TORONTO, June 24, 2013 /CNW/ - Heritage Education Funds is pleased to share that both British Columbia and Saskatchewan have
pursued provincial education grants for the residents in their
provinces. These grants support families saving for post-secondary
education for their children, and are deposited directly into the
child's Registered Education Savings Plan (RESP).
"These new provincial incentives are an exciting benefit to an already
wonderful product. Heritage RESPs have been assisting families to save
for their children's futures for nearly five decades, and it's
wonderful to see additional support for Canadian families who are
planning ahead for their children's education" says Jason Maguire,
President, Heritage Education Funds.
Many Canadian families have already benefited in building up their RESPs
with federal incentives such as the Canada Education Savings Grant*
(CESG), which contributes up to 20% of the first $2,500 of your annual
contributions into your RESP. You can receive up to the maximum of
$7,200 in CESG per eligible child, and in addition, the federal
government provides a one time initial contribution of $500, and then
annually $100 into RESPs. This incentive is the Canada Learning Bond*
(CLB). If you are a lucky resident of Alberta or Quebec, you can gain
even more through their provincial governments with the Alberta
Centennial Education Savings Plan (ACES) or in Quebec, with the Quebec
Education Savings Incentive (QESI).
Saskatchewan has recently announced their new education incentive, the
Saskatchewan Advantage Grant for Education Savings* (SAGES) which will
launch in fall 2013; this grant is expected to assist over 83,000
children less than 18 years, who have already contributed to an RESP
this year. The grant will be retroactive to January 1, 2013, but
processing the grant will not be made available until after fall 2013.
SAGES will be deposited directly in the beneficiaries RESP at the rate
of 10% of the subscriber's annual contribution, with an annual maximum
of $250. The lifetime maximum per child is $4,500; an impressive
incentive for parents with young children to open an RESP.
British Columbia's proposed grant; the BC Training Education and Savings
Grant* will be providing eligible families $1,200 per child.
Requirements state that the child must be a resident of BC, born on or
after January 1, 2007 and must have an RESP. To qualify the RESP
subscriber must complete the application once the child turns 6 years
of age, and submit before the child turns 7. The official grant start
date has not been confirmed, but the government has communicated that
it will likely be in late 2014 or early 2015. Eligible families will
receive notice to apply for the grant as soon as the administrative
process is in place.
Heritage Education Funds, proudly a Canadian owned an operated company
is consistently encouraging Canadian families to plan ahead for their
children's university and college education. British Columbia and
Saskatchewan residents are encouraged to open their RESP plans early to
ensure they reap all the benefits of the newly proposed grants.
Heritage will continue to communicate any updates and processing dates
for the proposed grants once the provincial governments have released
About Heritage Education Funds Inc.
Heritage Education Funds Inc. is one of Canada's leading providers of
fixed income RESPs (Registered Education Savings Plans) and is the
distributor of the Heritage and Impression Plans. Heritage's objective
is to encourage parents, grandparents and other interested adults to
save for a child's post-secondary education through a planned education
This document and the information contained herein are provided solely
for information purposes, and are not to be construed as a solicitation
of an offer to buy or sell any securities or other financial
instruments in Canada or any other jurisdiction. No investment decision
relating to securities of or relating to Heritage Education Funds
Inc. or its affiliates should be made on the basis of this document.
No representation or warranty is made or implied concerning,
and Heritage Education Funds Inc. assumes no responsibility for, the
accuracy, completeness, reliability or comparability of the information
contained herein relating to third parties, which is based solely on
publicly available information. This document contains statements that
constitute "forward looking statements." While these statements
represent Heritage's judgements and expectations concerning the matters
described, a number of risks, uncertainties and other important factors
could cause actual developments and results to differ materially
from Heritage's expectations.
Heritage Education Funds Inc. specifically prohibits the redistribution
or reproduction of this material in whole or in part without the prior
written permission of Heritage Education Funds Inc., and Heritage
Education Funds Inc. accepts no liability whatsoever for the actions of
third parties in this respect.
*Certain conditions apply; please refer to the Prospectus for full
© 2013 Heritage Education Funds Inc. Heritage Education Funds is the
trade name of Heritage Education Funds Inc., Heritage Education Funds
RESPs are offered by Prospectus only.
SOURCE: Heritage Education Funds Inc.
For further information:
Heritage Education Funds
Direct Phone: 416.758.6494