Have ample choice but still worried about being able to afford a decent education for your kid? The government has a great tax shield plan called RESP that will ensure that when the time comes, your child will get the best returns on your investment, while paying almost zero taxes. Moreover, companies like Heritage Education Funds offer amazing benefits through the Heritage RESP plan that will allow you to avail flexible pay out options when your investment matures, the choice of contribution periods that suit you, and great returns, among other things.
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Did you know that you could open a dedicated savings account to put money aside towards your child’s education? Registered Education Savings plans are offered by most financial institutions and allow you to make regular contributions that can be withdrawn by your child once they start attending college. This is an interesting way to save up for your child’s education since the Canadian government will also make contributions to the savings plan. Once you open an RESP to save up for your child’s education, you have the possibility to apply for grants via the financial education where you opened up the savings plan.