Heritage Education Funds reminds families this holiday season to give the gift that will last a lifetime - an RESP
TORONTO, Dec. 11, 2012 /CNW/ - Heritage Education Funds reminds families that as we enter into this holiday season, one of the best gifts you can give a child is the gift of education. Opening a Registered Education Savings Plan (RESP) could put your child, grandchild, niece or nephew on the right path to saving for expensive post-secondary education costs. Many of the traditional toys given over the holidays will be outgrown, broken or forgotten, but an education will provide that child with a bright future, a gift that will last a lifetime.
Heritage Education Funds has specialized in RESPs for nearly 50 years and with close to 2000+ representatives across Canada there is always someone close by to assist you with opening an RESP this season. Heritage manages over $2.3 billion in assets and has already assisted over 400,000 Canadian families to date. We are proud of how our product has made so many dreams come true and stand behind our brand of trust and expertise.
Canada is home to over 90 universities, averaging 806,000 full time students a year. According to the Canadian Federation of Students, the average debt for university graduates is almost $27,000, and today nearly two million Canadians are carrying school debt exceeding $20 billion. The average school debt is expected to continue to rise; a report from the Canadian Centre for Policy Alternatives shows that since 1990, average tuition and compulsory fees for undergraduates have risen by 6.2 per cent annually. This is difficult to catch up to since it has increased at a rate that is three times the rate of inflation. Current costs to study at a Canadian university are averaging $6,186 a year according to statistics Canada, and that doesn't include the cost of books, food or lodging.
Here is why you should select Heritage this Holiday season:
- When a child can focus on their studies and not on part-time work to pay for tuition, they are more likely to succeed and excel in their course work
- The job market continues to be competitive, according to Statistics Canada; higher levels of education are typically associated with higher employment rates. In Canada in 2009, 82% of the adult population aged 25 to 64 with a tertiary education were employed, compared with 55% of this age group with less than high school education
- Heritage offers its subscribers a group plan, a lower risk option. We have held consistent returns with 1, 3, 5 and 10 Year Returns of 6.91%, 6.29%, 6.10% and 6.20% respectively
- Our fee structure works out to be lower; in a group fund you pay your fees in the beginning and then once paid up every penny onwards goes towards your principal†. Many other products have an ongoing MER (Management Expense Ratio) which at first appears to be minimal but which increases as your principal increases over time.
- Tax sheltered savings, your RESP is not taxed until withdrawn at which point you will pay little to no taxes if withdrawn under the student's name
- We apply for all government grants you are eligible for on your behalf. You don't have to do any extra research to figure out where and how to apply; we will let you know which grants apply to you so you don't miss out, including the Canada Education Savings Grant and Canada Learning Bond*.
- If your child chooses not to pursue a post secondary education you have options, such as the ability to transfer the income to your RRSP
- Another option if your child does not attend post-secondary is that you can transfer the plan to a sibling
About Heritage Education Funds Inc.
Heritage Education Funds Inc. is one of Canada's leading providers of fixed income RESPs (Registered Education Savings Plans) and is the distributor of the Heritage and Impression Plans. Heritage's objective is to encourage parents, grandparents and other interested adults to save for a child's post-secondary education through a planned education savings program.
Those interested in more information about Heritage Registered Education Savings Plans, please visit www.HeritageRESP.com or contact Customer Care at 1.800.739.2101.
This document and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Canada or any other jurisdiction. No investment decision relating to securities of or relating to Heritage Education Funds Inc. or its affiliates should be made on the basis of this document.
No representation or warranty is made or implied concerning, and Heritage Education Funds Inc. assumes no responsibility for, the accuracy, completeness, reliability or comparability of the information contained herein relating to third parties, which is based solely on publicly available information. This document contains statements that constitute "forward looking statements." While these statements represent Heritage's judgements and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from Heritage's expectations.
Heritage Education Funds Inc. specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of Heritage Education Funds Inc., and Heritage Education Funds Inc. accepts no liability whatsoever for the actions of third parties in this respect.
† Not including insurance premiums, if applicable
*Certain conditions apply; please refer to the Prospectus for full details.
© 2012 Heritage Education Funds Inc. Heritage Education Funds is the trade name of Heritage Education Funds Inc., Heritage Education Funds RESPs are offered by Prospectus only.
SOURCE: Heritage Education Funds Inc.For further information:
Heritage Education Funds
Direct Phone: 416.758.6494