This national body wanted to promote savings for post-secondary education and secure government financial support for the sector.
The Brown & Cohen Solution
Helped establish the RESP Dealers Association of Canada in 2000 to highlight the value of RESPs to families, media and government for federal and provincial legislators and the media.
Convinced the federal government to introduce the Canada Education Savings Grant program in 1998 and the Canada Learning Bond in 2004 which provides Canadians, of all income levels, financial support for RESP investments. A similar program was implemented with our assistance by the Government of Alberta in 2005: the Alberta Centennial Education Savings program. Other provinces, including British Columbia and Quebec have implemented similar programs.
The Government of Canada introduced the Canada Education Savings Grant (CESG) program and subsequent changes for low and middle-income parents.
In 2001, an Ontario RESP tax credit was introduced through a private members bill and passed with all-party support. The tax credit was doubled at committee level, but it fell off the table when the legislature rose.
In 2005, Hon. Bob Rae recommended the introduction of an Ontario Learning Bond to help parents start RESPs as part of his report on the future of post-secondary education.
In Alberta, the government introduced the Alberta Centennial Education Savings (ACES) grant to help families embark on education savings.
Other provinces, including British Columbia, Manitoba, and New Brunswick, are giving serious consideration to introducing their own savings programs