The Financial Advisor Guide to Funding Post-Secondary Education Self-Study Course # 26

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1 The Financial Advisor Guide to Funding Post-Secondary Education Self-Study Course # 26

2 INTRODUCTION This course was designed to provide the advisor with the information required to improve their knowledge in the funding of University and College education for their client s and prospects. It will cover information on the educational systems in Canada in addition to offering suggestions on how to fund a post-secondary education. PROVINCIAL AND TERRITORIAL HIGHER EDUCATION SYSTEMS IN CANADA In Canada, the constitutional responsibility for higher education rests with the provinces of Canada. The decision to assign responsibility for universities to the local legislatures, cemented in the British North America Act, 1867, which was renamed the Constitution Act in 1982, was contentious from its inception. The Act states that "in and for each Province, the Legislature may exclusively make laws in relation to Education". As a result of this constitutional arrangement, a distinctive system of education, including higher education, has evolved in each province. However, as the constitutional responsibility for Aboriginal Peoples with Treaty Status rests with the federal government of Canada under the Constitution Act of 1982, it is the federal government that is largely responsible for funding higher education opportunities for Aboriginal learners, whether in traditional postsecondary institutions or in settings that promotes opportunities to pursue indigenous education. Provinces The higher education systems in Canada's ten provinces include their historical development, organization (e.g., structure, governance, and funding), and goals (e.g., participation, access, and mobility). -2-

3 British Columbia The provincial government administers a higher education system that includes twenty-five publicly funded institutions, fourteen private institutions, and numerous private career training institutions or career colleges. Public institutions include eleven universities, eleven colleges, and three institutes. Private institutions include three private universities, five private colleges, and six theological colleges. Alberta Higher education in Alberta trains students in various academic and vocational specializations. Generally, youth attend school from kindergarten until grade twelve, at which time they have the option to continue into post-secondary study. Students are required to meet the individual entrance requirements for programs offered at the institution of their choice. Once accepted, students are allowed greater educational opportunities through the province extensively developed articulation system. The Alberta Council on Admissions and Transfer (ACAT) enables students transfer between programs at any of the twenty public post-secondary institutions, eight private colleges, and other Alberta based not for profit institutions. To ensure a continued high standard for credentials awarded by post-secondary facilities, the Alberta Ministry of Advanced Education established the Campus Alberta Quality Council with membership in the International Network for Quality Assurance Agencies in Higher Education. Saskatchewan The post-secondary sector in Saskatchewan includes public institutions, Aboriginal-controlled institutions and programming, private vocational schools, apprenticeship programs, and Campus Saskatchewan. -3-

4 According to the Budget, the Saskatchewan Ministry of Advanced Education, Employment, and Labour has a total budget of $761 million. The Saskatchewan Ministry of Advanced Education, Employment and Labour oversee a number of programs to assist current and potential students. Manitoba A major public review of higher education in Manitoba, submitted in 1973 under the title of the Task Force on Postsecondary Education, more commonly known as the Oliver Commission, recommended closer articulation between Manitoba s universities and community colleges. The system remains a binary one, however, with few university transfer programs or college courses which can be applied towards a university degree. The Roblin Commission of 1993 and subsequent declining allocations of the public purse have made it clear that post-secondary institutions will have to find their own private sources of funding to make up shortfalls in general operating budgets. Ontario The higher education system in Ontario includes the governing Ministry of Training, Colleges, and Universities, advisory bodies, public universities, private degree granting institutions, public colleges, private career colleges, and associations. In Ontario there are twenty-two public universities, twenty-four colleges, and seventeen privately funded institutions with degree granting authority. Governance within Ontario universities generally follows a bicameral approach with separation of authority between a board and senate. There are eight associations that provide representation for faculty, staff, institutions, and students by interacting within the Ontario higher education system. -4-

5 The public funding of higher education in Ontario primarily relies on cooperation between the Government of Canada and the Government of Ontario. Public funding of higher education involves direct public funding of institutions for instruction, investment, and research combined with funding of students. Quebec The higher education system in Quebec is unique when compared to the other Canadian provinces and territories. Students complete their secondary studies in the eleventh grade. Post-secondary studies start within a mandatory pre-university college system (Although commonly referred as the public institutions named (French) College d enseignement generale et professionel or CEGEP, which translates as General and Vocational College, Both private Colleges and Public CEGEPs exist). Students keen on academic and highly skilled occupations would take the university preparation programs, while students interested in technical, vocational and building trades would take specialized programs at this level to prepare them for the workforce. Because College includes two years of academic study they essentially eliminate the freshman year of university. Programs in Quebec universities are more specialized, but students are required to complete only ninety credits for a Bachelor s degree. Students from outside the province are required make up the first year either through a College, CEGEP, or at their chosen university. Although French is the official language at the provincial level, all students can access post-secondary education in both French and English. Nova Scotia The governing body for higher education in Nova Scotia is the Department of Education. -5-

