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The Canada Education Savings Grant program was announced in the 1998 Canadian federal budget tabled on 24 February 1998 by Finance Minister Paul Martin.The program was retroactively started on 1 January 1998 and placed under the administration of Human Resources Development Canada.
The Canada Education Savings Act (French: Loi canadienne sur l’épargne-études, CESA) is an Act of the Parliament of Canada. It is intended to provide financial assistance for post-secondary education savings. The first version of the law was assented to on 15 December 2004. Most sections of the act entered into force on 1 July 2005. [1]
The Alberta Centennial Education Savings (ACES) grant was introduced in 2005 by the Alberta government to encourage families to begin planning and saving for their children's post-secondary education. The government of Alberta contributes $500 to an RESP for babies born to or adopted by Alberta residents on or after January 1, 2005.
In a presentation to the House of Commons of Canada Standing Committee on Finance in August 2007, the Canadian Association of University Teachers recommended converting the CLB, Canada Education Savings Grant, and Canada Millennium Scholarship Foundation into one annual needs-based grant program for eligible post-secondary students. [4]
These changes would, starting in the 2019–20 school year, reduce the family income threshold for grants from $175,000 to $140,000, require that the loan-to-grant ratio for funding given to students be at least 50 percent loan, and remove the six-month interest-free grace period for the Ontario portion of loans following graduation. [4] [5] [6]
Parents receive funding from the government of Canada to save money for the post-secondary education of their children. The Registered Education Savings Plan (RESP) is a financial instrument that acts as a tax shelter. The Canada Education Savings Grant provides funds to eligible parents
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Canada Student Loans of up to $210 per week of full-time study or 60% of the student's assessed need (the lesser of these) can be issued per loan year (August 1–July 31). Loans issued through provincial programs will normally provide students with enough funding to cover the balance of their assessed need.