CBC News : Canada - Group RESPs: Reading the Fine Print
Here is a link to an older ('10) but informative CBC News article on Group RESPs. It is quite thorough in it's approach to navigating the Pros and Cons of this sort of savings plan. Well worth the read if you are looking for an RESP.
ReplyDeleteHi, I am a student and a recent victim of Heritage. They robbed me and my family of 10000 dollars, and like a lot of the other people here we did not see this coming. See, heritage has dirty'd the lens that society looks through and as create an honorable image about itself which it portrays to society. This is obviously not the case and it is time somebody cleans that lens and exposes Heritage's true colors. Myself and an investigative journalist are starting a film series called Exposed. The first episode, Heritage. The idea is simple, we make Heritage famous through a viral film. Then use that fame to expose them for what they really are and focusing societies attention on these scam artist. With enough attention we can demand for a change. Currently, we are beginning to gather proof of this scam. This includes: electronic signatures, documents, interviews with people that are wiling to stand up for themselves, interviews with Heritage, aggressive sales tactics/marketing schemes and related court cases. We need your help though, this blog is a great start and there lots of people here who are also victims. People that could help in bringing down these crooks. Email me, thejalger01@gmail.com
In writing this to tell people that in the year 2021 this company is doing the exact same as what everyone else wrote above despite the shopping list of complaints to the government agencies of OBSI, OSC, BCSC, FCAC!
ReplyDelete***WARNING*** DO NOT BUY from Heritage or Knowledge First Financial. I writing this in hopes it will save someone a lot of time and money. You must remember what they sign you on is a front fee loaded CONTRACT to pay every year until grade 12. You need to google the disadvantages of GROUP RESP's as the fine print says nothing. We bought starting in 2015 for our 2 kids. Right Away there was $3000 sales charge plus annual account maintenance charges! In 2018 my annual statement showed we had a net loss of $3500. So after 3 years of our own money $15000, CESG $3000, BCTESG $2400, CLB $1000 = $21400 our statement showed we only had $17900. We contacted TD bank and completed a 3 part transfer form, paid Heritage's $52.50 transfer fee, and had to wait 4 months before we got our money. We only got our money when we threatened them with Kenyon Wallace, Investigative Reporter with the Toronto Star who wrote a must read article below:
https://www.thestar.com/news/investigations/2018/07/31/they-thought-they-were-saving-for-their-kids-education-but-were-shocked-to-learn-their-money-was-gone.html
We have 2 friends and workplace co workers that had the exact same problem with Heritage now a.k.a. Knowledge First Financial. Remember everything in the contract says UP TO. In the case of our friend who paid for a full 17 years, she got back 10% of the sales charge ($125). When our friend asked about the ATTRITION (money of people who quit) they said no one quit so there wasn't any ATTRITION money.
If you are a unsatisfied client make sure you see a proper bank to initiate a TRANSFER and whatever you do DO NOT say you are CLOSING the plan. Transferring a plan will transfer your base contribution, less sales charge, less insurance, less interest on base contribution but 100% government money and all interest made on the government money will be transferred. If you are closing the plan you will lose sales charge, insurance premiums, interest on base contribution, AND all government money/interest.
If you haven't become a sucker then run like hell. If you were a sucker like me then you can still get out of this GROUP plan and go to a proper FAMILY plan at a bank!
I'm a fellow sucker. We've been paying into our child's account for 15 years and are dreading the hassle of dealing with Heritage get her money. Thank you for sharing. Bless you!
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