Financial Planning for Higher Education

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Financial Planning for higher Education
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• Saving for the child's future is every parents
  responsibility. They try to save as much as
  possible to meet the rising cost of education in
  the country. The Registered Education Savings
  Plans offer a way to invest and save for the long
  term goal of their childs post secondary
  education.

• The RESP is registered by the government of
  Canada and offer a tax sheltered investment plan
  to the parents. Parents can invest in the plan
  for 31 years and up to a life time limit of
  50,000.

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• The plan remains active for 35 years during which
  the beneficiary can withdraw money as many times
  as required to pay for the tuition fees, books
  and other expenses related to the education. This
  money is then taxed as income for the student.
  But the tax will be very less or no tax at all.

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• The Heritage Education Funds offer different
  plans to subscribers that suit different needs.
  The individual plan is best suited to the people
  who have only one child. And the family plans
  suits the people who wants to save for more than
  one child. These beneficiaries need not be
  related to the subscriber in the family plan. The
  Heritage RESPs beneficiaries also get the
  financial aid from the federal government plans
  like the Canada Education Savings Grant (CESG)
  and the Canada Learning Bond (CLB) and from other
  qualified provincial grants.

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Thank You