Personal Finance

Anyone with experience with Knowledge First Financial - RESP??

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  • Nov 11th, 2023 11:58 pm
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Member
Jun 21, 2003
489 posts
359 upvotes
I was at the meeting this morning in Mississauga and even though almost everyone in the room was against the changes, the vote went through, 76% for and 13% against. The numbers include the votes sent online etc...Our only choice now is to get together as a group and complain to their Ombudsman, the OSC, the OSC's Ombudsman etc...

If I wanted a single student plan, I would have invested on my own 15 years ago. Furthermore, the way they seemingly manipulated the outcome in their favour doesn't sit right either. Right from the start of the meeting they were talking as if the vote for the change was a fait accompli.
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Nov 28, 2016
22791 posts
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Out west
Air Jordan wrote: I was at the meeting this morning in Mississauga and even though almost everyone in the room was against the changes, the vote went through, 76% for and 13% against. The numbers include the votes sent online etc...Our only choice now is to get together as a group and complain to their Ombudsman, the OSC, the OSC's Ombudsman etc...

If I wanted a single student plan, I would have invested on my own 15 years ago. Furthermore, the way they seemingly manipulated the outcome in their favour doesn't sit right either. Right from the start of the meeting they were talking as if the vote for the change was a fait accompli.
Well I found out the info I need to prove to get the money. Its like they are holding it ransom now, have to wait until July know to get his "offficial" Confirmation of Enrolllment. Then Im taking it all out

Hind sight is 20/20, but if I knew it was going to change into this, I would of just done some investment that sits ans grows and do what we want with it

At least I know now for the other 2 kids what we need to do
Newbie
Jun 3, 2019
1 posts
2 upvotes
Air Jordan wrote: I was at the meeting this morning in Mississauga and even though almost everyone in the room was against the changes, the vote went through, 76% for and 13% against. The numbers include the votes sent online etc...Our only choice now is to get together as a group and complain to their Ombudsman, the OSC, the OSC's Ombudsman etc...

If I wanted a single student plan, I would have invested on my own 15 years ago. Furthermore, the way they seemingly manipulated the outcome in their favour doesn't sit right either. Right from the start of the meeting they were talking as if the vote for the change was a fait accompli.
We have a group of people. Do you want to join?
Member
Jun 21, 2003
489 posts
359 upvotes
WikkiWikki wrote: Well I found out the info I need to prove to get the money. Its like they are holding it ransom now, have to wait until July know to get his "offficial" Confirmation of Enrolllment. Then Im taking it all out

Hind sight is 20/20, but if I knew it was going to change into this, I would of just done some investment that sits ans grows and do what we want with it

At least I know now for the other 2 kids what we need to do
Can you elaborate a bit? Are you leaving with all your fees reimbursed? If so how? They made it very clear at the meeting that leaving with your fees reimbursed is NOT an option on the table.
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Nov 28, 2016
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Air Jordan wrote: Can you elaborate a bit? Are you leaving with all your fees reimbursed? If so how? They made it very clear at the meeting that leaving with your fees reimbursed is NOT an option on the table.
I cant elaborate a bit, I haven't gotten that far yet. I cant start this process until mid to late July since school starts this fall. Maybe I will be leaving the fees behind. if I do its called "life lessons" Its one that took 20 years to figure out I guess

Unless a group of people are going to step up and start a class action law suit, its going to be what its going to be.
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Nov 28, 2016
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ConnieToronto wrote: We have a group of people. Do you want to join?
What is this group of people doing? Class action law suit? The news. A protest. Im all for joining something to fix something a company is doing wrong, but the only way this will matter will be when lawyers get involved
Newbie
Jun 24, 2019
1 posts
1 upvote
Hi
My 3 children have a RESP account in KNOWLEDGE First FINANCIAL .
Last year my daughter RESP is maturity. And the money should release . Asking proof of enrollment which my daughter already submitted.
The money is release and send the chq.
I was very disappointed that they full out too much deduction on my daughter resp it cost almost $5000. In her RESP account.

We decided to get RESP for the future of our children how come this company is taking lots of money for our children educatiin.

