Mr. Speaker, on August 26, we learned that the Government of Canada had changed its policy on access to grants for education savings so that more families would become eligible for the new Canadian grant under the program.
From now on, contributions to an education savings plan for young people aged 16 and 17 will mean entitlement to the 20% grant announced in February's budget, if these contributions total at least $2,000 instead of $4,000 before the year of the individual's birthday.
The 20% grant will also be given when the child reaches a total of $100 a year instead of $300 over four years, regardless of which ones, before his 16th birthday.
This announcement made on August 16 by the Minister of Finance enables more lower income families to benefit from the Canada education savings grant.