SECURE YOUR MOST VALUABLE DREAM AND SAVE TAX (RESP)

An education savings plan (ESP) is a savings vehicle generally used by parents to save for their children's post-secondary education. You can save in the bank, but you get a lower rate of return due to higher MER's. A Registered Education Savings Plan (RESP) is an ESP that has been registered with the govt. of Canada with added benefits :

• The CESG
  adds an automatic 20% to your contributions, up to a maximum of $400 per year (or $800 if you have carry forward room).
• As of Jan 2005 you could be eligible for upto 40% of the grant for first $500 on your RESP.
• Interest grows tax-sheltered.

RESP works in a very simple way

More precisely, it is a contract between you (the subscriber) and Heritage Educational Foundation. You make contributions that accumulate tax-sheltered earnings. In return Heritage agrees to use the accumulated funds to pay educational assistance payments to beneficiary designated by you.

As the cost of education continues to increase, the need for an effective education savings vehicle is now more important than ever. Registered Education Savings Plan (RESP) is the right tool you have been looking for. Click here for RESP Calculation Table. This calculator will help you prepare for the cost of your children's education. By saving for a child's education, you are making an investment for your child's future and RESP works to make it easier by allowing contributions to grow tax sheltered until they are withdrwan by the student. This type of education savings plan is also useful for others who may want to make an investment in a child's future, such as a grandparent, aunt or uncle.

Let us help you in understanding

• Benefits of start savings early for your children's education
• Who's eligible for the CESG
  grant?
• An educational RESP for rising costs - Which do you choose?

Contact us more details.