Advantageous Savings Method for Post-Secondary Courses

A university or college degree is often a prerequisite for a great career. Your child may want to study at post-secondary level in order to acquire the necessary knowledge for exercising a morally and financially rewarding profession. As a parent, grandparent, or relative, you can give your beneficiary the education they deserve by investing in a Canadian Registered Education Savings Plan. You can entrust the management and administration of your plan to the Heritage Education Funds, a foundation that manages over $2 billion in assets at present.

A Heritage RESP representative can be contacted online, on the phone, or in a local office. The provider’s home office is in Toronto, but there are branch offices across Canada. You will receive expert consultation and full clarification on your choices. The plan will be designed after careful consideration of your budgetary needs in order to meet your particular requirements. There are many different contribution choices, and you can select the best one with proper guidance. You can make small contributions often or pay annually. Every RESP plan enables you to obtain various government grants, some of which are worth thousands of dollars.

One of them, the Canada Education Savings Grant, can give your child up to $500 or $600 every year, until they reach the age of 17. What is more, the Canada Learning Bond awards an initial sum of $500 and an extra sum of $100 every year until your child becomes 15. There are also some grants for residents of Alberta, Quebec, Saskatchewan, and British Columbia. The Alberta grants will eventually be eliminated, but no definitive date has been set for this yet, so you may still qualify.  Two of the provincial incentives mentioned above are new. Specifically, the grant offered to residents of Saskatchewan will debut in fall 2013. A beneficiary may receive up to $4,500. The British Columbia grant offers $1,200 per child, who must be born on or after 1 January 2007. An application form needs to be completed when the child becomes 6 years old, and be sent before the beneficiary is 7; it will probably be launched in late 2014 or late 2015. Heritage will be able to provide more relevant information after the provincial governments give notification of their requirements.

When your beneficiary begins studying at a post-secondary institution, they will be able to receive Educational Assistance Payments, which are made up of income on principal, government grants, and income on government grants. With the Scholarship Option, the EAPs can be allocated to a student over a period of 1 to 3 years; with the Self-Determined Option, the EAPs are given to a student who attends a qualifying program; in case the beneficiary does not attend such a program, they are awarded an Accumulated Income Payment (AIP).

It is worth noting that your RESP savings are tax-free and that makes them more advantageous than any other methods of savings. You can also consider a plan with increased payments and further student savings bonds. An early increase in RESP contributions can also boost your tax benefits and offer you a stronger return.

Advertisements

Heitage RESPSecuring funds for your children’s higher education need in the future can become an uphill battle; mainly because of the higher cost of living that this modern day lifestyle requires. A paycheck to paycheck financial system makes the odds even harder for a number of Canadian families to provide the best quality of education there is for their children. A good thing is that there are a number of financial assistance programs that are approved by the government that aim to support the financial aspect in children’s higher education. One of such is the RESP or Registered Educational Savings Plan.

Registered Educational Savings Plan is a financial assistance program that is duly recognized and developed by the Canadian government that helps in providing the highest possible standards of education to the majority of Canadian children. The main objective of this program is to provide most Canadian children; especially those who are coming from low income and middle class families, an easy access to the highest standards of education that they can possibly acquire. This low-risk investment plan provides positive returns that may be used in funding your child’s higher education in the future. Moreover, children who are beneficiaries of the RESP program are highly eligible for availing major educational assistance by the government such as the Canada Education Savings Grant and Canada Learning Bond.

So as to benefit from a variety of government assistance programs, one is urged to deal with a highly dependable RESP provider that offers flexible payment terms in order to suit each family’s financial capability. One of the most reputable in this field is the ever reliable Heritage Education Funds Inc – a company that has been around for over five decades and has helped out thousands of Canadian families in their unified aim to provide the best quality of higher education for their children. Heritage RESP is considered as the most stable company there is when it comes to planning and securing your child’s higher educational needs in the near future. The company’s commitment to provide the most needed assistance along with their excellent track record and a secured asset of worth $2 billion, makes it the best option with regards to the preparation and security of your children’s future.

RESP: An Educational Investment Promising Bright Professional Prospects

It is natural for Canadian parents to feel anxious about their children’s educational future, especially now, at a time when post-secondary education costs more than ever before. With tuition fees getting higher and higher, investing in your child’s education early enough is a wise choice that can save you from future trouble.

The Registered Education Savings Plan (RESP) assists you in funding your child’s post-secondary education. It is a particularly convenient savings plan that has been running successfully for more than half a century. You can simply get in touch with a Heritage RESP representative who will advise and guide you in every step of the way so that you follow the most suitable contribution plan according to your budgetary capacity. One of the strongest assets of the plan is its flexibility. You are free to contribute any amount up to $ 50,000.

The Educational Assistance Payments (EAPs) provided for by the plan may be used for meeting costs at many post-secondary educational establishments all over the world. Only lower risk investments are made by your contributions. Nearly 80% of the savings are invested in governmental bonds, which mean that you can expect a stable return.

Heritage is a provider dealing with the distribution of RESPs exclusively. Thanks to the Heritage Education Funds, you can benefit from numerous government grants. Beneficiaries of these grants have received more than $ 425 million so far. One of them, the Canada Education Savings Grant, actually offers up to $ 7,200 per child. Your offspring may even be entitled to further governmental funding according to your family income. This financial assistance and the safe investment earnings can accelerate the growth of your RESP portfolio.

