TORONTO, ON, December 10, 2021 – The Canadian Scholarship Trust Foundation (the “Foundation”), the parent company of C.S.T. Spark Inc., today announces following a subscriber vote that it has secured approval to wind-up CST Bright Plan (the “Plan”), and transfer existing CST Bright Plan RESP Accounts and cash proceeds to CST Spark RESP Accounts invested in one or more CST Spark Education Portfolios, a series of mutual funds offered by C.S.T. Spark Inc. The move to wind-up the Plan and transfer subscribers to CST Spark RESP Accounts invested in CST Spark Education Portfolios will provide more transparency, greater flexibility, and ease of use for customers. To carry out the proposed changes, a majority of votes cast in favour of the resolution was required. The vote was held at a virtual Special Meeting held on Thursday, December 9, 2021, with 89% of cast votes “FOR” the proposed changes. The investment impact on customers is minimal, as the new mutual funds follow the same glide path investment strategies as the Plan’s beneficiary age group pools and the fees for the mutual funds are the same as or lower than those of the Plan. Each customer will see their investment transferred by no later than March 31, 2022
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President and CEO, C.S.T. Spark Inc.
About C.S.T. Spark Inc.
Launched in 2018, CST Spark Inc. is a digital-first education savings company dedicated to helping Canadians plan to make post-secondary education possible. CST Spark makes it easy to start saving for your child's bright future. CST Spark was launched to further expand the vision and deliver upon the CST mission. CST Spark is the distributor and investment fund manager of CST Bright Plan and the CST Spark Education Portfolios.
For more information, visit cstspark.ca.
About the Canadian Scholarship Trust Foundation
Founded in 1960, the Canadian Scholarship Trust Foundation is a not-for-profit foundation dedicated to helping Canadian families better access post-secondary education. Through philanthropy, discovery, advocacy and by sponsoring the Canadian Scholarship Trust Plans to help families save for postsecondary education, CST continues to deliver on its mission. The Foundation rewards hard working and community minded Canadian students through its awards and bursaries program. CST has helped over 800,000 students achieve their post-secondary dreams.
For more information, visit foundation.cst.org