Reviews

This profile includes reviews for Children's Education Funds Inc's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

close

Find a Location

Children's Education Funds Inc has 2 locations, listed below.

*This company may be headquartered in or have additional locations in another country. Please click on the country abbreviation in the search box below to change to a different country location.

BBB accredited

Near

Country

USUnited States

Please enter a valid location.

Filter

• 

  Children's Education Funds Inc

  3221 North Service Rd Burlington, ON L7N 3G2

  
• 

  Children's Education Funds Inc.

  245 Bell Ave. Winnipeg, MB R3L 0J6

Review Details

• Review fromTony H

  Date: 27/06/2023

  1 star

  Tony H

  Date: 27/06/2023

  *** **** **** **** * *** **** **** **** ******** **** *** ********* ** *** ******* *** **** **** ****** ******* Their performance is exaggerated and their fees end up eating most of the grant money. ** **** **** *** **** *** *** ****** ******** ***** ***** **** **** **** ** ***** And getting the money released is no picnic either. **** *****

  Children's Education Funds Inc

  Date: 02/10/2023

  The plan’s investment objectives are always set up to achieve long term growth of income on subscribers’ net contributions while ensuring the preservation of that income. The Children’s Educational Foundation of Canada (the Foundation) utilizes the investment advisory services of portfolio advisers to achieve its investment objectives. The portfolio advisers are required to manage the assets within the guidelines of the Foundation’s investment policy statement.
  The net contributions and government grants paid into each plan are invested only in one or more of the following types of securities in accordance with the undertaking:
  1. “Government securities”, as such term is defined under National Instrument 81-102 – Investment Funds (which include debt securities of Canadian federal and provincial governments and debt securities of, or guaranteed as to principal and interest by, the federal government of the United States)
  2. Certain guaranteed mortgages
  3. Mortgage-backed securities, where all of the underlying mortgages are guaranteed mortgages
  4. Cash equivalents
  5. Guaranteed investment certificates (GICs) and other evidence of indebtedness of Canadian financial institutions where such securities or the financial institution have an approved credit rating
  In addition to the above-noted securities, income of each plan can also be invested in one or more of the following types of securities in accordance with the undertaking:
  1. Debt securities of corporations, provided those corporate bonds have a minimum credit rating
  2. Exchange-traded equity securities listed on a stock exchange in Canada such as the TSX
  3. “Index participation units” provided that (a) the index participation units are securities of a mutual fund (exchange traded fund or ETF), (b) the ETF trades only on a stock exchange in Canada such as the TSX, (c) the ETF’s investment objective is to replicate the performance of a specified widely quoted market index of Canadian or U.S. equity securities.
  While the portfolio advisers strive to ensure strong plan performance, no investment is guaranteed. This is disclosed in the Prospectus. The prices of the investments held by the plan can and do go up or down. Some of the risks that can cause the value of the plan’s investments to change, which affect the amount of Educational Assistance Payments (EAPs) available to beneficiaries include interest rate risk, credit risk, liquidity risk and other price risk (equities).
  Interest rate risk is the risk of a lower return from interest-bearing fixed income securities as a result of fluctuations in market interest rates. Yields on bonds continually decreased for 20 years before the unprecedented increase in interest rates in 2022. For example, the yield on a 10-year Government of Canada Bond decreased from approximately 8.6% in 1995 to around 1% in 2021. This decrease in yields has directly impacted the investment income available in the plan pool to distribute as EAPs as well as funds available in the Scholarship Enhancement Fund. In spite of these all-time lows in bond yields, our group option plan has performed in a satisfactory manner. Bond prices have an inverse relationship with interest rates and the sharp increase in the interest rates led to a sharp decrease in the market value of the bonds in 2022. Your investment portfolio performed better than the applicable index.
  We disagree with your assertion that plan performance is exaggerated. EAP values per unit are determined each year, and reviewed by our auditors, and are comprised of investment income of plans eligible for EAPs, attrition income from cancelled plans and payment from the Scholarship Enhancement Fund.
  The RESPs are designed for funding a child’s post-secondary education. If a child does not pursue post-secondary studies, government rules dictate what happens to the government grants, income earned in the plan and taxation of it. Banks also have to follow the same rules.
  The fees charged by our plans are competitive. We are completely transparent about them and disclose them to you at the point of sale, on yearly basis and at the time of maturity. We disagree that bank RESPs are better or cheaper. In the fiscal year 2022, the Canadian banks collectively made an adjusted net income of $60.7 billion. Clearly, banks have fees too.

• Review fromTheresa D

  Date: 31/05/2023

  1 star

  Theresa D

  Date: 31/05/2023

  **** *******
  Too easy for them to take our money.
  Too much trouble to get money to pay for college fees.
  Not transferrable to another child.
  2 agreements funds invested almost 30 years, CEFI only willing to refund 60% of total investments.
  They made so much interests from our money since 1999.