6 Nova Scotia has a population of less than 1 million people who are served by 11 public universities and one private chartered university authorized to grant degrees, the Nova Scotia Community College that offers programs at 13 campuses, and 6 Community Learning Centres. New Brunswick The higher education system in New Brunswick includes the governing Ministry of Postsecondary Education Training and Labour, related agencies, boards, or commissions, public or private chartered universities, universities recognized under the degree granting act, public colleges, and other institutions such as private career colleges. Higher education has a rich history in New Brunswick, including the first Englishspeaking University in Canada, University of New Brunswick, and the first university in the British Empire to have awarded a baccalaureate to a woman (Grace Annie Lockhart, B.Sc., 1875), Mount Allison University. Prince Edward Island Higher education in Prince Edward Island falls under the jurisdiction of the Higher Education and Corporate Services Branch within the Department of Education and Early Childhood Development. The province has one university, the University of Prince Edward Island authorized to grant degrees and one community college, Holland College, that operates centres across the province including: the Culinary Institute of Canada, the Justice Institute of Canada, the Marine Centre, the Aerospace Centre, the Atlantic Tourism and Hospitality Institute and the Prince Edward Island Institute of Adult and Community Education. -6-

7 Newfoundland and Labrador Newfoundland and Labrador has had the same growing pains as other provinces in developing its own form of education and now boasts a very strong, although relatively small, system. The direction of Newfoundland and Labrador s policy has evolved rapidly since the late 1990s, with increased funding, participation rates, accessibility and transferability. Many of the directives the government has been acting upon in the past 3 years have been a result of recommendations that stemmed from a 2005 white paper: Foundation for Success: White Paper on Public Post-Secondary Education Territories Each of the three territories in Canada (i.e., Nunavut, Northwest Territories, and Yukon) has separate higher education systems that reflect territorial history, organization, and goals in the context of geographical challenges. Nunavut Created in 1999, the Territory of Nunavut is located in the Canadian Arctic. Nunavut has developed some creative solutions to the delivery of post-secondary education. Some of the challenges include a huge geographic region, a sparse and isolated populace, and four official languages. To address these challenges, Nunavut Arctic College delivers customized learning programs via Community Learning Centres in twenty-four of the twenty-six communities in Nunavut. Programs are developed to address the needs of individual communities, with respect to literacy, adult education, certificates, and professional development for major regional community stake-holds, such as government, employers and nonprofit organizations. -7-

8 To assist Northern residents in accessing highly skilled training, Nunavut Arctic College has partnered with McGill University, the University of Victoria and Dalhousie University to offer Bachelor s degrees in Education, Nursing and Law, respectively. Nunavut Arctic College is an active member of the Alberta Council on Admissions and Transfer, and has developed formal transfer arrangements with many institutions in the Province of Alberta and Aurora College in Northwest Territories. Northwest Territories The only post-secondary institution in the NWT is Aurora College. The former Arctic College was split into Aurora College and Nunavut Arctic College when Nunavut Territory was created in Aurora College has campuses in Inuvik, Fort Smith and Yellowknife. It has learning centres in many other communities in the NWT. The territorial Department of Education, Culture and Employment is the government agency responsible for post-secondary education in the Northwest Territories. There are two career colleges located in the NWT: the Academy of Learning in Yellowknife, which provides business information technology courses, and Great Slave Helicopters Flight Training Centre, which supplies Global Positioning System training for helicopter pilot education. Yukon Yukon's system of higher education is shaped by the territory's small population (30,375 people as of May 2006) in a relatively large geographic area. The history of higher education in fact went hand in hand with the establishment of a representative territorial government in The only post-secondary institute in Yukon, Yukon College, issues certificate, diploma, and partial and some full degree programs to all high school leavers and older adults. The college is a community college and as a result it provides Adult Basic Education/literacy programs as well. -8-

9 FEDERAL PRESENCE IN HIGHER EDUCATION History of federal government involvement 1874 First direct involvement of the federal government in higher education. Parliamentary statute to establish "The Military College 1876 The college opened in Kingston, Ontario 1885 Land endowment granted for the establishment of the University of Manitoba 1910 Royal Commission on Industrial Training and Vocational Education led to the provision of grants to the provinces for the purposes of developing agricultural techniques and training and upgrading vocational, technical and industrial education 1916 Creation of the National Research Council (NRC) to enlarge Canada s research facilities during World War I 1939 Establishment of the Dominion-Provincial Student Aid Program (DPSAP) 1946 Influx of returning World War II veterans into the universities. In full-time university enrolment peaked at 83, federal government provided universities with annual grant of $150 for each veteran student 1951 Royal Commission on National Development in the Arts, Letters, and Sciences (Massey Commission) 1957 Creation of the Canada Council for the Encouragement of the Arts, Humanities and Social Sciences Canada Mortgage and Housing Corporation (CMHC) provided loans to universities for building of student residences 1960 Separation of the Medical Research Council (MRC) from the National Research Council (NRC) 1963 Establishment of the Economic Council of Canada 1964 Establishment of the Canada Student Loans Program (CSLP) 1965 Association of Universities and Colleges of Canada (AUCC) sponsored Commission on Financing of Higher Education (Bladen Commission) 1966 Direct involvement of the Department of the Secretary of State -9-

