TRANSFERRING YOUR GROUP PLAN.

With a Family Group Plan you have the option of transferring into either theFamily Multiple Student or the Family Single Student Plan. Transferring to one of these Family Individual Plans will provide your student more flexibility regarding the timing and amount of education assistance payments. However you should bear in mind that the Individual Plan payout to the student is potentially lower than the Family Group Plan because education assistance payments include only income earned on contributions to your plan, and not the additional payout amounts that are part of the design of the Family Group Plan. A transfer request should be based on post-secondary needs, the extent to which payout flexibility is desired and the unique features of each plan type.

Here are some reasons why you may want to request a transfer:

• Your student will attend a post-secondary program of less than 2 years, or on a part-time basis;
• Your student will be enrolling in an apprenticeship or trade school;
• Your student will be enrolling in a post-secondary institution or program that does not qualify. For information about recognized institutions and programs, please click here.
• Your student will not attend a post-secondary institution. Income in the Individual Plan can be issued to the subscriber in some circumstances.

What amounts are transferred?

Your net contributions, accumulated income, grant and grant income are transferred from your Family Group Plan to the Family Single Student or Family Multiple Student Plan. Enrolment Fees are waived in the new plan.

How to transfer:

You must transfer plans prior to the student’s 19th birthday or before the maturity date of your agreement, whichever occurs first.

Contact us in writing or select Option 4 on the Maturity Application Form  and submit your request prior to July 1st. We will send you a transfer package for review, which must be completed and returned by July 31st.