Trusted Regina’s Financial experts share their tip on the New Education Grant Available:
Get your extra 10% from the Government now!
RESP, Registered Education Savings Plan is an account set up to hold savings to grow tax free for educational expenses in the future.
The Government of Saskatchewan has recently added to the existing 20% RESP contribution from the federal government. The increase of 10% is called the Saskatchewan Advantage Grant for Education Savings Plan (SAGES) program. Now some individuals are eligible for up to 30% contributed to their RESP plans!
A family annually contributing $2,500 into their child’s RESP could receive up to $750 from the government. Over 17 years this would amount to $12,750 in contributions from the government if you contributed $42,500.
In an environment where +4% is a struggle to get in your investments this is a must do at +30% gain when you max out the contributions!!!
This new grant is an OPT-IN program; you will not automatically be put into it! You must fill out a new form.
Check out our Cost of School info-graph below!
Trusted Regina’s Finance Experts -give them a call to see how they can work for you!