10 1966 Establishment of the Education Support Branch of the Department of the Secretary of State formed to coordinate assistance given to universities 1966 Establishment of the Council of Ministers of Education, Canada (CMEC) Federal-Provincial Fiscal Arrangements Act Adult Occupation Training Act, which led to the Canada Manpower Training Program 1971 Formation of the Ministry for Science and Technology 1977 Federal-Provincial Arrangements Established Programs Financing Act (1977) 1978 Government Organizations Act (1976) which led to the creation of the Social Sciences and Humanities Research Council of Canada (SSHRCC) and the National Science and Engineering Research Council (NSERC) 1982 Bill C-97. An Act to Amend the Federal-Provincial Arrangements and Established Programs Financing Act, Dissolution of the Economic Council of Canada 1984 Bill C-12 Act to amend the Federal-Provincial Arrangements and Established Programs Financing Act 1986 Bill C-96 Act to Amend the Federal-Provincial Arrangements and Federal Post-secondary Education and Health Act Programs Act, Bill C-76 Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 27, Amalgamation of Established Programs Financing (EPF) and Canada Assistance Plan (CAP) 1996 Canada Health and Social Transfer Act 1999 Bill C-65: An Act to Amend the Federal-Provincial Fiscal Arrangements Act 2004 Canada Learning Bond introduced as way to encourage lowincome families to use a Registered Education Savings Plan for saving money to be used for a child's post-secondary education Separation of the Canada Health Transfer (CHT) and Canada Social Transfer (CST) -10-

11 TRENDS IN CANADIAN HIGHER EDUCATION In 2010, there were almost 1.2 million students in degree programs on Canadian campuses: 755,000 undergraduates, 143,400 graduate students studying fulltime, and an additional 275,800 students studying part-time. Fifty-six percent of university students were women, and 10 percent were international students. In 1980, there were 550,000 full-time and 218,000 part-time university students on Canadian campuses. There were about three percent fewer youth in the key 18- to-24 age range in 2010 than in The demand for a highly skilled and educated labour force has been a principal driver in the growth of university participation rates. Since the 1970s, a profound change has been taking place in the labour market. Canada has shifted from a resource-based economy to a service-based one, resulting in a different mix of jobs available for Canadians. The fastest growing occupations are now in Canada s service sector, which grew from 6 million jobs in 1975 to more than 13 million jobs in In the last 20 years alone, there were 1.67 million new jobs for professional and management occupations in Canada, of which 1.33 million were filled by university graduates. This shift to a service sector economy has created high-paying, quality jobs. By comparison, jobs have grown at a much slower pace in many other occupations, and jobs for people who have a high school diploma or less are disappearing. While there was a general expectation that the trend towards lifelong learning would drive higher enrolment demand from the over 35 age cohort, current trends do not support this hypothesis. Although the number of students in this age group has tripled in the last 30 years from 6,000 in 1980 to more than 18,000 in 2010, their share of all full-time undergraduate students has remained at two percent. Though universities are acutely aware of the presence and needs of their older students, enrolment growth is driven by much more rapid increases in traditional youth cohorts on many university campuses. -11-

12 In 2010, six out of seven, or 86 percent of students studying full-time at the undergraduate level were under the age of 25. Statistics Canada s Labour Force Survey also highlights that since the early 1990s, more students have been combining work and study than was the case in the 1980s. Working longer hours may lead some students to opt for part-time rather than full-time study (at least for part of their program). The Association of Universities and Colleges of Canada (AUCC) estimates that there are between 20,000 and 25,000 Aboriginal students in Canadian universities, and that the number of Aboriginal students has been growing at the same rate as overall student numbers over much of the last decade. In 2002, Aboriginal students represented approximately three percent of all undergraduate students, a share they have maintained since In 1980, the income advantage for male bachelor s graduates was 37 percent greater than high school graduates. By 2005, the income advantage had grown to 50 percent (much of this increase took place from 1995 to 2005). Researchers also noted an income advantage for college and trade school graduates over the same period, but it was much smaller, approximately seven percent in 1980, up to 15 percent in To have a real impact on the proportion of low-income students in university programs, aid programs need to focus on more than financial assistance delivered at the time of acceptance and entry to university. They need to address the full range of factors that begin to affect potential higher education students much earlier on in their education. In 2010, the average cost for undergraduate programs ranged from $2,400 in Quebec to $6,300 in Ontario. Over the past 30 years tuition fees have grown significantly faster than inflation, rising from about $1,900 in 1980 to an average of about $5,100 in 2010 (after inflation). -12-