You do not need to be concerned about tax problems at all, as the earnings on these investments are taxed under the students, who normally have exemption status. If you are unable to pay high sums for such a savings plan, you should not be alarmed either. You can contribute low sums regularly, and these will add up in time. In fact, you can wait until your children celebrate their 15th birthday to add increased funds to their RESP.

Heritage RESP for Your Child’s Higher Education

If you are worried about your child’s future and especially of the money that he or she would require to pay when they move into university, then you must know that there are a number of financial assistance programs using which you can secure money for the higher education of your children. The cost of education has been constantly rising for the last few years and as of now it costs more than ever before. This has certainly made many parents worried regarding the future of their child, since many believe that education is the cornerstone of success in life.

heritage.respRegistered Educational Saving Plan (RESP) is a government approved program that allows parents to contribute on a monthly basis or annual basis or even once in five years or once in 10 years. These contributions are used for investments that are low risk in nature, so that the savings created from the returns can be used for the higher education of children. In addition to the returns that parents get from their investments, the beneficiary of a RESP will also become eligible for financial assistance from the government. For example, they can receive money from the Canada Education Savings Grant. Also families with lower income will also qualify for Canada Learning Bond.

In order to receive all the benefits you will need to first connect with an excellent RESP provider. The association of a RESP provider with other government grants programs and the flexibility it offers in its programs are things to watch for while enrolling your child with them. Heritage Education Funds Inc. is more than 50 years old. It has supported countless families all over the nation in securing funds necessary for their child’s higher education. Heritage RESP is associated with a number of financial assistance programs run by the government. This allows it to help everyone enrolled with their program to receive every possible financial assistance from the government. It has over $2 billion in assets, which makes it a very stable company. While there are risks with investments, the combination of being with financially stable company and making low-risk investments, certainly reduces the risk level to the lowest.

Financial Preparation For The Higher Education Of Your Child

There is no doubt that education plays an important role in the future of any child. This is one of the reasons why higher education is so important for the bright future of your child. But with the rising costs of higher education, many parents are finding it very hard to cover the expenses of their child’s education. This is the reason why there are a number of financial assistance programs that have been recognized as an RESP, so that parents would find a way to pay for the higher education of their children.

Registered Educational Saving Plan (RESP) is a program that has helped many parents all over Canada to systematically gather the money required for the higher education of their children. If you would like to set up an RESP for your child, you would need to first have the social insurance number of the child and some basic documents. Next you will need to find a suitable RESP service provider like Heritage Education Funds Inc.

Heritage Education FundsThere are two very important things that you need to keep in mind while setting up an RESP. Firstly, your monthly and annual income, and secondly the number of educational grants programs that your RESP provider is associated with. By keeping in view your monthly or annual income while deciding the options for your child’s RESP, you will be able to set up a Plan which will not be a financial burden on you. A Sales Representative with Heritage Education Funds Inc. will be able to help you with this. Also with Heritage Education Funds Inc.you will not need to worry about other major financial assistance programs from the government,as Heritage Education Funds Inc.is associated with four of the major federal education savings grants run by the government.

There are two kinds of RESP Plans that you can select from. The Individual Plan and the Family Plan. If you have only one child that you want to save money for then you can choose the Individual Plan, as only one beneficiary can be added to this Plan. However, in case of multiple children you can opt for the Family Plan where you will be required to set the percentage of contribution that would go to each beneficiary.

Importance of Heritage RESP Savings Plan for Higher Education

Heritage Resp
The cost of higher education today is on an all-time high and as per the current trend it seems like the cost would only go higher. The most important question that needs to be answered by parents, guardians, or students is that – how much money should be saved for higher education? It is always good to save as much as possible as the excess of money will never be a problem, it’s only the lack of it that creates a problem.

Saving Money for Children with Registered Educational Saving Plan

There are many organizations today that offer programs that could help you save money for you or your loved ones’ education. However, there are speculations regarding the reliability of many of these organizations. The government of Canada has introduced Registered Educational Saving Plan (RESP) that can be used to save money for educational purposes. Using RESP you will not only be able to save a substantial amount for further education, but could also receive financial aid from government education assistance programs like Canada Education Savings Grant (CESG), Canada Learning Bond (CLB), etc.

Options for Ensuring Funds for Your Child’s Education

Parents who are looking for ways to ensure funds for the education of their children must consider institutions such as Heritage RESP for opening an education savings plan. Opening an education savings plan is not very difficult and only requires some basic documents along with the Social Insurance Number (SIN). Parents who have children below 18 years old can also benefit from Canada Child Tax Benefit (CCTB), since they will be tax exempted for the funds they save every month for the upbringing of their children.

Heritage RESP Education Fund

Since 1965 Heritage Education Funds Inc. has been supporting Canadian families. Its prime objective from the very beginning was to create an effective education savings plan for the children in Canada, so that they would be able to pursue their desired careers without any financial stress. The Canada Learning Bond (CLB) and Canada Education Savings Grant (CESG) were added to Heritage Education Funds in 2004 and 2006 respectively. Additionally, Heritage Education Funds is also associated with other monetary assistance programs from the government like Alberta Centennial Education Savings Plan (ACES) and Québec Education Savings Incentive (QESI).

Investing in your child’s future with Heritage Education Funds is very easy. There are a number of savings schemes that you can choose from. You can even choose whether you would like to deposit your savings every month or annually. Options such as one time contribution every five years or 10 years are also available. The maturity of the investment scheme is set to 31st July of the year the child becomes 18 years old.RESP is a very secure investment plan and is backed by the Canadian government. Parents can expect a very good return from this program

About: Investing in the Heritage Education Fundcould also help you benefit from financial assistance from the government.