Friday, 31 May 2013

Registered Educational Saving Plan (RESP) Can Protect Your Child's Future

Heritage Education Funds
Heritage Education Funds

Parents in Canada, who are worried about the financial aspect of the higher education of their children should try and become a part of a financial mechanism, which can help them secure the money that they will require when their children are ready to go to university. While there are many programs that are run by the government to help children in Canada pursue higher education, in most cases these grants are not sufficient and would require some inputs from the student or from the parents. 

Parents who want to prepare financially for the higher education of their children should create a Registered Educational Saving Plan (RESP) for their children. By creating a RESP, you will be able to make low-risk investments that can help you secure the money that you will require for your child in future. Children with RESP also benefit from the Canada savings grant, through which the government adds to your RESP savings. Also because the government does not charge any tax for the returns you get from your investments as long as they stay in your RESP. This is another reason why your savings will grow faster. 

In order to create a RESP for your child you will need to contact the RESP provider. It is the job of a RESP provider to properly facilitate RESP for you. Heritage Education Funds Inc. has been helping families who wanted to create RESP for their children. It has been doing this for more than 50 years and has an excellent track record. They have already paid out $900 million till date as Educational Assistance Payments (EAPs). 

A very important aspect of a RESP provider is their association with other financial assistance programs run by the government, as these associations will help the student to get more financial benefits. Heritage RESP is associated with four major financial assistance programs run by the government, and is therefore well equipped to channel more financial benefits to the beneficiaries of the RESPs created with them. Heritage RESP subscribers have received more than $400 million to date from various grants programs run by the government.

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