13 As a result of major changes in the 2000 federal budget and subsequent changes to federal and provincial taxes, the typical full-time student now has access to far higher levels of support through the tax systems. In 2009, the value of tax credits varied between $1,400 and about $2,400, depending on the student s province of residence. There has been a 10-fold increase in the amount of scholarships and bursaries rising from $150 million in 1990 to about $1.6 billion in provided by universities to their undergraduate and graduate students. About 30 percent of all undergraduate students received scholarships or financial awards from their university with an average value of $3,000. Although the lifelong learning market has not expanded as rapidly, as a proportion of students, this can still change over the next years, because of demographic trends and as the capacity to add even more high school graduates becomes exhausted with more than 60% of a cohort already going on to some form of post-secondary education in some jurisdictions. The categorization of full-time vs. part-time is becoming increasingly meaningless as many full-time students are taking jobs to help pay their way through university. Both these trends are likely to lead to continuing demand for flexible access through online learning. Lastly, there still seem to be gaps in provision, especially for disadvantaged groups in Canada. It is disappointing to see how little growth there has been in aboriginal enrolments in particular, and the report makes it clear that there are still major barriers to university for students from low income families. -13-

14 FINANCING EDUCATION Now that we have reviewed the history of higher education in Canada and some of the current and future trends that we are faced with, how will your clients and prospects fund their children s university or college? The cost of post-secondary education has risen steadily for many years. An increasing portion of this cost has been passed on to the consumer you and your children. Overall, students returning to Canadian universities for undergraduate studies in 2012 will face higher tuition fees than last year. Undergraduate students paid an average of $5,366 in tuition fees for the 2011/2012 academic year, up from $4,347 in 2006/2007. This is almost quadruple the average of $1,464 in 1990/1991. Since 1990/1991, tuition fees have increased at an annual average rate of 7.0%. In the 1990/1991 and 1991/1992 academic years alone, they went up 15.2% and 16.5%, respectively. In contrast, since 2000, the increase has slowed to an annual average of 3.9%. The recent lower fee increases reflect government moves to regulate fees. Even so, average tuition fees have increased at a faster pace than inflation. Tuition fees up in nine provinces Tuition fees rose in nine out of ten provinces last year (Newfoundland being the only exception). The biggest increases were in Ontario, Nova Scotia and New Brunswick. Tuition fees in three provinces are well below the national average - Quebec, Newfoundland and Labrador, and Manitoba. Quebec undergrads continue to pay the lowest fees in the country an average of $2,519 in 2011/

15 Finally, Newfoundland undergraduates who pay an average of $2,649, are a close second. The highest tuition fees are in Ontario, where average tuition will cost undergrads $6,640 in 2011/2012. TUITION FEES BY PROVINCE 2011/ / /12 Ontario 6,316 6,640 New Brunswick 5,647 5,853 Nova Scotia 5,497 5,731 Alberta 5,505 5,662 Saskatchewan 5,431 5,601 P.E.I. 5,131 5,250 British Columbia 4,758 4,852 Manitoba 3,593 3,645 Newfoundland 2,649 2,649 Quebec 2,411 2,519 Tuition fees in professional fields still highest Between 2011 and 2012, the biggest increases in tuition fees occurred for students in dentistry, pharmacy and law. The most expensive program remains dentistry, with an average tuition fee of $16,024, followed by medicine where the average fee is $11,345. Canadian graduate students face greater increase than undergrads At the national level, graduate students have faced larger tuition fee increases than undergraduate students. On average, they paid 6.6% more than in 2009/2010, compared with an increase of 4.0% for undergraduate students. Fees for graduate students were up in six provinces. Increases ranged from 1.6% in Alberta to 10.6% in Ontario. -15-

16 In contrast, fees were down in four provinces, with decreases varying from a decline of 0.1% in Newfoundland and Labrador to a drop of 4.6% in Nova Scotia. Graduate students in Nova Scotia paid the highest fees ($7,350), followed by students in Ontario and British Columbia, who paid $6,917 and $6,353 respectively. CANADIAN UNDERGRADUATE TUITION FEES BY DISCIPLINE 2009/ / /12 Agriculture, Natural Resources and Conservation 4,697 4,803 5,023 Architecture and Related Services 4,826 5,179 5,424 Humanities 4,525 4,638 4,791 Business Management and Public Administration 5,191 5,386 5,711 Education 3,739 3,850 3,970 Engineering 5,577 5,992 6,326 Law 8,229 8,657 9,214 Medicine 9,815 10,867 11,345 Visual and Performing Arts & Comm. Technologies 4,592 4,748 4,731 Physical and Life Sciences and Technologies 4,885 5,049 5,247 Math., Computer and information Sciences 5,299 5,526 5,811 Social and Behavioural Sciences 4,431 4,586 4,759 Other Health, Parks, Recreation and Fitness 4,477 4,698 4,874 Dentistry 13,917 15,062 16,024 Nursing 4,558 4,662 4,809 Pharmacy 8,783 9,014 9,806 Veterinary medicine 5,609 5,612 5,889 Additional compulsory fees on the rise The bundle of services included in additional compulsory fees varies from one institution to the next and can also change over time. -16-

