Help From Help From RESP PlansRESP Plans

The higher costs of college education are the cause The higher costs of college education are the cause of concern for parents in the country. Post of concern for parents in the country. Post secondary education is very important for ever secondary education is very important for ever child's future. Parents find it difficult to meet the child's future. Parents find it difficult to meet the expenditure of higher education without proper expenditure of higher education without proper financial stability. The education grants offered by financial stability. The education grants offered by the federal government and the provincial the federal government and the provincial governments give some relief in the form of governments give some relief in the form of financial aids. But they do not pay enough to meet financial aids. But they do not pay enough to meet the complete expenses. the complete expenses.

The Registered Education Savings Plan The Registered Education Savings Plan (RESP) approved by the federal (RESP) approved by the federal government allows Parents to invest and government allows Parents to invest and save money for the future education of save money for the future education of their child. The RESP can be opened by their child. The RESP can be opened by anyone who wants to save money for anyone who wants to save money for their children or grandchildren’s higher their children or grandchildren’s higher studies. The person who opens a RESP is studies. The person who opens a RESP is called the subscriber of the plan. The called the subscriber of the plan. The subscriber can invest money little by little subscriber can invest money little by little up to a life time limit of $50,000 per child. up to a life time limit of $50,000 per child.

The The Heritage Education Funds are proud providers of are proud providers of RESPs in Canada for over 50 years. They have helped RESPs in Canada for over 50 years. They have helped 400,000 families by making the payouts of $900,000 400,000 families by making the payouts of $900,000 as Education Assistance Payouts (EPA). The subscriber as Education Assistance Payouts (EPA). The subscriber can make investments up to 31 years and the plan will can make investments up to 31 years and the plan will be active for 35 years. To open a be active for 35 years. To open a Heritage RESP, the , the beneficiary must be a Canadian citizen or a legal beneficiary must be a Canadian citizen or a legal resident and must have a Social Insurance Number resident and must have a Social Insurance Number (SIN) and some basic documents.(SIN) and some basic documents.