The Saskatchewan Advantage Grant for Education Savings (SAGES) is an education grant offered by the provincial government of Saskatchewan in order to help eligible Saskatchewan families pay for postsecondary education.
As of January 1, 2018, the Government of Saskatchewan announced the temporary suspension of this program, and it is now in the process of being fully phased out.
The last date Wealthsimple can process any SAGES transactions is August 31, 2023.
Frequently asked questions
What will happen to the SAGES I received in my RESP account?
As of September 1, 2023, all of the previously received SAGES will be converted to earnings and will continue to be paid out as part of an Educational Assistance Payment (EAP).
Will the converted SAGES be taxable?
Once SAGES are converted into earnings, the funds will be taxable only when a beneficiary withdraws the funds. The funds will be taxable to the beneficiaries who withdraw, not the subscribers who have deposited.
What were the amounts paid under SAGES?
Eligible clients could receive SAGES along with other government grants, such as the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB). Eligible beneficiaries could receive a grant of 10% on contributions made into an RESP to a maximum of $250 per year. The maximum lifetime SAGES grant was $4,500 per beneficiary.
SAGES grant room accumulated on contributions made since January 1, 2013, or since the beneficiary’s date of birth, whichever is most recent, and if the beneficiary was a resident of Saskatchewan when the contribution was made. Where the SAGES grant room had accumulated, beneficiaries were able to receive a maximum additional grant of $250 per year.
I applied for SAGES when I opened my RESP account. Why have I never received SAGES in my RESP account?
Since the program was suspended as of January 1, 2018, you would not have received grants during this period.
If SAGES was temporarily suspended then why was I asked to fill out an Annex-C (SAGES application) form while opening my RESP account?
We were advised by the government to continue accepting SAGES applications, all of which would have been processed by the Saskatchewan government if and when the program was to resume.
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