17 Typically, they include fees for recreation and athletics, student health services, student association and other fees that apply to full-time Canadian students. Additional compulsory fees are generally exempt from any provincial tuition fee policy. Additional compulsory fees for undergraduates make up 12.5% of the total fees a student is required to pay to the institution. On average, undergraduates will pay additional compulsory fees of close to $700. HIGHER EDUCATION PLANNING PROCESS Before higher education costs can be determined; five initial steps are required to reach the educational objectives: 1. Set educational objectives. 2. Collect and analyze the data. 3. Develop funding strategies. 4. Implement the plan. 5. Monitor the plan. 1. Set Objectives: Questions to be asked: What are the child s own ambitions and goals? What are the child s aptitudes and abilities? What does the parent want for the child? How much can you afford to spend on their education? 2. Collect Data: Family Situation: Present resources. What changes anticipated before University entrance. What is the present age of the child (s)? When does education-funding plan need to be completed? -17-

18 Cash Flow: Cash flow summary will identify areas for increased or decreased expenses. What will the family provide; what contribution will be required of the child. Costs: Tuition and other fees. Where will the child live? Transportation costs Is a car required? 3. Develop Funding Strategies: Own or Family Resources: Savings. Investment Income. Parents, relative/friends. Spouse. Registered Education Savings Plans. Work. Funds that need not be repaid: Provincial government grant/bursary. Private award/scholarship. University Academic award. Other government aid. University bursary. Funds that must be repaid: Canada Student Loan. Provincial Student Loan. Other government aid. Other University Loans. RRSP Education Loans & Other Sources. -18-

19 4. Implementing the Education Plan: Having determined the amount required, proceed to work through the details of annual commitment using time value of money, utilizing a conservative interest rate. 5. Monitoring the Plan All plans to be effective must be adjusted, as corrections are required. Questions of the review might be: Is the education objective still on target? Can you meet funding requirements? Have your investments performed up to expectations? What changes are needed? What other aspects need review? THE PLAN AND HOW IT WORKS To determine the costs, the following questions need to be answered: What lump sum is required to invest today to meet the future educational costs? What would be required on a monthly/annual basis? What rate of return can you get? Will tuition fees increase more or less than inflation? What are the short and long term impacts of borrowing on your cash flow and overall financial position? Are the repayment schedules achievable? Additional Information Required: How many years to University/College entrance? How many years in University? Annual costs in today s dollars? What funds are currently available? -19-

20 Annual Income. Projected increases? Annual rate of inflation of Educational costs? Annual rate of after-tax investment returns? CHILD RELATED SAVING & INVESTMENT STRATEGIES Invest the Child Tax Benefit By investing the Child Tax Benefit in trust to the child, the parent ensures that any growth will be attributed to the child and taxed at the child's rate usually no tax. Family Trust This transfers property from a parent s high income tax bracket to a child's lower income tax bracket you will require legal advice. Gifting Property Tax implications of gifts to children age 18 or older: 1. Income Tax Income of property gifted is taxed at child's rate. 2. Capital Gains Transfer of property results in a deemed realization to donor and any gains resulting after transfer is taxed as a capital gain to the child when disposed of. Tax implications of Gifts to Children under the age of 18: 1. Income Tax Income earned on property gifted is attributed back to parent. To further discourage income splitting with minor children, effective January 1, 2000, a special tax at top marginal rates was imposed on certain income received by minor children under the age of 18. Generally, this special tax applies to the receipt of dividends and other shareholder benefits from private corporation shares as well as income received from a partnership or trust that provides goods or services to a business in which a relative of that child participates. -20-

21 2. Capital Gains Same as above, except capital gains after gifting is attributed back to the donor. Registered Education Savings Plan (RESP) Registered Education Savings Plans (RESPs) are one of the incomes splitting tools still available after the decrease in income splitting opportunities that resulted from the attribution rules. A Registered Education Savings Plan is a type of savings account that grows tax free until a child is ready for post-secondary education. RESPs are a good way to save for a number of reasons: The money grows tax free until the child needs it for tuition, residence and other educational expenses The RESP allows you to apply for the Canada Education Savings Grant (CESG) on your child's behalf How an RESP works A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). Under the contract, the subscriber names one or more beneficiaries and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries. Family plans are the only RESP that allow subscribers to name more than one beneficiary. Each beneficiary must be connected by blood relationship or adoption to each living subscriber or have been so tied to a deceased original subscriber. The Canada Revenue Agency registers the education savings plan contract as an RESP, and lifetime limits are set by the Income Tax Act on the amount that can be contributed for each beneficiary. -21-