  Children's Education Funds Inc

  Date: 07/09/2023

  ****** ****** **** **** ****** ** ******* *** ********** ******** * ***** Keeping your information current and providing documentation to us in a timely manner to access your funds is your and your beneficiary's responsibility. The income earned in the pool is shared among all beneficiaries in the pool and not kept by us as you assert.

• Review fromLiaqat H

  Date: 17/04/2023

  1 star

  Liaqat H

  Date: 17/04/2023

  ** ********** **** ***** **** ** * ******** ******** You will pay them for 18 years. When the time to get your money back, you will hear the stories which were never told when you were enrolling with them, I had a very bitter experience with this company still going on. Just a teaser. My son has completed 1 year of university but I did not get the first check yet. Can you imagine to accumulates money for education but it was not available when you needed it most? ** ******* ** ********** ** ** ********** **** **** *** ** *** ********* *** **** **** ****** **** ******** They have so many insane fine prints which are not told when selling you the membership. You may never have imagined these ***** things existed. **** *** **** ** **** ***** **** **** *** **** ** ******** ***** ***** ** **** **** **** *** ***** ********** ********* **** **** ** ****** ******* **** **** ****** ****** ******

  Children's Education Funds Inc

  Date: 27/07/2023

  It is unfortunate that you feel the way you do, however, we see no evidence of an unreasonable delay.
  The payment in question was processed expeditiously and sent to the subscriber via ********** free of charge after the stop payment procedures were completed. Within 2 days of being notified that the cheque first mailed was not received, a replacement cheque was provided and expedited to the subscribers.
  CEFI provides all the information and disclosure required by law in the appropriate font size or higher. Providing transparent information to subscribers is a priority for us. If you have any concerns that you would like for us to address, please reach out to us at ###-###-#### or at ****@****.ca.

• Review fromyongsup C

  Date: 03/04/2023

  1 star

  yongsup C

  Date: 03/04/2023

  This company is a high-interest loaner.
  Of the Total Contributions of $19,466.13, only $12,657.97 was returned and $6,808.16 was taken as fees. The fee is 34.97%!!
  Total Government Grants Received $3,676.81
  EAP $0 (They say it's gone forever because I didn't apply for a deferral.)
  Are you kidding?

  Children's Education Funds Inc

  Date: 11/07/2023

  CEFI is not a lending institution and we do not enter
  into lending arrangements.
  
  
  
  The fees you paid were on ALL assets in your RESP –
  your net Contributions, government grants, income on your net Contributions and
  government grants, and any other monies in your plan. Therefore, presenting
  fees as a percentage of your contributions is not a fair representation. The
  fees you paid in your plan were over the life of the plan, that is, more than
  17 years.
  
  
  
  Our records indicate that the fees were explained to
  you in November 2020 after you had escalated the issue to BBB in October 2020.
  
  
  
  So far, you have only received back net contributions
  because you did not apply for Educational Assistance Payments (EAPs) which
  include investment income, Government grants, attrition payments and your share
  of payment from the Scholarship Enhancement Fund.
  
  
  
  In order to be eligible for an Educational Assistance
  Payment
  
  i.  An RESP beneficiary must be enrolled full-time or part-time;
  
  ii. In a qualifying educational program at a post-secondary educational institution (eligible studies)
  
  Qualifying educational program and post-secondary
  educational institution are defined by the Canada Revenue Agency.
  
  
  
  In July 2021, we explained the EAP deadline and EAP
  forfeiture if you failed to apply for an EAP or postpone your EAP. Despite
  numerous follow-ups by us, you failed to respond and did not choose either
  option. As a result, you lost your first EAP. As per the terms of your RESP,
  the forfeited EAP was paid to the other beneficiaries in the cohort who did
  follow the process to receive their EAP.
  
  
  
  Presently, there are 2 EAPs left in the plan and all
  forms are due by Aug 1 in the year in which you apply. Government grants can
  only be paid with EAPs.
  
  
  
  If you need help, please feel free to call us at
  ###-###-####.

• Review fromMaryann f

  Date: 02/04/2023

  5 stars
  My parents opened my RESP a long time ago. I am so glad. The returns were better than expected and I graduated without debt

• Review fromHasan T

  Date: 30/03/2023

  1 star
  ***** ***** * **** ** **** *** ** *******
  WORST EXPERIANCE EVER!!!! contributed $5000 for 16 years. Missed one payment in the middle they put my plan in DEFAULT and are have not payed us for two years. They still took payments after we missed payment. But are refusing to pay us. ***** ******* ****** ** *** ******* ** **** *****

