Career training is an investment in your future. At Thames we know it can be difficult to navigate all the different Financial Aid options and understand which you qualify for and which funding options are most appropriate for your unique training and finance situation. That’s why we have a dedicated team of Financial Aid Experts ready and willing to help you explore your Financial Aid options. Take a below look at some of the financing options you may qualify for.
Call (519) 679-4222 today to schedule an appointment to meet with a Financial Aid representative to discuss your funding options.
How do RESPs and the CESG Work?
- An RESP is a registered saving instrument in which investment income grows tax-free.
- Since 1998 the CESG has supplemented private education savings in RESPs: the first $2,000 contributed each year to an RESP for a child attracts a 20-per-cent CESG.
- The CESG makes family savings in RESPs more effective by providing up to $400 per year for each child, up to a lifetime maximum of $7,200.
- Over 1.8 million Canadian children have benefited from the CESG program, which added about $365 million to family RESP savings in 2003.
You can save for your child's post-secondary education by investing in a Registered Education Savings Plan (RESP). The money you invest grows on a tax-deferred basis.
Once your child is registered for a qualified education program at a recognized post-secondary educational institution, he or she can withdraw the money to pay for costs such as tuition, books, lab fees, equipment, room and board, and travel expenses relating to attending the program. Your child will pay taxes on the income earned in the RESP, once withdrawn. But since a student's income tends to be low, tax on the withdrawals will likely be minimal. Your contributions to an RESP are not tax-deductible.
For 1998 and later years, the Minister of Human Resources Development Canada will pay a 20% Canada Education Savings Grant on the first $2,000 of annual contributions made to all eligible RESPs for a qualifying beneficiary. Beneficiaries qualify for a grant on the contributions made on their behalf before the end of the calendar year in which they turn 17 years of age. However, special conditions must be met by the end of the calendar year in which the beneficiary turns 15. All CESGs are paid to the trustee of the RESP. The grants and accumulated earnings will be part of the educational assistance payments paid out of the plan to the beneficiary. The maximum CESG amount that a beneficiary can receive is $7,200. For more information on the CESG program, call 1-888-276-3624.
The LLP allows you to withdraw amounts from your registered retirement savings plans (RRSPs) to finance training or education for you or your spouse or common-law partner. You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts. You have to repay these withdrawals to your RRSPs over a period of no more than 10 years. Any amount that you do not repay when it is due will be included in your income for the year it was due.
Thames Valley College of Business & IT understands the importance in gaining access to post-secondary education. With this in mind, we have many flexible in-house financing available to meet your needs and gain the skills that will help you land meaning employment. Call Today to setup an appointment with the admissions department for more information (519) 679-4222.
Human Resources Skills Development Canada - HRSDC has programs that may be available for those currently receiving EI benefits or those who where on benefits within the last three years, or the last five years for those who had maternity or parental leave, that are experiencing difficulty re-entering the workforce.
Contact the admissions department at (519) 679-4222 for more details or visit the following websites:
HRSDC website at www.hrsdc.gc.ca or the Career Centre website at londongoodwill.on.ca
There are many options available to First Nations People. Please visit www.ainc-inac.gc.ca for more information or contact the admissions department at (519) 679-4222.
There are many awards, scholarships and bursaries available for a wide range of degree and diploma programs across Canada. At Thames Valley College of Business & IT we want to work with you to gain access to these awards and assist you in decreasing student debt.
Contact our Admissions Department at (519) 679-4222 for more details or visit the Student Awards website at www.studentawards.com
These links direct you to the student financing information at your local bank.