This company is not good to invest.
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Nov 28, 2016
22791 posts
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Out west
sandybeach636645015550564659 wrote: I would like to join as well. I am furious with the result of this vote and the response I have been receiving from the company.
Basically they are holding the money hostage. The steps to get access to this money is over the top. We have some BMO resps, all I had to say was when hes going to school and where, thats it

Like Ive said before, if I could turn back time, I would of never done this. But at the time, pre internet, this sounded like a great thing. Doing the work of the government grants that we had no idea about

I still have to go through the steps to get the first RESP from these guys

Not sure if these links mean anything from a googe search

https://www.osc.gov.on.ca/en/Proceeding ... wledge.htm

https://www.thestar.com/news/investigat ... -gone.html

https://www.bbb.org/ca/on/mississauga/p ... complaints

https://www.wealthprofessional.ca/news/ ... 55101.aspx
Deal Addict
Dec 4, 2016
2011 posts
1030 upvotes
DavidD36350 wrote: Talked to a KFF rep since my last post. Any subscriber planning a 4 year program for their child will lose potentially $thousands if Knowledge First Financial (KFF) wins the vote. I encourage all to vote against the proposition to convert group plans to individual plans, taking place at end of this month. I think that it terrible that KFF will likely get away with making this change, having such a material adverse impact on long term contributers. The vote is important - and easy to do online. KFF told me that there are in the order of 250,000 subscribers to the Group Plans. Please vote AGAINST, before May 29th. You could also complain directly to KFF, as I have, as well as post objections on their Twitter feed.
OMG. A single scam alone has 250k victims, and the company has not been shut down? How many politicians are in their pocket?
Newbie
May 10, 2019
11 posts
1 upvote
It ended up being a pretty painless process for us. We sent in the maturity withdrawal request early July, they received it July 4th, updated our account online by the 9th that the application was approved and a cheque was produced on the 11th. It is now July 18th and it came in the mail today. Couldn't have happened any faster & its for her full contributions less the sales fee which we knew was going to be deducted. As long as the EAP process goes this well next year I will be quite happy. We chose another option for our other two kids as we were more prepared and able to look things up, but considering all the terrible RESP company stories out there I'm really glad we had the experience we have.
Hopefully things go well for you once you apply. We were able to print the verification of enrollment right off the university website as soon as we had finished course selection so it couldn't have been more simple to do.
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Nov 28, 2016
22791 posts
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Out west
My son got his official Confirmation of Enrollment, so will be applying this week. See how it goes. Over the course of the plan we ourselves contributed $9041.69 and will walk away with about $21600 after fees, which amounts to $1388.04 over the 22 years.

We dont get it all at once, we get our principal back to us by cheque, and the rest to him via Education Assistance Payments to show he is going to school and still going and then still be valid for all the grants.

While some extra work involved, and probably would of done better not going this route, but we more than doubled our money even with fees, which to some on here is probably crap. But is what it is.

Own RESPS wouldnt have this rigamrole to prove he is going to school, more forms after the fact, etc. We have another RESP for him as well just with BMO, but we stopped contributing to it when he turned 20, and that was a simple matter of saying we want it,
Banned
Nov 23, 2018
592 posts
516 upvotes
Here is the result of a co-worker that started the plan back in 2008.
Monthly Contribution of $150 per month started in September of 2008.

Total contributions from September 2008 to December 2018 (statement end date for the year 2018) is $18,600.
Government grant is $3,720 (lifetime of $7,000).
The total contribution and grants is $22,320.

The statement balance that he got at the end of 2018 December 31 was $15,8xx.

I don't expect them to make money, but I guess their fees out-weighted their returns by a huge margin. If you factor in the S&P 500 index between September 2008 to December 2018 (up 3-fold), you will know how much you are being scammed.

Talk about dis-savings.
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Nov 28, 2016
22791 posts
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Out west
BRKAMZN wrote: Here is the result of a co-worker that started the plan back in 2008.
Monthly Contribution of $150 per month started in September of 2008.

Total contributions from September 2008 to December 2018 (statement end date for the year 2018) is $18,600.
Government grant is $3,720 (lifetime of $7,000).
The total contribution and grants is $22,320.

The statement balance that he got at the end of 2018 December 31 was $15,8xx.

I don't expect them to make money, but I guess their fees out-weighted their returns by a huge margin. If you factor in the S&P 500 index between September 2008 to December 2018 (up 3-fold), you will know how much you are being scammed.

Talk about dis-savings.
Unfortunately in life sometimes people make wrong decisions. That's how a person learns as well

No time machines in life
Banned
Nov 23, 2018
592 posts
516 upvotes
WikkiWikki wrote: Unfortunately in life sometimes people make wrong decisions. That's how a person learns as well

No time machines in life
The point is, I warned him about it back in 2008 a month after he started the program, because my dad was a victim.
Deal Addict
Dec 4, 2016
2011 posts
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BRKAMZN wrote: The point is, I warned him about it back in 2008 a month after he started the program, because my dad was a victim.
My father in law was also one. At least I'm not one.
Banned
Nov 23, 2018
592 posts
516 upvotes
BlueSolstice wrote: My father in law was also one. At least I'm not one.
Back then when my dad got scammed, the company's name was: [something something] "Scholarship".
Deal Addict
Dec 4, 2016
2011 posts
1030 upvotes
BRKAMZN wrote: Back then when my dad got scammed, the company's name was: [something something] "Scholarship".
Was that early 80's? Seems every group RESP at the time has the word "Scholarship" in it.

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