Tuesday, September 16, 2014

Saving For Your Child's Future With Heritage Education Funds Inc.

It's Back to School Time! Now is the Time To Start Saving For Your Child’s Future With Heritage Education Funds Inc.

I remember when my oldest started school - it was such an exciting time for him, and very emotional for me. My mom came over, we walked him to the bus stop and watched him get on. It wasn't a super sunny day, but I was wearing sunglasses to make sure he didn't see my tears; I didn't want my emotions to affect how his first day of school started off.

Mr. J's very first day of kindergarten

With back-to-school season almost upon us and my youngest starting kindergarten this fall, I am again met with many mixed emotions: I am happy for this change in his life; I think he is going to LOVE school and having friends to play with every day. However, I am sad that he is growing up. I can only imagine the emotions when my children graduate high school and start post-secondary education.

With that come thoughts about finances and wondering what the cost of college or university is going to be 10 years from now when Mr. J graduates high school. We put money aside every month so that we will hopefully be able to help him with his continued education; we may not be able to cover all of the expenses while he’s in school, but we certainly hope that we will be able to help as much as possible.

There are many ways you can save for your child’s future education — a separate bank account, a shoe box under your bed, or an RESP. The "bonus" with RESPs is that there are certain grants from the government that can add money to the RESP, should you qualify. One of these is the Canada Education Savings Grant (CESG). The CESG equals 20% of the first $2,500 of your annual contributions per beneficiary. If your child is eligible for the CESG, you will receive a maximum of $500 to $600 until your child reaches the age of 17, to a lifetime amount of $7,200. Very handy!

Heritage Education Funds has been helping families save for their children’s post-secondary education since as far back as 1965. They also have representatives nationwide. You can check this link to find someone in your area.

Have you started saving for your kids’ post-secondary education?


  1. Informative! I wasn't aware of the Canada Education Savings Grant (CESG)...gonna look into all the specifics.

  2. Thanks for the information, I too had never heard of the Canada Education Savings Grant. (Judy Cowan)

  3. My daughter has started these funds for all three of her children


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