Quebec Budget 2007: Improving access to post-secondary education

    Education savings provider available to discuss how parents can take
    advantage of expected 10 per cent RESP top up

    NEED A SOURCE?

    TORONTO, Feb. 20 /CNW/ - Quebec Finance Minister Michel Audet is expected
to announce a 10 per cent top up to contributions parents make to a Registered
Education Savings Plan (RESP) in today's provincial budget. The expected 10
per cent provincial top-up program would be an addition to the existing
federal government's Canada Education Savings Grant (CESG) which already adds
up to 20 per cent to contributions made to an RESP.
    Canadian Scholarship Trust Foundation (C.S.T.) commends the Quebec
government for any measure that sends a clear message of support for the
pursuit of post-secondary education.
    "Introducing a 10 per cent RESP contribution program would be a very
progressive move on Quebec's part," said Peter Lewis, Vice President, Canadian
Scholarship Trust Foundation. "Our experience has indicated that saving for a
child's education, regardless of the amount, increases the probability of a
child going on to higher education. Even if families can't make regular
contributions, the government funds would earn interest until the beneficiary
is ready to attend a post-secondary institution."
    The federal government's grant alone can add up to $7,200 over the life
of an RESP. If a family qualifies for the National Child Benefit Supplement,
they may also qualify for the Canada Learning Bond which can add up to $2,000
to their education savings plan.
    Government incentive programs are effective tools in encouraging saving.
Since the federal government introduced the CESG in 1998, more than
2.78 million Canadian children have benefited from the 20 per cent match on
RESP contributions.

    Peter Lewis is available to talk about how parents can maximize their
education savings potential. He can also discuss the benefits of starting to
save early and the role of a parent's expectations on a child's ambition to
pursue post-secondary education.

    The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest
and largest provider of Registered Education Savings Plans (RESPs) in Canada
with more than $2 billion in assets under administration. Its mission is to
promote the benefits of higher education and improve access by reducing
financial barriers and providing wide distribution of RESPs.

For further information: To arrange an interview, please contact: Myra
Reisler, Bus: [phone], Cell: [phone], [e-mail];
Gillian McArdle, Bus: [phone], Cell: [phone],
[e-mail]