2. Getting your child educated involves lot of
efforts. Especially when the cost of higher
education is so high, parents have to
prepare in advance to meet the costs. If
you are not well prepared, it will cause
hindrance in your child’s higher education.
3. The government of Canada has approved
a savings plan called the Registered
Education Savings Plan which helps the
parents to prepare for the future
expenditure.
This plan is not only
approved by the
government but the returns
on the investment are
exempted from tax in the
hands of the parents.
4. Since 1965, the Heritage Education
Funds have been offering RESPs to
parents and helping them to save for the
future of their children. The money is
collected from all the subscribers and
invested smartly in low-risk and high
return opportunities.
5. It is very easy to open a Heritage RESP.
You will need to provide some documents
and the Social Insurance Number of your
child. When you are associated with this
plan, your children can also get financial
aid from the other government approved
education plans. You can choose to invest
as you like in this plan. It can be every
month or once a year or even once every
five or ten years. Your funds are totally
safe and you get good amount of money at
the maturity of the plan, when the child
turns 18 years old.