Financial Planning for Higher Education - PowerPoint PPT Presentation

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Financial Planning for Higher Education

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The Heritage Education Funds offer different plans to subscribers that suit different needs. – PowerPoint PPT presentation

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Title: 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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