1. Why is an RESP a good way to save for my child’s
    future education costs?

By opening up a RESP, your deposits grow on a non-taxable basis plus attract the government grants that are available. CEFI offers you the greatest selection of RESP choices – anywhere with utmost flexibility, safety and return. Whether you select our highest paying CET Group Plan or our flexible and affordable Achievers or Self-Initiated Plans, please be assured that we are here to serve all of your “education funding” needs. Please remember, we are education specialists – that is all that we do at CEFI. And we do it all with the help of a non-profit foundation, namely the Children’s Educational Foundation of Canada and the following other entities, namely Scotia Bank and Trust and investment advisors TD Waterhouse, Scotia McLeod, Fiera Capital and CIBC Wood Gundy.

2. What happens if my child takes an accredited 2 Year
    Diploma or Certificate Program?

This is a very important consideration. With the CET Group Plan, your child would receive all their EAP’s in year two upon entering the 2nd year of an accredited two year diploma program. With the Achievers or the Self-Initiated Plan your child would be able to receive all of their EAP’s upon entering their post-secondary program.

3. Is my child’s CET Plan safe?

Yes. The Depository Trustee for your child’s plan is the Bank of Nova Scotia Trust Company and the Depository is Scotia Bank. The investment advisers are; TD Waterhouse, Scotia McLeod, Fiera Capital Management Inc. and CIBC Wood Gundy. All deposits (for all these CET Plans) are pooled and invested in government bonds and fixed income investments.

4. What happens if my child does not pursue a
    post-secondary education?

If your child decides not to pursue a post-secondary education you may nominate another beneficiary to benefit from the Plan subject to the I.T.A. This is applicable for all the CET Plans. With the Achievers and Self-Initiated Plan, you may collapse the plans and collect the net principal and investment income or transfer the monies into your or your spouses RRSP. Both of the aforementioned are subject to the I.T.A. With the CET Group Plan you must transfer to the Self-Initiated Plan before accessing the funds as articulated.

5. Can I insure my Plan for unforeseen circumstances?

Both the CET Group Plan and CET Achievers Plans offer the completion insurance in the event of death or permanent disability. In the case of the CET Group Plan this completion insurance is automatically included. All subscribers automatically receive $100,000 Common Carrier Insurance at absolutely no extra cost, when this insurance is included or chosen. Also offered to both plans is the Critical Illness Insurance and Child Beneficiary Insurance. The Child Beneficiary Insurance costs 75 cents per month or $9.00 per year, per agreement and provides:

  (i)   $5,000 Paid up term life
  (ii)  $5,000 Accident insurance
  (iii) $500 Accident Expense reimbursement
  (iv) $15,000 Out-of-province or country
  (v)  $750 Accidental dental

Also available for the CET Group Plan is Payment Protection Insurance in the event of job-loss or temporary disability.

6. Can I add to or change my savings plan in the future?

Of course you can. You can adjust your children’s deposits according to your financial circumstances as long as it does not exceed C.R.A.’s $50,000 lifetime maximum. In the case of the Group Plan, a reduction of units is a termination of units and all fees in connection with a termination will apply. Please consult your prospectus for full disclosure.

7. I understand you have a CEFI “No Fee” Mastercard?

Yes. This is a “No Fee” Platinum Mastercard available o.a.c. Rebates up to 2% of all purchases made will be directly deposited into your CET Plan. For full details, consult the credit card's terms and conditions.

8. I understand that you offer AIR MILES® reward miles?

Yes. All Our plans earn AIR MILES® reward miles. There are two parts to this program - when you enrol and thereafter. Upon enrollment with the CET Group Plan, you earn 10 AIR MILES® reward miles per unit and then ongoing 1 AIR MILES® reward mile with every $100.00 deposited. With the Achievers Plan, you earn 2 AIR MILES® reward miles per unit and then ongoing 1 AIR MILES® reward mile with every $100.00 deposited and 10 AIR MILES® reward miles with the CET Self-Initiated Plan and 1 AIR MILES® reward mile for every $100.00 deposited thereafter.

9. How do I make a contribution to the Employer

    Sponsored RESP?

Your employer can arrange for convenient monthly payroll deductions. You decide how much you can comfortably afford and your employer will deduct the amount from your pay.

10. How do I know how much money I need to save?

We have provided you with an education calculator for this purpose which will give you some idea of the future cost.   Click Here