One hundred reasons to save for your child's post-secondary education1 b, W' A( L6 s0 W/ G2 l5 W* {
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Edmonton...Alberta students aged eight, 11 and 14 are now eligible to receive a $100 grant from the Alberta government in their Registered Education Savings Plan (RESP) beginning January 1, 2007. To qualify, families must put in at least $100 into a student's RESP within one year prior to applying for the Alberta Centennial Education Savings Plan grant with an RESP provider. The $100 RESP grant is retroactive to 2005 and there is a six-year window to apply for the grant. ; b2 e, ~ _# l5 ^! f1 ]9 @7 ~* A $ r/ }3 E: D/ C( \) M* N/ \"This program gives Alberta parents an incentive to continue saving for their child's education and recognizes the Alberta government's commitment to promote the importance of post-secondary education, whether it's to pursue a college diploma, trade certificate or university degree," said Advanced Education and Technology Minister Doug Horner. ! F4 E0 y; B/ j$ v* w* | / b( y. d/ ~$ g8 dThe Alberta Centennial Education Savings Plan was launched by the Alberta government in 2005. In addition to the $100 grant, there is a one-time $500 grant available to new Alberta parents with children born in 2005 or after.+ z* e2 l' h3 E) Z) R% V/ l
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Savings programs like RESPs build an expectation in parents and their child for pursuing post-secondary studies. Research shows that 80 per cent of children with RESPs go on to a post-secondary education. . L) ~ o# [+ u8 p' f ( I3 ^0 N6 q$ V. i! N" qGrant applications are only available from some RESP providers. A complete list is available online at www.advancededucation.gov.ab.ca/aces/providers.asp or by calling toll free at 1 (866) 515 2237. & r: K7 w. ^- L! J8 m' c* c9 f& s( o0 N9 Q# Y! w: x
$100 in 15-18 years later, probably will be nothing. 5 q' |7 S* O* H. a0 D" F1 h ; Q) s/ l0 q& f- u9 @% j* MStill better than nothing, though. ( k, K* `1 Q4 D. |, ^, z, R* C 6 s8 O3 e" j, G _4 _1 Q: V, v - F% [& \& m6 O, p$ s+ U; B8 B
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Children’s Fitness Tax Credit) F6 l$ E4 ]* Q# j2 s& Y
Effective for the 2007 taxation year, a new non-refundable tax credit will be introduced for fees incurred in enrolling children under the age of 16 in an eligible program of physical activity. There will be a maximum amount of $500 that may be claimed. ' g/ v3 j7 L; t: [ k6 C* y- {6 z1 ]
What will constitute an "eligible program of physical activity" has not yet been decided. The government will consult with experts in the field of health and fitness to establish a precise definition.