Kaleido: 60 years of supporting young people’s educational success
As pioneers in education savings, we’ve been contributing to the development of a better-educated society for six decades.
1960s and 1970s: Birth of Kaleido and creation of the Registered Education Savings Plan (RESP)
formation of Kaleido
first savings repayments
RESPs created by the Canadian government
In 1964, in the wake of the Parent Commission, which aimed to modernize Quebec’s education system and raise the general level of schooling, a group of young Laval University graduates, including Jean Marchand, embarked on a bold project. Convinced of the importance of democratizing access to education for as many people as possible, Marchand set up a foundation enabling parents to save collectively for their children’s university studies.
This is how Kaleido (then known as the Universitas Foundation) came into being, in the same year as the Quebec Ministry of Education.
From the outset, the young foundation enjoyed rapid success in Quebec and New Brunswick, with the first savings refunds being made as early as 1973. A year later, Kaleido witnessed the creation of Registered Education Savings Plans (RESPs) by the Canadian government, enabling savers to benefit from tax advantages.
1990s and 2000s: A significant contribution to facilitating the pursuit of post-secondary education
creation of the Canada Education Savings Grant (CESG)
Educaid organization is created to help students stay in school
an additional RESP grant, the QESI, is created, thanks to Kaleido
A decisive turning point came in 1998 with the introduction of the Canada Education Savings Grant (CESG), which helps parents save for their children’s post-secondary education. Driven by a desire to give Quebecers the best possible chance of accessing higher education, Kaleido put its shoulder to the wheel and convinced the Quebec government to introduce a new Quebec grant, the Quebec Education Savings Incentive (QESI). Implemented in 2007, this new measure testified to Kaleido’s positive impact on educational policies.
Educaid: Encouraging student retention
Aware of the inequalities that hinder student retention in less privileged areas of Quebec, a group of Kaleido leaders set up the philanthropic organization Educaid in 2002. The aim of this project was to recognize, encourage and support young people in realizing their aspirations despite the socioeconomic challenges they faced.
To date, Educaid has awarded over $3 million in perseverance scholarships to more than 2,500 students in over 350 educational institutions across Quebec. This financial support has helped boost the graduation rate of scholarship holders, which now stands at 89%2!
2010s: Group plans evolve and become more flexible
DVS and technical courses at Cégeps attract more and more young people
EAP criteria relaxed
new brand image and new name
More than 40 years after the creation of the RESP, the realities of families and aspirations of young people were constantly evolving. To continue supporting every child and everyone committed to their educational success, Kaleido embarked on a series of major transformations.
Adapting RESPs to better meet family needs and broaden access to education assistance payments
At that time, about half of young people pursuing post-secondary education were going into vocational programs (Vocational Studies Diplomas) or CEGEP technical programs rather than university studies. As the terms and conditions for making withdrawals from group plans were rather strict, a significant proportion of subscribers expressed a desire for greater flexibility in terms of Education Assistance Payment (EAP) withdrawals.
As a result, successive adjustments were made to the Kaleido education savings plans, benefiting as many people as possible. The primary adjustment was based on a relaxation of EAP allocation criteria (i.e., expanding eligibility beyond university programs), which was implemented after a majority vote by subscribers in October 2017.
It’s worth remembering that this relaxation of EAP allocation criteria sparked discontent among some subscribers, as well as a veritable media storm surrounding Kaleido, despite the fact that this relaxation would enable more young people to benefit from EAPs for their post-secondary studies.
In response to this dissatisfaction, the Autorité des marchés financiers (AMF) called for a second vote by subscribers in order to make them more aware of the impact of the measures then being proposed by Kaleido. The result of this second vote, once again overwhelmingly in favour, enabled Kaleido to confirm the relaxation of the EAP allocation criteria and deliver more than $22 million in additional EAPs to beneficiaries in just over a year.
By mutual agreement with the AMF, Kaleido also set up a $1.5 million fund to mitigate the potential impact of the relaxation of EAP allocation criteria on the accounts of some policyholders. KPMG and the Honourable Paul Vézina, a retired judge, took on the responsibility of assessing and awarding the compensation.
A new image and purpose squarely focused on children’s best interests
An in-depth reflection on the organization’s mission and its role in an ever-changing educational landscape led to the unveiling in 2019 of the name we know today: Kaleido.
Inspired by the kaleidoscope – a tube filled with crystals that reflects light and creates an infinite variety of colourful patterns – the name Kaleido evokes the multitude of future paths open to our young people.
The organization therefore reaffirmed its commitment to educational success and the development of a better-educated society in order to carry out its mission: “Help each child achieve their full potential by accompanying them on their journey towards imagining a brighter future”.
2020s: Young people at the heart of our actions
Kaleido begins its digital shift
distribution of group plans discontinued, introduction of individual IDEO+ RESPs
launch of the corporate RESP (RESP as an employee benefit)
The beginning of the 2020s marked the launch of an ambitious program of digital transformation and improved customer experience. The goal is to better meet the expectations of saving parents while planning for the child’s best interests, no matter what path they take.
A privileged actor and witness to this constant evolution, Jean Marchand was awarded the National Assembly Medal in June 2022 for his unwavering commitment to the educational success of Quebec’s children.
A revisited product range
Another major change in May 2022: Kaleido permanently ceased distribution of group plans and introduced its new range of IDEO+ individual RESPs. Simple, flexible and focused on sustainable investment, the three IDEO+ plans are offered with no subscription fees and are suitable for a wide range of investor profiles.
Whichever plan you choose, our watchword is “peace of mind” thanks to our unparalleled expertise in education savings, responsible and progressive financial management, and unrivalled service.
Eager to offer an RESP that does more, Kaleido is developing a diversified and complementary range of support services, including professional educational services and financial advice, to help families throughout their children’s education.
The company is also a pioneer in sustainable investment and, by 2020, had entrusted all of its assets under management to portfolio managers who are signatories to the Principles for Responsible Investment (PRI), a United Nations (UN) initiative.
In 2023, Kaleido continued this transformation with the launch of a market exclusive corporate offer. Kaleido’s Corporate RESP allows Quebec employers to distinguish themselves with a turnkey savings solution that makes life easier for employees, promotes their well-being at work by reducing financial stress, and supports them in their desire to assist their children in their future projects.
Kaleido: More committed than ever to educational success
More than 60 years after Kaleido was founded, its impact is felt far beyond its Quebec City birthplace. Influencing government policies in favour of education savings and contributing to greater access to education in Quebec and New Brunswick, Kaleido is grateful for the trust that its subscribers, partners and employees have placed in the company since its inception.
Every day, the entire Kaleido team works proudly to give new life to the organization’s mission for the benefit of over 236,000 young people. Kaleido is also committed to supporting organizations that share its values and commitments, such as Educaid, Forces Avenir and Alloprof, in addition to contributing to the missions of numerous educational institutions.
The future looks bright for Kaleido and for the hundreds of thousands of young people benefitting from education savings solutions that will serve as a springboard for inventing tomorrow’s society.
« For all those who care about a child’s well-being and development, Kaleido is there to help our young people reach their full potential. »
Isabelle Grenier, President and CEO
- Zeman, K. et Frenette, M. (4 octobre 2021). "Portrait of Youth in Canada: Data Report", et Psychomédia (25 mars 2019, French only).
- Educaid "Our impact" (French only).