The Saskatchewan Advantage Grant for Education Savings (SAGES) will help Saskatchewan families save for their children’s post-secondary education.
When you open a Registered Education Savings Plan (RESP) for a child, the Government of Saskatchewan will provide a grant that matches 10% of subscriber contributions made to a maximum of $250 per child per year. This only applies to contributions made since January 1, 2013. The maximum lifetime SAGES grant is $4,500 per child.
Contributors have until December 31 of the year the child turns 17, or until December 31, 2017 to make contributions towards an RESP and be eligible for SAGES, whichever comes sooner.
Reference the SAGES Glossary for definitions and terms.
The 16/17 Year Rule
There are special conditions for when the beneficiary turns 16 and 17 years old. Since contributors are not required to make a minimum payment to an RESP, in order for the beneficiary to receive SAGES when they are 16 and 17, one of the following conditions must be met:
- A minimum of $100 in annual RESP contributions must have been made (and not withdrawn) in any four years before the end of the calendar year the beneficiary turned 15; or
- A minimum of $2,000 in RESP contributions must have been made (and not withdrawn) before the end of the calendar year the beneficiary turned 15.
Talk to your financial advisor for more information.