Help From RESP Plans
The higher costs of college education are the cause of concern for parents in the country. Post secondary education is very important for ever child's future. Parents find it difficult to meet the expenditure of higher education without proper financial stability. The education grants offered by the federal government and the provincial governments give some relief in the form of financial aids. But they do not pay enough to meet the complete expenses.
The Registered Education Savings Plan (RESP) approved by the federal government allows Parents to invest and save money for the future education of their child. The RESP can be opened by anyone who wants to save money for their children or grandchildren’s higher studies. The person who opens a RESP is called the subscriber of the plan. The subscriber can invest money little by little up to a life time limit of $50,000 per child.
The Heritage Education Funds are proud providers of RESPs in Canada for over 50 years. They have helped 400,000 families by making the payouts of $900,000 as Education Assistance Payouts (EPA). The subscriber can make investments up to 31 years and the plan will be active for 35 years. To open a Heritage RESP, the beneficiary must be a Canadian citizen or a legal resident and must have a Social Insurance Number (SIN) and some basic documents.
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