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Monday, September 15, 2014

Why RESPs Are Important For My Children's Future & Why I Have FIVE! (CONTEST)

My Son The Mathematician
I’ve always known my nine-year-old son would grow up and one day pursue a career as a scientist. We first learned of his dream when he was only three years old, as soon as he could start articulating his wishes. He had an insatiable appetite for knowledge, always asking “why?” in response to our answers. He was possessed with the need to drill down and learn biological and astronomical subject matter like a true scholar; to learn about every bacteria, pathogen, virus, disease and pandemic.

My son‘s free time was spent watching YouTube videos on rabies and trying to find a cure for it by himself. He created word searches for his father and I, with words like “lethal infectivity,” “malaria” and “hepatitis.” One day he had researched Swine Flu so thoroughly, he couldn’t fall asleep that night. At bedtime, he kept asking me questions that neither I nor the internet could answer. Things like this keep my son awake at night: medicine, science and the universe.

As the mom to five children, ages ranging from four to nine-years-old, I take the future of their education very seriously. I know that for my oldest son to achieve his dream of becoming a scientist, it will either take a scholarship or a great deal of wealth. Naturally, a scholarship would make things easy, but having a Registered Education Savings Plan (RESP) to help save for his education gives me the peace of mind — and a sense of certainty — that my son will succeed in his education.
Weighing His Options For The Future
It was my husband’s idea to start paying into RESPs to help provide for our children’s future education. In fact, as soon as our oldest son was born, we got him a social insurance number and started putting away monthly towards his RESP. We have now paid into his RESP for nine years, and have eight years left until our son can use the funds towards post-secondary school tuition. I know that my son’s education will be the most expensive one out of all five of my kids, so it’s been wonderful to be able to finance his education over a 17-year period. I wish that I had known that I could have started saving earlier at the prenatal stage.

With the births of our 2nd, 3rd, 4th and 5th children also came RESPs to invest in. Just as with our oldest son, we pay into their RESPs each month and can choose the amount that works well with our personal finances. With Canadian housing prices through the roof right now, I don’t want my kids to have outstanding student loans and never be able to save for a home. By planning ahead, we can spare our children from this harsh reality and give them the boost they will need.

When my husband first researched Heritage Education Funds in 2006, he found the fees reasonable, the terms good, the payout attractive, that they had a long and stable track record, and he was impressed that there was flexibility in post-secondary school options (e.g.: a university education vs. a vocational school). After all, if you’re paying into an RESP for 17 years and find that your child wants to enroll in an ineligible programme, this can become a BIG deal.

Did you know the basic Canada Education Savings Grant (CESG)* will add 20% to your annual contribution , up to a maximum of $500 each year for each beneficiary? The lifetime limit for the grant is generally $7,200. Additional CESG* grants may be available, depending on your income.

If you’re on the fence about setting up an RESP for your child or children, don’t be! Figure out how much you can put away each month, and simply have Heritage set it up! Initializing the RESP shouldn’t be difficult and you can even pay by direct debit each month. I can safely say it’s an investment in your child you will never regret! 

*Certain conditions apply. See Prospectus for details.

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WIN a $50 Tim Horton’s gift card from – sponsored by Heritage Education Funds. Contest open to Canada - excluding Quebec, and ends on Monday October 13th, 2014.

How to Enter:
Leave a COMMENT below stating, what you wanted to be as a child—and if your dream came true. OR, tell me in which subjects or areas your child or grandchild is showing talent or promise (ie: mathematics, English, sports, etc). Then use the form below to enter the contest. BEST OF LUCK!

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