Administrative Changes for Corporations in the Québec Education Savings Incentive Field of Activity
Relationships between trustees, promoters and mandataries in the Québec education savings incentive (QESI) field of activity may evolve and change over the years, so they must follow administrative procedures to ensure sound management of the plan.
What corporations in the QESI field of activity should do if administrative changes occur
For administrative changes for corporations in the QESI field of activity, complete form SW-172-V, Request for Assistance – Authorized Resource Persons in the Québec Education Savings Incentive Field of Activity and email it to [email protected]. After we receive the form, our QESI team will propose a phone or video (Microsoft Teams) meeting.
Most administrative changes for corporations in the QESI field of activity can be spread over at least 6 to 12 months. We'll meet with you monthly and as needed to help you through the entire process. After the first meeting, we'll ask you to draw up a work plan and email it to us. The plan should outline the documents to be completed and all the steps that we've discussed.
Mandatary guide
For information on the steps to take and documents to provide based on the administrative changes for corporations in the QESI field of activity (changes concerning trustees, promoters or mandataries) see the Mandatary Guide – Administrative Changes and Corporations (SW-110-V).
We advise you to put your contracts in order before the change, using the QESI history or balance request transaction (type 11) to avoid problems, especially with educational assistance payments or closing an RESP.
Trustee or mandatary change
A trustee may resign or appoint another trustee to succeed it. A mandatary may cease to exercise trustee powers and functions or be revoked by the trustee. In these cases, follow the steps in guide SW-110-V and complete the forms mentioned there.
Name change for corporations in the QESI field of activity
If your corporation in the QESI field of activity changes name, complete form SW-172-V and email it to [email protected].
We'll validate with you the change date and the email domain of your authorized resource persons.
NEQ change for corporations in the QESI field of activity
If your corporation in the QESI field of activity changes its Québec enterprise number (NEQ), complete form SW-172-V and email it to [email protected].
To avoid having your transactions rejected, you must send us your new NEQ, even if you've already provided the information to one of our other sectors of activity.
Large-scale change of contracts or plans for corporations in the QESI field of activity
You can change a plan internally without changing the contract number. In addition, you can change a plan or contract internally in a single transaction.
However, before making any large-scale change that affects all plans or all contracts, follow the steps in guide SW-110-V and complete the documents mentioned there.
Merger or amalgamation for corporations in the QESI field of activity
Under the Québec Education Savings Incentive Agreement: Promoter (SW-13-V) and the Québec Education Savings Incentive Agreement: Trustee (SW-12-V), you must inform us if your corporation merges or amalgamates with another corporation.
Before the merger or amalgamation, follow the steps in guide SW-110-V and complete the documents mentioned there.
Promoter no longer offering the QESI
Under agreement SW-13-V, the promoter must notify the Minister in writing at least three months before ceasing to exercise trustee powers and functions.
Before transferring the contract, follow the steps in guide SW-110-V and complete the documents mentioned there.
- The promoter must maintain its computer system until all contracts managed by the new promoter are up to date and approved.
- Promoters must comply with the Tax Administration Act and keep registers in an appropriate, coherent and intelligible form for the required period on the same electronic medium used to maintain those registers. In addition, under agreement SW-13-V, they must keep records and transaction statements for at least six years after the RESP matures.
Plan splitting for promoters in the QESI field of activity
Under agreement SW-13-V, the promoter must transfer properties from one RESP to another as per the Taxation Act and as outlined in guide SW-208-V, Québec Education Savings Incentive: Interface Transaction Standards.
Before splitting plans, follow the steps in guide SW-110-V and complete the documents mentioned there.
- The promoter must maintain its computer system until all contracts managed by the new promoter are up to date and approved.
- Promoters must comply with the Tax Administration Act and keep registers in an appropriate, coherent and intelligible form for the required period on the same electronic medium used to maintain those registers. In addition, under agreement SW-13-V, they must keep records and transaction statements for at least six years after the RESP matures.
Platform change for mandataries in the QESI field of activity
If you are a mandatary in the QESI field of activity and you want to change your IT platform, your internal plan or contract numbers may also change. You can send us the new numbers in a single transaction.
In addition, you must get the new IT platform certified. Please contact our team at [email protected].
Before changing IT platforms, follow the steps in guide SW-110-V and complete the documents mentioned there.