Unitrax^® Registered Education Savings Plans (RESPs) Module

Despite evolving government requirements and regulations, interest in Registered Education Savings Plans (RESPs) is on the rise. Yet many financial institutions have been forced to sit on the sidelines of this growing sector because of the development costs associated with accommodating Human Resources Development (HRDC) requirements.

But not so for those institutions who choose the Unitrax® RESP module. It offers all the features needed to execute your customers’ RESPs, including the fulfillment of Canada Education Savings Grant (CESG) Reporting.

This reporting process was developed to gather the necessary information required for filing to the HDRC. Stored in an export library, an extract file is created and transferred to the HRDC for electronic filing.

Pre-1998 contributions and balances are summed separately and targeted as unassisted upon initial filing, as per the HDRC requirements. All contributions made to RESP accounts after January 1, 1999 are assumed to be unassisted upon initial filing. Once the HRDC processes the transaction and returns the CESG money, the contribution amount is deemed assisted. Grant transactions are systemically entered into the system, using CESG Contribution code.