| Hopefully,
your child is still years away from college
or university giving you time to save. Consider
investing in an Educations Savings Plan such
as the Global Educational Trust Plan (Global
Plan).
When the Global Plan is registered4,
your savings grow tax-deferred. The money is
taxed only when withdrawn to pay for your child’s
education and related expenses. You can contribute
up to a lifetime maximum of $50,000.
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The
Government of Canada offers additional funding
such as the Canada Education Savings Grant5
(CESG) and Canada Learning Bond5 (CLB),
which add up to $9,200 in extra savings
to your Global Plan. And, Alberta residents
could qualify for the Alberta Centennial
Education Savings Plan5
(ACES). |
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4. |
The Global
Plan is eligible for registration under
section 146.1 of the Income Tax Act. Registering
the Global Plan is subject to meeting any
and all age, residency, Social Insurance
Number provisions and other requirements
of the Act. |
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5. Subject
to eligibility. |
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