News Release - December 3, 2012
SASKATCHEWAN ADVANTAGE GRANT FOR EDUCATION SAVINGS LEGISLATION PASSED
The Saskatchewan Government is doing more to help families save for their children's post secondary education. Advanced Education Minister Don Morgan announced today that legislation was passed for the Saskatchewan Advantage Grant for Education Savings (SAGES) program.
The new legislation will enable the Government of Saskatchewan to provide a grant to a Registered Education Savings Plan (RESP) at a rate of 10 per cent of the subscriber's annual contributions up to a maximum provincial contribution of $250 per year per beneficiary. This is on top of the 20 per cent federal grant, which means if a family is contributing up to $2,500 toward their child's RESP the federal and provincial governments will add an additional $750 to that child's account.
"SAGES stems from a commitment our government made as part of our election promise. Once proclaimed, SAGES could benefit more than 83,000 Saskatchewan children under the age of 18 through contributions made to their RESP accounts each year."
SAGES is modelled after the Canada Education Savings Grant, which is delivered on a national level by Human Resources and Skills Development Canada (HRSDC). The federal government, through HRSDC, will be administering SAGES on behalf of the Government of Saskatchewan.
"Our government recently rolled out the Saskatchewan Plan for Growth to build a better quality of life for all Saskatchewan residents," Morgan said. "SAGES complements our vision for growth by encouraging families to plan for their children's future and promoting the importance of completing post-secondary education."
The Bill will be proclaimed at a later date to provide government time to prepare regulations. The new legislation will be implemented later in 2013 with it being retroactive to January 1, 2013.
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