Saskatchewan Advantage Grant for Education Savings Program

Saskatchewan Advantage Grant for Education Savings ProgramAside from saving money towards your child’s post-secondary education, a key benefit of a Registered Education Savings Plan (RESP) is access to federal and provincial government grants.

Helping families finance the pursuit of their children’s post-secondary education is important to the Canadian government. By opening an RESP and making contributions, all Canadian beneficiaries are eligible to receive the Canada Education Savings Grant (CESG) up to a lifetime maximum of $7,200. This federal-level grant is available for all Canadians regardless of what province they live in. In order to further assist families with the financial burden of increasing post-secondary education expenses, several provincial governments have established grant programs that are paid into a beneficiary’s RESP on top of their CESG, such as the Saskatchewan Advantage Grant for Education Savings.

Saskatchewan Advantage Grant for Education Savings (SAGES)

SAGES helps families residing in Saskatchewan save for their children’s post-secondary education. The Government of Saskatchewan will provide a grant of 10% on contributions made since January 1, 2013 into an RESP to a maximum of $250 per child per year and a lifetime maximum of $4,500. 

Who is eligible for SAGES?

In order to be eligible for SAGES, the following requirements must be met:

  • The child is a resident of Saskatchewan when the RESP contribution is made
  • The child is named as a beneficiary of an eligible RESP
  • The contribution to the RESP is made on or before December 31st of the year the child turns 17

I have a CST RESP. How can I apply for SAGES?

Once you’ve set up a CST RESP, your CST Representative will work with you to help you fill out an application for SAGES. When completing the application, you will need to provide the following information:

  • The name, birthday and gender of the child
  • The length of time the child has been a resident of Saskatchewan
  • Name of the child’s parent or guardian
  • Signature of the child’s parent or legal guardian in case you’re not the child’s parent or legal guardian

Time is running out

The Saskatchewan Government has announced the temporary suspension of this program effective January 1, 2018. You have until December 31, 2017 to make contributions to an RESP and be eligible for SAGES. Don’t miss out, time is running out!