RESP (Educational Assistance Payments)
A Registered Rducation 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 (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries.
For more information, please visit http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html or contact us at 416-640-4067.
Canada Apprentice Loans and Grants
- Canada Apprentice Loans (CAL)
Apprentices registered in a Red Seal trade apprenticeship program who meet the eligibility requirements for Canada Apprentice Loan (CAL) may receive up to $4000 in interest-free loans per period of technical training. Information and on-line application available at: https://www.pca-cal.ca/en/home
- Apprenticeship Incentive Grant (AIG)
Taxable cash grant of $1,000 per year, up to a maximum of $2,000 per person, available to registered apprentices once they have successfully finished their first or second year/level (or equivalent) of an apprenticeship program in one of the Red Seal trades.
Information available at: http://www.servicecanada.gc.ca/eng/goc/apprenticeship/incentivegrant/program.shtml
- Apprenticeship Completion Grant (ACG)
Taxable cash grant of $2,000 that helps registered apprentices who have completed their training become certified journeypersons in designated Red Seal Trades. Information available at: http://www.servicecanada.gc.ca/eng/goc/apprenticeship/completiongrant/program.shtml
- Support for Apprentices
Information to help apprentices complete their training in a Red Seal trade and for employers to help support the apprentices they hire and train. Information available at: http://www.esdc.gc.ca/en/support_apprentices/index.page
The T2202A is an official income tax receipt issued by qualifying educational institutions for tuition, education and textbook tax credits. Each student must determine whether or not they are eligible for these tax credits on a personal income tax return based on their own circumstances.
In depth questions regarding the use of the T2202A form in the tax preparation process should be directed to Revenue Canada. Tax guides are available from any Revenue Canada office or a Post Office. Revenue Canada also publishes a booklet called "Students & Income Tax" - Government form P105(E).