Education is essential for every child to become successful in life. Quality education gives a bright future to the children by getting them a good source of income and making them responsible citizens. And quality education does not come for cheap. With the rising costs of post secondary education in Canada, parents should be ready to make the financial commitments for their children's future.

Parents can start saving with the help of the Registered Education Savings Plan. These plans are investment savings plan which has approval from the Federal Government. Parents can start saving as early as when the child is born. This gives time for the funds to grow steadily to make sufficient amount available for the children when the time comes.

Financial flexibility:

Being associated with the RESP plans has many advantages. The RESP plans are highly flexible and enable the parents to invest at their will depending on their financial situation with as low as $10 month. Parents can keep investing in the plan until it matures in 35 years. The invested money earns interest and together it keeps growing until it is withdrawn for the higher education of the children. All the returns earned in this plan are tax sheltered.

Assistance from other grants:

The Heritage RESP plans are associated with the Federal government sponsored programs like the Canada Education Savings Grant (CESG), Canada Learning Bond (CLB) and other grants offered by the provincial governments of Quebec, Alberta, Saskatchewan. Usually, the financial aid from these grants makes up to 20% of the annual savings made in the plan to a maximum of $500 per child per year.

Flexibility to withdraw:

The beneficiary of the plan, usually the child, has the option to withdraw the money from the plan as and when required. To withdraw the money from the plan, the beneficiary has to provide the proof of his/her admission in a reputed college. The withdrawn amount is called the EAP, Education Assistance Payouts which includes the actual money invested, the earnings on the investments and any financial aids received from the grants. The withdrawn amount is treated as income for the beneficiary and is taxed. Because the student falls in the lowest tax bracket of the Income Tax Act, the tax amount will be almost zero.

Leading provider:

Every bank, credit union and financial institution in the country sells RESP plans. But the leading provider of RESP plans across Canada is the Heritage Education Funds. They have been serving families for 50 years making every single child’s dream come true.

Their RESP plans offer very flexible terms and conditions that suit every kind of families needs. The knowledgeable representatives at RESP help parents understand the options available and make them choose the right plan. Heritage has different plans for single child families and multiple children families. All the money contributed is carefully invested to get steady earnings.

It is the responsibility of every parent to support their children in achieving their goals in life. With Heritage as support parents can never fail in their efforts.