Four of the leading providers of group Registered Education Savings Plans in Canada delivered over $210 million in education assistance payments to more than 98,000 post-secondary students across Canada in the 12 months ending Oct. 31, 2011.
The numbers were tallied by the Registered Education Savings Plan Dealers Association of Canada (RESPDAC), of which all four companies are members. They include C.S.T. Consultants Inc., Heritage Education Funds Inc., Knowledge First Financial Inc., and Universitas Management Inc. Together, these organizations represent over 85% of the total assets under management in group RESPs in Canada.
RESPDAC notes that nearly 90,000 new plans were established in the 12 month period, bringing the total number of group plans currently managed by these companies to just over 1.4 million.
“These are impressive numbers, especially in view of the current economy,” says Peter Lewis, chair of RESPDAC. “Canadian families are clearly understanding the need for higher education to help ensure future success and economic well-being for their children.”