Tuesday, June 25, 2013

Help from RESP

Education makes a person strong skilled and capable of making money in every kind of situation. Good education makes way for good future. That's the reason why every parent wants to see their children pursue college education in their interested field of study.

Help from RESP

The cost of higher education in Canada is beyond affordable. Parents with low-income get panic when they see the huge amount required to get the education for their children. With some preparation, parents can easily make it through the expenditure. They need to save and be prepared.

The government of Canada offers many financial aids programs that help the parents to meet the costs of their children's higher education. But the plan that helps the parents save good amount of money for the future of their children is the Registered Education Savings Plan. This plan is approved by the government. The returns on the money invested in this plan are transferred to the savings account and all that income is exempted from the Income tax under the Income Tax Act.

When you decide to invest with a RESP, you need to go with a service provider who is very well experienced and has good reputation. There are many service providers who sell the RESP plans but all are not stable. The Heritage Education Funds Inc. is the most experienced service provider in the market. They are selling RESPs since 1965 and so far they have helped 400,000 families to save for the higher education of their children. They have $2 billion of assets which make them the most stable service provider.

The RESP plans offered by the Heritage are very flexible. The money invested by all the subscribers is pooled and invested in an opportunity with minimum risk and high returns. The beneficiaries associated with this plan are benefited from the financial aid from other plans offered by the government. As a citizen or a legal resident of Canada it is very easy to create a Heritage RESP. You need few documents and the Social Insurance number of your children. You can invest as much as you can monthly or yearly. There is also an option to invest big amount once in every five or ten years. On the maturity of the plan, the beneficiary gets enough funds to pursue the higher education in their desired field of study.

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