22 Unless the RESP is a specified plan, the RESP must provide that no contributions (except transfers from another RESP) may be made to the plan at any time after the end of the year that includes the 31st anniversary of the opening of the plan. Furthermore the plan has to be completed by the end of the year that includes the 35th anniversary of the opening of the plan. The subscriber (or a person acting for the subscriber) generally makes contributions to the RESP. Subscribers cannot deduct their contributions from their income on their tax return. The promoter usually pays the contributions, and the income earned on those contributions, to the beneficiaries. The income earned is paid as educational assistance payments (EAPs). If the contributions are not paid out to the beneficiary, the promoter usually pays them to the subscriber at the end of the contract. Subscribers do not have to include the contributions in their income when they get them back. Beneficiaries generally receive the contributions and the EAPs from the promoter. They have to include the EAPs in their income for the year in which they receive them. However, they do not have to include the contributions they receive in their income. Canada Education Savings Grant Human Resources and Skills Development Canada (HRSDC) provides an incentive for parents, family and friends to save for a child s post-secondary education by paying a grant based on the amount contributed to an RESP for the child. The Canada Educational Savings Grant (CESG) money will be deposited directly into the child s RESP. -22-

23 No matter what your family income is, HRSDC pays a basic CESG of 20% of annual contributions you make to all eligible RESPs for a qualifying beneficiary to a maximum CESG of $500 in respect of each beneficiary ($1,000 in CESG if there is unused grant room from a previous year), and a lifetime limit of $7,200. HRSDC will also pay an additional CESG amount for each qualifying beneficiary. The additional amount is based on net family income and can change over time as net family income changes. For 2011, the additional CESG rate on the first $500 contributed to an RESP for a beneficiary who is a child under 18 years of age is: 40% (extra 20% on the first $500), if the child s family has qualifying net income for the year of $41,544 or less; or 30% (extra 10% on the first $500), if the child's family has qualifying net income for the year that is more than $41,544 but is less than $83,088. The qualifying net income of the child's family for a year will generally be the same as the income used to determine eligibility for the Canada Child Tax Benefit (CCTB). Beneficiaries qualify for a grant on the contributions made on their behalf up to the end of the calendar year in which they turn 17 years of age. However, since the CESG has been designed to encourage long term savings for post-secondary education, there are specific contribution requirements for beneficiaries who attain 16 or 17 years of age. RESPs for beneficiaries 16 and 17 years of age can only receive CESG if at least one of the following two conditions is met: 1. a minimum of $2,000 of contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary before the year in which the beneficiary attains 16 years of age; or 2. a minimum annual contribution of at least $100 has been made to, and not withdrawn from, RESPs in respect of the beneficiary in any four years before the year in which the beneficiary attains 16 years of age. -23-

24 This means that you must start to save in RESPs for your child before the end of the calendar year in which the beneficiary attains 15 years of age in order to be eligible for the CESG. The CESG and accumulated earnings will be part of the EAPs paid out of the RESP to the beneficiary. If the beneficiary does not pursue post-secondary education, the CESG is returned to the government. RESP contribution limits For 2007 and later years, there is no annual limit for contributions to RESPs and the lifetime limit on the amounts that can be contributed to all RESPs for a beneficiary is $50,000. Payments made to an RESP under the Canada Education Savings Act or under a designated provincial program are not included when determining if the lifetime limit has been exceeded. Tax on RESP excess contributions An excess contribution occurs at the end of a month when the total of all contributions made by all subscribers to all RESPs for a beneficiary is more than the lifetime limit for that beneficiary. Payments made to an RESP under the Canada Education Savings Program (CESP) or any designated provincial programs are not included when determining whether a beneficiary has an excess contribution. Each subscriber for that beneficiary is liable to pay a 1% per-month tax on his or her share of the excess contribution that is not withdrawn by the end of the month. The tax is payable within 90 days after the end of the year in which there is an excess contribution. An excess contribution exists until it is withdrawn. There are limits on the amounts that can be contributed to RESPs for a beneficiary. -24-

25 For each beneficiary, the annual limit for contributions to all RESPs for years after 1995 is: for 1996, $2,000; for 1997 to 2006, $4,000; and for 2007 and subsequent years, there is no limit. For each beneficiary, the lifetime limit for contributions to all RESPs for years after 1995 is: for 1996 to 2006, $42,000; and for 2007 and subsequent years, $50,000. Payments made to an RESP under the Canada Education Savings Act or any designated provincial programs are not included when determining if the annual or lifetime limits have been exceeded. GLOSSARY OF RESP TERMS Accumulated Income Payments (AIPs) An AIP is an amount, usually paid to the subscriber, of the income earned from an RESP. It does not include the payment of educational assistance payments, payments to a designated educational institution in Canada, transfers to another RESP, or repayments under a Canada Education Savings Program or any provincial program. AIPs cannot be made as a single joint payment to separate subscribers. Additional tax You calculate this tax separately, using Form T1172, Additional Tax on Accumulated Income Payments from RESPs. Include a completed copy of Form T1172 with your return for the year you receive the AIP. You have to pay the additional tax by the balance due date for your regular tax, usually April 30 of the year that follows the year in which you received the AIP. -25-

