The Saskatchewan Advantage Grant for Education Savings (SAGES) Amendment Regulations, 2023, introduced via Order in Council 144/2023, represent a significant update to the SAGES framework. The amendments primarily focus on revising existing definitions and provisions within the SAGES regulations. Notably, the definition of “accumulated income” under a Registered Education Savings Plan (RESP) has been clarified to denote the amount in the RESP that exceeds the fair market value of any contributions made to the plan. Additionally, a new definition is introduced to specify that “Act” refers to The Saskatchewan Advantage Grant for Education Savings (SAGES) Act. The regulations also update references to the Department of Human Resources and Skills Development to include any successor departments.

A new section (2.1), stipulates that, effective September 1, 2023, all SAGES grants remaining in grant accounts will be deemed accumulated income within the RESP. This adjustment means that these grants will no longer be considered separate from the RESP’s accumulated income, but rather a part of it.

Further revisions include the elimination of the repayment requirement for trustees. The newly added subsection 7(7) specifies that, from September 1, 2023, trustees will no longer be obligated to make repayments to the minister as previously required. This modification removes the necessity for trustees to return any funds, simplifying their administrative responsibilities.

The amendments also revise the application process outlined in subsection 8(2). The updated regulation mandates that applications must be submitted in a form and manner approved by the minister before May 31, 2023. This change establishes a clear deadline and procedural requirements for submitting applications, ensuring adherence to the new guidelines.

The 2023 amendments to the SAGES regulations aim to streamline the administration of the program, clarify the treatment of education savings grants, and adjust procedural requirements to reflect contemporary policy and operational needs.

Source: Saskatchewan (23/2023), April 14, 2023