Quote:
Originally Posted by ranchlandsselling
Okay, thanks!
Basically I thought that the one that was being cancelled was the one that matches 20% up to a max of $500 hence the $2,500 I tossed in today. I then wondered what I should be contributing in the next year given the cancellation of the above referenced matching program being cancelled (which I now know it isn't).
So the one cancelled (pending NDP changing something) was just a one time $500 shot as long as I opened the account by July 1? And with that being the case, the goverment will still match 20% up to a max of $500 so I should keep giving $2,500 per year?
My other part was I donated $2,500 today. When can I start again? The day the kid turns one, or Jan 1, 2016?
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Yeah you have the grant portion right. Its the one time $500 grant if the child was born after 2005, and then they also received $100 when they turn 8, 11 and 14 (which is also being cut). The grant from the federal government remains and they match 20% technically up to $1000 if you haven't contributed every year. If you have hit the maximums though they match up to $500....so in your case its the $500.
Like I say I believe that they run these on a calendar year so if you plunked in the $2500 today you will be looking at 2016. I would confirm that.