 RESP
Secure your most valuable dream and save the tax with a Registered Education Savings Plan.
A 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.
An 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.
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for your child's future and RESP works to make it easier by allowing contributions to grow tax sheltered until they are withdrawn by the student.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.
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