Most parents’ life priority is for their kids to enjoy the best post-secondary education and that includes joining college, trade school or university. Unfortunately, the high cost of attending the various post-secondary education is on the rise consistently due to the outpace inflation.

Starting an education saving plan for your children helps you to cater for their education while enjoying the government incentives. Additionally, you can reduce the burden associated with taking debts to pay the college fee. The sooner you embrace the power of saving for your kid’s education the better for their future. Here is some of the education savings plan or RESP in Canada for your kids

The registered education saving plans enable you to save for your children post-secondary education. It’s a tax-free service conducted in a particular saving plan that is registered by the Canada Government. Though the program you can contribute any amount of money to a maximum of fifty thousand Canadian dollars. Ask for specialists at Heritage RESP

You can opt to join the individual plan that gives you the power to invest the savings according to your wish. The family plan gives the benefit of saving for more than one individual. Each of the beneficiaries should be related to the contributor, and they should be under 21 years on the time of applying for the plan.
The registered educations savings plans enable the contributor to open the program without the minimum deposit. Also the amount and time of contributing depend on the contributor. Saving your kids education through the registered education saving plans gives you an option to choose between the legacy education saving plan and the advanced education saving plans.

The Legacy educations saving plans enable the contributor to maximize on the education savings investments operating it in their preferred discipline and structure approach. The advanced education savings plans are ideal for families fully committed to saving for their kid’s future through a flexible disciplined and structured approach to savings and investing.
The Canada government gives the contributors the chance to have an education saving plan through the government premiums bonds and savings bonds. Saving with the government bonds enables you to earn interest hence being in a capacity to get financially independent.

As a parent, you can opt to open a tax-free saving account that enables your children money to grow without having to pay interest. The funds may be withdrawn easily without any conditions. Using non-registered accounts helps you to save up for children education. The accounts flexible hence help you to retain full control.
Setting up a trust fund offers the best way to transfer money from between two parties. The trust agenda is to control, manage and protect the funds hence keeping it for the intended purpose. Trust needs to be backed up by a legal agreement that outlines the significant terms and conditions.
Saving for your children education is crucial for peace of mind plus a bright future. Using the government authorized plans helps you to transfer money from one child to another without incurring any taxes.