2. Child’s Educational Future
You may have often pondered over how to
help your children achieve their goals and
live a happy and prosperous life. When it
comes to your children’s educational
future, you want to find the best possible
option. A good post-secondary education
can equip them with the right moral
principles and various skills for a
successful life; while it can also offer them
long-lasting and valuable experiences; it
may be the key to a well-paid job and a
great standard of living.
3. RESP for Child’s Future
The privilege of such an education is within
reach for Canadian families thanks to the
Registered Educational Savings Plan, which
started in 1965 and has been offering
remarkable assistance to them ever since. The
high cost of university or college tuition fees,
which could amount to over $100,000 in
Canada by 2025 according to Statistics
Canada, should not deprive your children of
realizing their dreams and potential to the
fullest. Instead of using retirement funds or
mortgaging your house in order to pay for
these fees, you have an attractive alternative:
investing in the Heritage RESP.
4. Contact Resp Provider
A plan will be drawn up depending on your
budget. There are three plans to choose from.
The first one is the Heritage Plan, which
comes with plentiful investment opportunities;
all funds are pooled together and invested
safely. The second one is the Impression Plan,
which offers incredible convenience as you
develop your own schedule and pay at a
suitable time; in addition, it is available to all
children, regardless of their age; if your child
does not go into post-secondary education,
the funds will be given back to you.
5. Contact Resp Provider
Finally, there is the Group/Employee Plan,
which secures the educational future of your
employees’ children at no cost. This helps you
establish a great relationship with worthy
employees. Whichever plan you choose, you
can rest assured that your funds will be
obtained at the appropriate time. All the
details can be given by contacting a local
RESP provider, who can also offer constant
support and guidance on all of the documents
and forms required. This facilitates the
process tremendously.
6. Success of Heritage Education Funds
The success of the Heritage Education Funds
is guaranteed by making careful investments
in lower-risk securities, such as provincial and
federal bonds, and providing access to various
government grants, such as the Canada
Learning Bond, the Alberta Centennial
Education Savings Plan, the Quebec Education
Savings Incentive, and the Saskatchewan
Advantage Grant for Education Savings. If
you increase the funds early, you can attain
your education savings objective sooner; even
a minimal increase can make all the
difference.
7. Success of Heritage Education Funds
On the other hand, if you are a young family,
you can start by making small contributions
and your target will eventually be met.
The plan offers you exceptional tax benefits
and a steady return. Any amount up to $
50,000 will be tax-sheltered until it is used by
the student. Students normally pay very low
tax and can even claim tax credits. After the
maturity of the RESP, you select the most
suitable institution for your child.
