Heritage RESP Complaints
No complaints on my Heritage Education RESP plan
I was told Group Plan RESP providers usually have high fees, but banks don’t. Actually, Banks also have fees! There is the cost of managing the assets called the Management Expense Ratio (MER) associated with owning a mutual fund. This fee is usually higher than Group Plans MERs. Group plans also charge MERs (typically known as portfolio and administration fees), but are typically less than one per cent of assets a year, because they invest in mostly bonds. I stuck with a Heritage Education RESP, because I feel their rates and fees are better than what my bank offers.
I also heard some people complaint about the Group Plan lacks of flexibility, because of the preset payment schedule. However, I found that it really helps us keep saving for my child’s RESPs. I have a monthly plan which is automatically withdrawal of $200 from my bank account, and I also have a lump sum plan that for occasional one time contribution. Whenever my kid receives money gifts from grandparents or family, I will put them toward his lump sum plan right away. Thinking of getting 20 per cent CESG top up for every dollar we put into the Plan, it really helps keeping the momentum to save and reach our financial goal! I don’t know why some people don’t see the benefits of having a RESPs for their child. For us, it is the most effective tool to save for their future.
I also asked our Heritage Sales Representative what if we can’t keep up with the payment; he explained to us that how we can restructure our Plan if necessary. Even if we need to reduce our monthly payment for whatever reason, we can always play catch up when we are financial ready again (until the child reaches age of 15).
As a parent, you always want the best for your child’s future. Research actually showed that healthy parental aspirations and expectations had direct relationship on child academic success and chance of attending university in future. I don’t want to pressure my child that he must go to university but I want him to know the money is there for him when he needs it. And he does not have to worry about how to pay back the student loan when he graduates.
I will highly recommend all Canadian parents and grandparents to open an RESP for their children with Group Plan providers like Heritage. Click here to read more about Heritage RESP scam.
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When I found out I was pregnant, I was shocked and scared – I was a young Mom and ended up being a single mother to play the part of both mommy and daddy.
When my son was born I started thinking about the future, how am I going to be able to care for him and give him everything I possibly can – an Education… how would I be able to afford University if I’m already struggling to pay for my own education!
My sister spoke to me about opening an RESP for him and suggested to contact Heritage and speak to one of their representative about the process. My representative was awesome, my meeting with her made me comfortable, she showed me that she cared about my investment and suggested that a person in my situation is able to provide for my child – she spoke about contributing anything that I can afford (something is better than nothing)!
Having a Heritage RESP has put me at ease about paying for my son’s education; my representative still keeps in contact with me which shows me that she wasn’t only after my business but also built a friendship with me. At any point if I have a question or concern with my plan, she was willing to assist me as best as she can and I appreciate the effort that my representative and Heritage goes through to help a single mother like me give the gift of the future to my son.
Subscriber since 2002
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How much do you love your current job? Recently a Heritage Education Funds (www.heritageresp.com) employee decided to step out and praise why she loves her place of work and why she feels she is fortunate to be working in a company which gives back to their employees.
The top 2 reasons why I like working at Heritage:
1. Heritage constantly invests in employee training and development.
When I was doing the CMA Strategic Leadership Program, most of my group-mates were working for larger organizations. In one of our conversations during break, the topic of employee benefits including tuition subsidy came up. It turned out that everyone in my group was receiving partial subsidy from their employers. They were amazed to find out that I was receiving full subsidy. Needless to say, Heritage provided 100% funding for my CMA education. Today, Heritage continues to support my professional learning and development.
2. I have been fortunate to work for good managers in the Finance department.
I have worked for 4 to 5 bosses (current one included) in my long tenure at Heritage. Though diverse in personalities and styles, all possess a collaborative approach, calm and patient demeanour. Siva, my very first boss, was my mentor. He is retired now. It was quite refreshing and heartening to know that one of the reasons he hired me was because of my quiet nature. He and those that came after are able to see beyond my introverted personality and acknowledge my contributions.
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