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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CONTEST (CANADA)

WIN a $50 Tim Horton’s gift card from SnyMed.com – 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!


69 comments:

  1. When I was a child I wanted to be a kindergarten teacher. As I grew up, I no longer wanted to be one so of course it never happened. :p

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  2. I wanted to be nurse or a teacher. I am neither but still consider going back to school to become a nurse occasionally

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  3. I wanted to be a nurse & that dream came true

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  4. I wanted to be a high school english teacher. That did not happen.

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  5. I wanted to be a tractor driver! My oldest daughter is very artistic.

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  6. I wanted to be a teacher like my parents

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  7. I wanted to be an air hostess when I was younger!

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  8. My kids are very good in math and sports.

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  9. My granddaughter is always saying she loves helping people and she wants to be a doctor.

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  10. I wanted to be a nurse and it did come true. (Judy Cowan)

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  11. I wanted to be a teacher or writer and none of it came true. Although I do read and review a bunch of books, so that partially counts :P

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  12. When I was 6, my older cousin became a nurse. I wanted to be just like her, and have been in the nursing profession for over 35 years.

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  13. My grandson loves Math & Science and wants to be a Doctor to find a cure for MS

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  14. I want to be a stock broker, and ended up being a food technologist

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  15. i wanted to be a lawyer when i was a child, it didn't happen.

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  16. I wanted to be a nurse. Did not happen.
    Florence c

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  17. I played teacher as a child and thought maybe that I guess but found a gov't sponsered program which led me to another profession..no benefits though..but fairly good pay.

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  18. Never knew what I really wanted but the fork came in the road which led me to become a dental hygenist.

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  19. The entry form is not opening

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  20. I always wanted to be a french teacher, I am currently an educator but not in French.

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  21. As a child I wanted to work in a library with lots of books. Never did happen. But I do have hundreds of books at my house.

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  22. I wanted to be a doctor but once I was old enough to realize how much school that entailed, I quickly changed my mind.

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  23. I wanted to be a nurse but cant stand the site of blood how funny is that.

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  24. My grandkids are good in all academics and both are excellent athletes - my daughter is very lucky.

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  25. I wanted to be a teacher when I was young, but as an adult I am now glad that I never became one - I don't think I would have the patience needed!

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  26. I wanted to be a veteranarian :) my son SHOWS great interest and promise in scientific study (hard career to fall to) he wants to be either an entymologist or a biologist

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  27. When I was little, I wanted to be a ballerina. Needless to say, I do NOT have the body of a ballerina, but I'm living through my daughter who is in both ballet and figure skating lol.

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  28. Thr kindergartener in the family was awarded a Star Speller award!

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  29. I wanted to be an interpreter. Instead, I became a mom of 3! Lots of interpreting there! LOL.

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  30. I wanted to design bridges ... Instead I'm still in and out of post-secondary figuring out what will stick - Newest venture in healthcare

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  31. i wanted to be a reconstructive surgeon.... it didn't happen.

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  32. When I was very, very young, I wanted to be a cashier...which eventually came true. When I became old enough to understand more about careers, I wanted to be a lawyer. I did not become a law, but do work in a similar field.

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  33. I wanted to be a teacher and a mom ...turns out I became a mom :)

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  34. When I was a child I wanted to be a nurse and that dream did come true although my career is currently on hold due to chronic illness.

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  35. I wanted to be a hair dresser and did become one.

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  36. When I was a child all I wanted to be was an adult. Well, my dream came true and now as an adult all I want to be is a child :)

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  37. I'm not sure if my comment published, but I wanted to be a baker. It came true.

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  38. I wanted to become a social worker, unfortunately it never happened.

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  39. I wanted to be a teacher and it did not come true.
    aka midgeknows@rogers.com

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  40. When I was a kid, I wanted to be a teacher and I am!

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  41. I would say it has been pretty close to what I wanted to do when I was younger (writer, although the acting/performing/singing prospects never really took off). I like to think I'm still young though!

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  42. I wanted to be a game warden. Nope lol.

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  43. I wanted to be a marine biologist and no didn't once I realized how much school it took!

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  44. I wanted to become a librarian when I was a kid. My wish sort of came true.

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  45. I wanted to become a lawyer unfortunately it never came to be.

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  46. When I was very young, I wanted to be a teacher. Pretty common for girls of my generation, I guess. Then I decided I wanted to become a vet. But I thought it was all about puppies and kitties and once I learned that surgery was involved, those dreams were dashed. I didn't pursue either of those careers.

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  47. I wanted to be a doctor when I grew up.... didn't happen unless you call me Dr. Mom :)

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  48. My son is really really into sports. He wants to be a hockey player, baseball player and basketball player. All at once haha.

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  49. I wanted to be a veterinarian when I grew up. I quickly changed my mind when I realized I would have to administer shots and perform surgery :P

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  50. I thought I wanted to be an actress but I actually love being a homemaker!!!

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  51. I wanted to be a psychiatrist when I was younger and became an excellent bartender, so I guess I came close, lol!

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  52. I wanted to be an archaeologist when I grew up.

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  53. I wanted to be a dentist. But I couldn't pursue it.

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  54. Played teacher and store owner as a kid but not really knowing what I really wanted to be..became a dental asst.

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  55. My older daughters are gifted in art and my second is also gifted in math and music. She has an almost photographic memory so once she learns something in math or music, she has it with little to no practice. I can't wait to see what she does with her life, she has so many things open to her.

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  56. my dream was and still is to become a singer

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  57. As a child, I wanted to be a teacher.

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  58. JanetD: I wanted to be a mother & study music. Achieved both.

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  59. My son says he want to be architect. He's 6, lol but it would be great.

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  60. As a child I wanted to be a writer and a teacher.

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