• Review fromPam A

  Date: 13/03/2023

  1 star
  Absolutely regret putting our hard earned money into this for our two kids. ** **** ****** *** ******* *** *********** We were made to believe this was what a good parent would do for their child. We believed for all the years as our children grew that we were doing something so wonderful for them and helping them prepare for their future. We had no idea when the time came to take money out for school-it would be next to impossible. Delay after delay, mixed with commission after commission (our money started evaporating). We were met with **** people when we would try to phone for some clarification. It seemed we were ALWAYS to blame for why the money was delayed or suddenly non existent. * **** ****** *** **** ****** ** **** *** **** **** ****. **** ** ** **** ****** *** ***** **** **** *** ******* 

• Review fromSharon M

  Date: 14/02/2023

  1 star
  After contributed for 18 years, I am submitting maturity form for my daughter, it is ridiculously hard. I need to prove my daughter’s residency because she is studying in the United States. I need 3 statements- driver’s license, bank statement, utility statement, all needs to be under her name…I mean, she is just turn 18, and lives under my roof, where can I find those stuff? ****** ***** *** ***** ****** **** **** *****

• Review fromRaquel C

  Date: 02/12/2022

  1 star
  ** *** ****** ******
  THEY WILL INVEST YOUR MONEY AND TAKE MOST OF THE PROFIT INCLUDING THE GOVERNEMT 20% Grant money!
  After 15 years of investing with them this was my return:
  This is a follow up. Your plan was reviewed. Please refer below :
  Total amount received - $13,290 (Principal)
  Total fees - $3,380
  Principal: Total amount received – total fees = $9,900 (Maturity Payment)
  Government grants earned - $2,700 (EAP)
  Interest on government grants - $890 (EAP)
  Interest on contributions - $1,053 (EAP)
  I made $ 1300 total after 15 years..... 10%. The government alone was giving me 20%.... where did that go???...let alone anyone that knows what they are doing could have made maybe at least 6-7% return after 15 years easily???
  They talk circles around you....do not fall for it!
  Be wise....I had three plans with these people and lost thousands.**** *** **** *** **** ******* * *****

• Review fromGreg B

  Date: 28/11/2022

  1 star

  Greg B

  Date: 28/11/2022

  Contributed $4844.33 - paid $1090.81 in fees. Do your homework - ****** ** ********* ***** *** **** *** * ****** **** ** ******. Thank goodness I have RESP in another fund with *******. My ****** guy warned me that this CEFI will not do much.
  **** from Saskatoon

  Children's Education Funds Inc

  Date: 29/03/2023

  Please be reassured that payments from your RESP have only just started and the payment at maturity represents only the first tranche. There are remaining payments to be collected from your RESP by your son over the next three years as set out in greater detail below.
  Kindly note, that in an RESP managed by CEFI, until maturity the subscriber pays the disclosed plan fees on his own behalf as well as the beneficiary’s behalf. We offer transparency on fees and the total fees given are:
  (i) over the life of the plan (in your case 18+ years);
  (ii) for the entire plan – made up of your net contributions, government grants, and income on your contributions (your total contributions less applicable fees and government taxes) and income on government grants.
  The fees are also reported to you each year in your annual statement. Your plan was charged as shown in the Final account statement for the life of the plan.
  You reference another RESP provider in your review. For a proper comparison, we urge you to obtain the details of the following fees you may have paid on yearly basis from that provider and calculate the amounts over the last 18 years:
  1. Sales Charges
  2. Transaction Fees
  3. Account/Plan Fee (generally charged on an annual basis)
  4. Minimum Balance Fee
  5. Trailing Commissions
  6. Management Fees
  7. Operating Expenses
  8. Trading Costs
  9. Incentive or Performance Fee, if any
  The CET plans’ investment objectives are to achieve long term growth of Income on subscribers’ net contributions while ensuring the preservation of that income and net contributions. CEFI agrees that it is very important to do your homework and ensure that you have all the facts in order to ensure that you are selecting the right RESP for your family. All investments carry risks and fees. From your review, it seems that you might not be aware of all the benefits of the CET Plans or risks of investments in each type of RESP.
  Your son will be eligible to receive his Educational Assistance Payments (EAPs) over the next 3 years, as long as he continues to be enrolled in Eligible Studies at a post-secondary level that is at least three consecutive weeks in duration, with at least 10 hours of instruction for full time studies or in Eligible Studies at a post-secondary level that is at least three consecutive weeks in duration with at least 12 hours per-month spent on courses for part-time studies. This includes online courses.
  EAPs are comprised of:
  i) income on your contributions,
  ii) income from cancelled plans,
  iii) government grants and income earned thereon and,
  iv) discretionary payments from the Scholarship Enhancement Fund (which include top ups and return of a portion of sales charge).
  We urge to check with the other provider whether your son will be receiving any income from RESPs cancelled at the company.
  Should you require additional assistance, please feel free to reach our customer service department at ###-###-####, Monday – Friday, between 9:00 am – 5:00 pm ET.