conditions apply.
2Certain conditions apply. These options are offered under the INDIVIDUAL Plan. It is possible to transfer from a group plan to the INDIVIDUAL Plan. Refer to our prospectus .
3Refer to our prospectus. Past performance of the plan is not necessarily indicative of future returns.
4Investments made in T-Bills and Governments Bonds. The refund of contributions at plan maturity includes the sales charges of $200 per unit under the REFLEX Plan. Under the INDIVIDUAL Plan, the sales charge of up to $200 is not refunded. Certain conditions apply; refer to the prospectus at universitas.ca. 5Subject to the minimum amounts set forth in our prospectus and based on the child’s age. You can also contact our Customer Service at: 1 877 710-7377 for additional information.
Tutoring: a service that has many benefits for your child, but also for you! Hiring a tutor can be an ideal solution in a variety of situations, and not only for children who struggle academically.
Written by: Julie Provencher
Categories : Child DevelopmentMay 1, 2014