Post secondary education plays a crucial role in building the future of the children. The higher education not only gives knowledge but also imparts special skills required to succeed in the chosen field. Today, every employer seeks to hire a person with specialized skills and professional degree. The higher costs of post secondary education in Canada, is making many parents fail to get their children higher education. Children should not be discouraged from pursuing post secondary education because of the poor financial situation of the family. Students can fund their education from student loans but these loans remain as debt for the students and they need to work hard to repay the loan.

Parents should think wisely and save for the post secondary education of their children so that they can have a bright future. Savings are always better than debt. Savings should always start early so that enough money is saved to pay for the college education. There are many ways of saving money. The best way is to save with the Registered Education Savings Plan.

Who can start?

RESP plans are a type of savings plan where the parents, friends, caregiver, grandparents or any relative of the child can start saving for the future of the child. To start the plan, the subscriber, generally the person who starts the plan and the beneficiary, the child who receives the money from the plan needs to be a legal resident of Canada and the Social Insurance Number (SIN) of both the persons are essential. Apart from this couple of basic documents like the permanent residency card and the birth certificate of the child also needs to be provided.

Advantages:

All the income earned by the money invested in RESP plans are tax sheltered. The beneficiaries of the RESP plans are also benefitted by the Federal government sponsored education grants like the Canada Education Savings Grant (CESG), Canada Learning Bond (CLB) and some provincial government sponsored education grants like the Alberta Centennial Education Savings Plan (ACES), and the Quebec Education Savings Incentive (QESI). The financial aids from each of these plans add up to $500 per child per year until the child turns 17 years of age. The parents can keep investing for 35 years, which is the tenure of the RESP plan.

The Service Provider:

The RESP plans are available throughout Canada. They are offered by all the financial institutions like the banks, credit unions, certified financial advisors and others. The Heritage Education Funds have been successfully doing the RESP business for over 50 years. Heritage is the leading service provider of RESP plans in Canada. They are the most stable and trustworthy providers with assets worth $2 billion. They have made over $900 million as the Education Assistance Payouts to the beneficiaries.

The Heritage RESPs are very flexible and easy to invest. The knowledgeable professionals at Heritage help parents choose the right plan as per their needs and know how and where to invest the money to avoid risk and earn potential returns. The parents can choose to invest small amounts monthly or a big amount once a year or once in every five or ten years.

Payments for the post secondary education become easy when the family is associated with the Heritage plans.