Help from RESP plans

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Help From RESP Plans
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The higher costs of college education are the
cause of concern for parents in the country. Post
secondary education is very important for ever
child's future. Parents find it difficult to meet
the expenditure of higher education without
proper financial stability. The education grants
offered by the federal government and the
provincial governments give some relief in the
form of financial aids. But they do not pay
enough to meet the complete expenses.
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The Registered Education Savings Plan (RESP)
approved by the federal government allows Parents
to invest and save money for the future education
of their child. The RESP can be opened by anyone
who wants to save money for their children or
grandchildrens higher studies. The person who
opens a RESP is called the subscriber of the
plan. The subscriber can invest money little by
little up to a life time limit of 50,000 per
child.
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The Heritage Education Funds are proud providers
of RESPs in Canada for over 50 years. They have
helped 400,000 families by making the payouts of
900,000 as Education Assistance Payouts (EPA).
The subscriber can make investments up to 31
years and the plan will be active for 35 years.
To open a Heritage RESP, the beneficiary must be
a Canadian citizen or a legal resident and must
have a Social Insurance Number (SIN) and some
basic documents.
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