26 Common-law partner This applies to a person who is not your spouse, with whom you are living in a conjugal relationship, and to whom at least one of the following situations applies. He or she: has been living with you in such a relationship for at least 12 continuous months; is the parent of your child by birth or adoption; or has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support. Educational assistance payments An EAP is the amount paid to a beneficiary (a student) from an RESP, or under a Canada Education Savings Program or any provincial program, to help finance the cost of post-secondary education. The promoter reports EAPs in box 42 on a T4A slip and sends a copy to the student. The student includes the EAPs as income on his or her return for the year the student receives them. RRSP deduction limit This refers to the maximum amount you can deduct from contributions you made to your RRSPs or to a spousal or common-law partner RRSP for a year. The calculation is based, in part, on your previous year earned income (excluding transfers to your RRSPs of certain types of qualifying income). Pension adjustments (PAs), past service pension adjustments (PSPAs), pension adjustment reversals (PARs), and your unused RRSP deduction room, are also used to calculate the limit. Public primary caregiver The department, agency or institution that maintains the beneficiary or the public trustee or public curator of the province in which the beneficiary resides. -26-

27 Qualifying educational program An educational program that lasts at least three consecutive weeks, and that requires a student to spend no less than 10 hours per week on courses or work in the program. For an EAP to be paid to a student in a program at a university, college, or other designated educational institution in Canada, the program has to be at the postsecondary school level. The program will not qualify if it is taken at a time during which the student is receiving employment income (excluding part-time or temporary employment to finance studies) and the program is taken in connection with, or as part of the student's employment. Regular tax This is the tax you calculate when you complete your return. It is based on your total taxable income. Spousal or common-law partner RRSP A spousal or common-law partner RRSP is: an RRSP to which the annuitant's spouse or common-law partner contributes; an RRSP that receives payments or transfers of property from RRSPs to which the annuitant's spouse or common-law partner has contributed; or an RRSP that receives payments or transfers of property from RRIFs to which the annuitant has transferred amounts from other spousal or common-law partner RRSPs. Canada Learning Bond HRSDC provides an additional incentive of up to $2,000 to help modest-income families start saving early for their child s education after high school (postsecondary education). The Canada Learning Bond (CLB) money will be deposited directly into the child s RESP. -27-

28 For families entitled to the National Child Benefit (NCB) supplement for their child, the CLB will provide an initial $500 to children born on or after January 1, To help cover the cost of opening an RESP for the child, HRSDC will pay an extra $25 with the first $500 bond. Thereafter, the CLB will also pay an additional $100 annually for up to 15 years for each year the family is entitled to the NCB supplement for the child. If the beneficiary does not pursue post-secondary education, the CLB is returned to the government. In the case of a non-family plan, contributions can be made up to and including the 22nd year of the plan's existence. The family plan is a little more restrictive in that contributions must stop in the year on the beneficiary's 21st birthday. Both types of plans must be terminated no later than the 26th year. Depending on the type of plan, the age of the beneficiary is relevant. What happens if the beneficiary does not go to school? Here are some alternatives should this occur: you may wish to leave money in the plan for a few years in case the beneficiary changes his or her mind, if the plan allows you to do this; you may name a new beneficiary; You may use the Accumulated Income Payment (AIP) route if the following conditions are met: the beneficiary is at least 21 years of age, the plan has been in existence for at least 10 years, and there are no other eligible beneficiaries, and the subscriber is a resident of Canada -28-

29 FINANCING AN EDUCATIONAL PROGRAM Canadian Student Loan (CSL) The Canada Student Loans Program was created in 1964, as a statutory spending program, under the Canada Student Loans Act. This Act continues to apply to loans negotiated before August 1, On June 23, 1994, the Canada Student Financial Assistance Act received Royal Assent. The new act was needed to administer the risk-shared loan regime because the relationship between the federal government and financial institutions changed dramatically. In 2000, the Canada Student Financial Assistance Act was amended to allow for directly financed loans through the Government of Canada. Financial institutions are no longer responsible for issuing Canada Student Loans. Guaranteed student loans are governed pursuant to the Canada Student Loans Act, while risk-shared and directly financed student loans are governed pursuant to the Canada Student Financial Assistance Act. The Canada Student Loans Program promotes accessibility to post-secondary education by lowering financial barriers through the provision of loans and grants for Canadians with a demonstrated financial need. Requirements for eligibility for a Canadian Student Loan (CDL) include: Be a Canadian Citizen or a permanent resident. Live in a participating province (12 months minimum). Satisfy the authorities to lack of resources to cover educational costs. Requires a completed application form. Enroll (or be eligible for enrolment) in an accredited post-secondary educational institution. -29-

30 Loan Categories 1. Loans for full-time Students If you are a Full-Time Student, you must fulfill all of the following criteria to be eligible for a Canada Student Loan (CSL): Be a Canadian citizen or a permanent resident of Canada; Be a resident of a province or a territory that issues Canada Student Loans; Demonstrate financial need; Be enrolled in at least 60% of a full course load (students with permanent disabilities may enroll in 40% of a full course load); Be enrolled in a degree, diploma, or certificate program of at least 12 weeks in length (within a period of 15 consecutive weeks) at a designated educational institution; and Pass a credit check if over the age of 21 and applying for a Canada Student Loan for the first time. Loan does not require repayment or attract interest while a full-time student. 2. Loans for part-time Students If you are a Part-Time Student, you must fulfill all of the following criteria to be eligible for a Canada Student Loan (CSL): Be a Canadian citizen or a permanent resident of Canada; Be a resident in Canada and be a resident of a province that issues Canada Student Loans; Demonstrate financial need; Be enrolled in between 20-59% of a full course load (students with permanent disabilities may enroll in between 20-39% of a full course load); Be enrolled in a course that is equivalent in content to that which is eligible for Canada Student Loans for full-time study; Each course must be a part of a program leading to a degree, certificate or diploma; and Pass a credit check if over the age of 21 and applying for a Canada Student Loan for the first time. -30-

