February 2007 ISSUE
What's in it for me
More Students Eligible
For Centennial Savings
When we discuss APEGGA membership with new graduates and other potential members, a question often asked is, “What’s in it for me?”
Though licensure and the enforcement of the EGGP Act make up our primary purpose, APEGGA offers a wide range of benefits and other services to its members.
What’s In It For Me? is a series of articles describing these programs.
As the cost of post-secondary education rises and this trend is expected to continue, the federal and provincial governments are encouraging parents to open savings programs for their children’s future education.
In recognition of the importance of education, both governments are supporting individual Registered Education Savings Plans with financial grants.
The federal government tops up your annual RESP contribution by 20 per cent on the first $2,000 contributed, up to $400 a year per eligible child. The enhanced Alberta Centennial Education Savings Grant program provides an additional top up if your family net income is less than $71,190.
Last year the Alberta Government introduced its Centennial plan. Qualifying children born in 2005 and beyond are entitled to a one-time government contribution of $500 to a child’s RESP. Subsequent grants of $100 may be available to qualifying Alberta children at age eight, 11 and 14, provided a matching contribution of $100 is made into the child’s RESP in the year prior to the application for the grant.
An amendment to Bill 54 has passed and became effective Jan. 1. All Alberta children who have attained the age of eight, 11 or 14 on or after Jan. 1, 2005, will be eligible to apply for the Alberta Centennial Education Savings Plan $100 grant.
For more specific information on APEGGA-endorsed RESP and supporting government programs, visit www.heritageresp.com/content/education_resp_apegga.asp.