Canada Education Savings Grant
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The information contained on this page is technical in nature and is intended for Registered Education Savings Plan (RESP) and Canada Education Savings Program promoters. For general information, visit the RESP section.
Official title: Revised Income Brackets for Additional CESG
- April 18, 2008
- Notice #299 - Revised Income Brackets for Additional CESG
This Information Bulletin updates the Information Bulletin CESP 2007-001 dated February 26, 2007.
The purpose of this Information Bulletin is to inform promoters and trustees that income brackets used to determine the rate of payment for Additional Canada Education Savings Grant (A-CESG) have been indexed for 2008.
Section 5(8) of the Canada Education Savings Act requires that the income brackets established for A-CESG purposes be indexed yearly based on inflation.
The Canada Revenue Agency has recently released the 2008 Indexation Adjustment for Personal Income Taxes. As a result income brackets for A-CESG have now been established for 2008.
Income Brackets to Determine A-CESG
The following table indicates income brackets used to determine the rate of the A-CESG on the first $500 or less of registered education savings plan (RESP) contributions per beneficiary per year.
|In the year...||The A-CESG rate is 20% when net family income is...||The A-CESG rate is 10% when net family income is more than...|
|2008||$37,885 or less||$37,885 but not more than $75,769|
|2007||$37,178 or less||$37,178 but not more than $74,357|
|2006||$36,378 or less||$36,378 but not more than $72,756|
No Change to Basic CESG
Calculations for Basic CESG remain unchanged at 20% of RESP contributions per beneficiary per year.
RESP User Provider Guide
Questions on this Information Bulletin should be directed to the Canada Education Savings Program by e-mail at email@example.com or by calling 1-888-276-3624.
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