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.
There 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.