Group RESP (Registered Education Savings Plan) Enrolment Fees and Sales Charges – Quebec Class Action

Case name:

Quebec Class Action for illegal fees charged by the following Group RESP providers:

C.S.T. CONSULTANTS INC. & CANADIAN SCHOLARSHIP TRUST FOUNDATION
KALEIDO GROWTH INC. (previously UNIVERSITAS MANAGEMENT INC.) & KALEIDO FOUNDATION (previously UNIVERSITAS FOUNDATION OF CANADA)
KNOWLEDGE FIRST FINANCIAL INC. (previously HERITAGE EDUCATION FUNDS INC.) & KNOWLEDGE FIRST FOUNDATION
HERITAGE EDUCATION FUNDS INC. & HERITAGE EDUCATIONAL FOUNDATION
CHILDREN’S EDUCATION FUNDS INC. & CHILDREN’S EDUCATIONAL FOUNDATION OF CANADA
GLOBAL RESP CORPORATION & GLOBAL EDUCATIONAL TRUST FOUNDATION

Quebec Superior Court file #:

500-06-000932-182

Violations:

Plaintiff alleges that the sales charges and/or enrolment fees charged by certain Group RESP providers in Quebec are unlawful and, in some cases, abusive. On March 31, 2021, the Superior Court of Quebec authorized the Plaintiff’s class action. The Court’s judgment and the Plaintiff’s Authorization Application are accessible below.

Authorized Classes:

Class:

All persons residing in Quebec who, at any time since July 19th, 2013, signed a contract with any of the Defendants in which they were a subscriber and/or contributor (either primary or joint) for a Registered Education Savings Plan (“RESP”), and who were charged a fee (referred to as “Enrolment Fee,” “Sales Charge” and/or “Membership Fee”), including the commissions of the distributor and its salesmen, exceeding $200.00 per plan.

Subclass:

All persons residing in Quebec: (1) who at any time since July 19th, 2013, signed a contract with any of the Defendants in which they were a subscriber and/or contributor (either primary or joint) for an RESP; (2) who cancelled their RESP after that date; and (3) lost more than 20% of their contributions on account of Enrolment Fees, Sales Charges or Membership Fees.

Remedies sought for consumers:

This class action seeks the reimbursement of the difference unlawfully charged in excess of $200.00 per plan (not per “unit”), by any of the following Group Registered Education Plan Providers: CST, Kaleido (Universitas), Heritage, Children’s, Global, Knowledge First.