31 3. Assistance for Students with Permanent Disabilities The Grant for Services and Equipment provides a grant for exceptional education-related expenses related to your disability (e.g., technical aids, note takers, tutors, specialized transportation to and from the education institution). The maximum Grant to address these costs is $8,000. Eligible expenses remain the same and the Grant continues to be paid up front. For qualifying students who are hard of hearing or deaf: Sign language interpretation Oral interpretation Tutors Note-takers Computers and other technical aids For qualifying students who are blind or visually impaired: Alternative formats such as large print, Braille and audio cassette reading materials Technical or recording equipment, including broilers, talking calculators and tape recorders Tutors Readers Note-takers Computers and other technical aids For qualifying students who have a physical disability affecting mobility: Attendant care required for studies Specialized transportation to and from the educational institution Tutors Note-takers Computers and other technical aids For qualifying students who have a learning disability: -31-

32 Tutors Note-takers Computers and other technical aids For qualifying students who have other disabilities (including head injuries and mental illness), any service or equipment listed above. Additional Annual Study Grant An additional annual Study Grant will be made available to students with disabilities to cover expenses related to tuition, accommodation, books and other education-related expenses up to a maximum of $2,000. This Grant is awarded after the maximum student loan has been allocated. How do I qualify for a Canada Study Grant? Applicants may be eligible for Grants for Students with Permanent Disabilities if they: Meet the eligibility criteria for assistance under the Canada Student Loans Program for full-time or part-time study Have a permanent disability that limits physical or mental ability to perform the daily activities necessary to participate fully in post-secondary studies or in the labour force Have need of exceptional education-related services or equipment that is required to perform the daily activities necessary to participate in studies at a post-secondary school level. How do I apply for a Canada Study Grant? You apply the same way as you do today. Students apply for Canada Study Grants through their provincial student financial assistance program. -32-

33 Some important points to remember: Currently, the Government of Canada offers the following debt assistance programs within the Canada Student Loans Program to help students repay their loan debt. The Government of Canada pays the interest on behalf of the student while the borrower is still in school and between periods of study of less than six months. For borrowers in repayment whose income falls below a certain level, the Government of Canada will pay the interest and put a hold on monthly payments for a period of up to 30 months. The Government of Canada works with borrowers in financial difficulty to develop repayment that is more convenient terms, for example, extending the repayment term for up to 15 years. For borrowers that have exhausted all their debt assistance options, the Government of Canada will reduce the principal of the loan to a maximum of $10,000 or 50% of the principal, whichever is less. Borrowers with a permanent disability, who are experiencing difficulty in repaying their Canada Student Loans due to their disability, may qualify for the Permanent Disability Benefit. Information on the Permanent Disability benefit may be obtained through the National Student Loans Service Centre. There are many Provincial programs available to help the student advance their education. We will look at the Ontario program called OSAP. ONTARIO STUDENT ASSISTANCE PROGRAM (OSAP) Objective and Purpose of OSAP OSAP s objective is to help students from lower-income families meet the costs of postsecondary education. OSAP is intended to promote equality of opportunity for postsecondary studies by providing financial assistance for educational costs and basic living expenses. -33-

34 The purpose of OSAP is to supplement, not to replace, the financial resources that you (and your family, if applicable) are expected to contribute. OSAP is based on financial need as determined by OSAP through an assessment of your application. Educational costs (such as tuition fees, books and supplies, basic living expenses), and the resources OSAP expects you (and your family, if applicable) to contribute, are taken into consideration. It is not the purpose of OSAP to supply all the assistance you may need to meet your educational and living costs. To be eligible for this program, you will have always lived in Ontario. Therefore, any students here on a Visa will not be eligible for this assistance. To be eligible for a Canada Student Loan you must be enrolled at an approved postsecondary institution anywhere in the world. To be eligible for an Ontario Student Loan you must be enrolled at an approved public university or college of applied arts and technology in Canada, or an approved private postsecondary institution in Ontario. What programs are approved? Most programs offered by Ontario universities and colleges of applied arts and technology are approved for OSAP funding. If you are not sure whether the program you wish to take is approved for OSAP funding, contact the financial aid office at any University or College. Correspondence courses are approved for OSAP if they: Have a specified start and end date. The student's progress is monitored through regular assignments, exams, and contact with faculty. the program leads to a degree, diploma, or certificate. -34-

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