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PAGE 8, WHITY FREE PRESS, WEDNESDAY, JUNE 7,1989 *hitbybusnes Scholarslhip trust Iielps pay future'education cSts By Debbie Luchuk1 With the ever increasing costs of post-secondary education, xnany parents and grandparents br uying Registered Education Savigs Pans (RESPs) to assist in the future costs of their child's education, and as a tax shelter. Whitbyv's latest financial busi- ness addition is the eastern Ontario office of Heritage Scho- larship Trust Foundation, a non- nrfit organization that offers Êâs for the funding ofpst secondary education(as recog- nized in the Income Tax Act). Heritage Scholarship Trust, formerly known as Canadian- 'erican Financial Corp., was ,de a solely Canadian business ASeptembeir 1988. The company 's regstered under the Canadian SeeLurities Commission. «The plan ii offered to Cana- dian children for ages 0 to 14 and it is a tax sheltered RESIý under the Incarne Tax Act of Canada," says Frank Woodcroft, eastern Ontario region enrol- ment director, based in Whitby. «Parents or grandparents (can obtain an RESP) for as littie as $9 a month, anywhere up to a current maximum of $3,200 per single agreement." The $3,200 axnount is the maimum allowed by the Income Tax Act. omis sion01 A story in last week's edition did not mention that Middleton's Book Store, which is closing this month, was opened by Aner SaznansI in 1956. The store was called Abner's Book Shop. Sarnanski then sold the store to Jeif Middleton, in 1969. The proram allows parents to make regular deposits, and when the plan matures, ail of the parents' or grandparents' money is guaranteed ta be returned tax-free to the parent to be used toward the child's first year of post-secondary education. After that, «scholarships are paid out in each of the second, third and fourth years to the student, which represents the return of interest on the princi- pal deposit,» says Woodcroft. Administrative and sales charges are refunded to the stu- dent/parent in full with maturity of the RESP. Woodcroft is well aware of the costs of post-secondary education - bis son attends an American university, at $19,000 for the next echool year. «We are fortunate in this coun- try to be at a fairly reasonable cost (for post -secondary educa- tion), not ie the U.S. "The cost of education today at universities like Queens, McGill, University of Toronto, is approaching $10,000 per year, which would mean a four-year undergrad degree would cost $40 000. «I1ý the year 2000, the same costs are estimated to be upwards of $85,000," he said. Woodcroft formerly worked in management at the main office of Heritage Scholarship Trust in Toronto. A former director of the Toronto office, he became invol- ved in the Whitby agency in September 1988 to coincide with the birth of the Heritage pro- gramn. "I'm really, really excited and it's very rewarding ta, be able ta assist young parents plan' for the future of this country." He is assisted in the solici- tation of enrolments by 18 repre- sentatives, and will be hiring three more in the very near future, he said. "WVe got really overwhelmed by business. Business is really going incredibly and we're going to have tah ire three more reps1 in Oshawa-Ajax-Whitby area," Woodcroft said. The làtest way for investment in a Heritage Scholarship T7rust plan is.thrôugh corporations and unions. "An- exciting new development is that in May 1988, for the first time in Canada, the HeritageA Scholarship Trust Foundation can offer the scholarship pro- gram to corporations or unions. That will assist employees in the opportunity ta provide scholar- ships and save thousands of dol- lars in income tax." Woodcroft said several com- panies have been approached to take on the Heritage Scholarship T7rust plan, and negotiations are StUR ongoingf. Among the methods of deposit are pre-authorized monthly pay- ments, annual deposits, a five- year monthly and five-year annual single deposit.pla. Heritaýe Scholarship Trust Foundation's eastern Ontario office is located in the Brock Building, corner of Brock and Dundas Sts.. Woodcroft can be reached by phone at the office 430-2622 or 433-RESP (24 hours a day). FRANK WOODCROFT (ight), enrol- tion, explains the plan to a prospective ment director for the Whitby office of client Fleritage Scholarship- Trust Founda- Vince Ohprocio-Free Pr.., photo YOU'RE INVITED to a HOMECOMING Sandoz Canada invites you to visit our newly expanded facility on Consumers Drive. The $17 million expansion has doubled our size ro 15,000 square meters. We now have a computerized Hligh-bay Warehouse and a unique Quality Control Robot. Corne and see our new high speed line which will produce more than 35 million pouches of Neo Citran annually. We are proud to be part of the Community and proud to show off our new facility! Please jin us Saturday, June lOth e Facility tours for the public take placeN between 10 a.rn. and 1 p.m. *Refreshments will be served in a ý camnival ent 2b CONSUMERSI CHAMPLAIN * Balloons, clowns, face painting W RIE aVEU for the children x HIGFflAY 401 We hope to see you there! SAKIDOZ '