Saving Money for Your Child's Education with Heritage RESP

When it comes to the future of your child, investing in their education will really help. While there are many options of investments that you can use to ensure funds for the higher education of your loved ones, the best option in Canada remains Registered Education Savings Plan (RESP). RESP is approved by the Canadian government and is a tax exempted savings account. Saving money with RESP is very safe and it increases your chances of benefiting from other financial assistance programs for education run by the government, for example Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB).

The Process of Creating an RESP Account

The first step is to get a unique nine-digit Social Insurance Number (SIN). This is compulsory for everyone who wants to apply for financial support from the government in Canada. You can easily get a Social Insurance Number by applying for it and by providing the required documents,like proof of citizenship and birth certificate.

The next step is to select the most reliable RESP provider. You can search for RESP providers online, where you can easily get a list of the providers along with their contact information. Many of the RESP providers are associated with a number of financial assistance programs from the government. The provider with maximum associations and flexible terms and conditions will be the most suitable option.

Registered Education Savings Plan (RESP) can be initiated by anyone such as parents, relatives or even by a group of people who would like to invest into the future of a child. You can pay the investment amount monthly or annually or even once in five years or 10 years. These options can be selected while you create the account.

For over 50 years Heritage RESP has been supporting Canadian families to have enough funds ready for the higher education of their children. They offer a number of plans that you can select from. More than 400,000 children are enrolled with Heritage RESP and with assets worth more than $2 billion, the future of the children enrolled with this organization surely looks bright.