RESP and Its Importance

 

With the cost of higher education becoming costlier year by year, parents’ from the lower income groups are worrying about the future of their children. Without higher education, there is no career or life. Good college education makes a person confident and talented. It bring out the potential skills making the person reach new height in his/her career and contribute to the economy of the country.

Many parents wonder how to make money to meet the expenditure of their children's higher education. These parents fail to see the plans available for them to make the financial commitment for the future of their children easy. There are plans and programs offered by the government of Canada that assists parents through financial aid. But this aid is not sufficient to meet the rising costs of the higher education.

The Registered Education Savings Plan allows the parents to invest small amount of money whenever they can, which gives them good returns. This plan is approved by the government. The income that the parents receive on the money invested is exempted from Income Tax. RESP plan is offered by all the banks and the financial institutions. But all are not worth trusting with your money.

The Heritage Education Savings Plan Inc. is the oldest service provider who sells only the RESP plans. They have been helping parents all over the country to save for the future of their children since 50 years. So far they have made payout of $900 million as Education Assistance payments to over 400,000 families. The well trained and knowledgeable professionals at Heritage know where to invest to get competitive returns for their subscribers’ money.

The beneficiaries of the Heritage RESP get financial aid from the other education programs associated with this plan. The parents can choose a plan as per their needs and they can include multiple children under one plan. With some basic documents and the Social Insurance Number of the children, you can easily start the RESP plan. The plan matures on the 31st of July the year the beneficiary turns 18 years old. This plan prepares the parents completely to meet the expenses of higher education of their children.