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.