What is the Canadian Grant for Education Savings?
Canadian Grant for Savings of Education is a monetary grant from the Canadian government provided to individuals who save money for the child's education. When parents, grandparents or other individuals save the minimum amount of money in the plan of registered savings in education (or) of the child, the government contributes further funds to resp. The more money is saved, the more money the child grants. The amount of the grant depends on the net income of the family, and those who earn lower income get more money. This program encourages parents and guardians to save tertiary education of the child soon.
After the birth of a child, his parents can open an account or start saving for their education. These accounts can only be opened in a bank or a similar Canadian financial institution or with a certified financial planner. Parents will need a social insurance number (sin) for a child that requires a birth certificate or a persistent card. Once an account is open, a financial institution may apply for gRant to save education in Canada, which is to be deposited on the child's account when parents contribute a minimum contribution.
When parents save a minimum amount of money in the DOP account during the year, the Canadian government contributes a certain amount of money to the account resp. If parents save the amount that reaches another threshold of the contribution, the government contributes more money to the account resp. The amount that the government contributes differs depending on the pure family intake.
All children under 18 years of age can get a grant to save education in Canada if they are Canadian residents. However, the special rules apply to children who have reached 15 years and want to continue receiving a grant grant for saving education in Canada. The child's account must have a certain minimum amodo of the end of the year in which the child turns 15. For example, if the child turns 15 in March 2010, the parents must contribute at least a specified me by 31 December 2010NEPE on the account respectively.
When a child completes a high school, it can pay for full or part -time study in tertiary educational institutions using funds from his account resp. If the child does not return to school after graduation, the money remains on the account within 36 years from the date on which the account was opened in case the child decides to continue education later. If the child does not continue their education, parents receive the amount they saved. A grant for saving education in Canada can go into the education of a child's siblings or be returned to the government.