Subjects: CHI, ECO, CFG
Government of Canada makes it easier for families to qualify for the Canada Learning Bond
BURLINGTON, ON, Feb. 20, 2018 /CNW/ - When more people can afford post-secondary education, our economy can grow and our middle class can thrive. That is why the Government of Canada is helping more low- and middle-income families save money for their children's post-secondary education through the Canada Learning Bond.
The Canada Learning Bond provides up to $2,000 in a Registered Education Savings Plan for children from low?income families, with no personal contribution required. This includes $500 for the first year of eligibility and $100 each following year, until the calendar year they turn 15.
Today, the Honourable Karina Gould, Minister of Democratic Institutions, on behalf of the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, highlighted how the Government of Canada is helping more families save for their children's education. To help more children from low-income families benefit from the Canada Learning Bond, Budget 2017 reallocated $12.5 million over six years, starting in 2017?18, from Employment and Social Development Canada's existing resources to launch a pilot project. The pilot project will explore new ways to increase awareness and access to the Canada Learning Bond.
Budget 2017 approved amendments to the Canada Education Savings Act to allow the cohabiting spouse or common-law partner of the primary caregiver to request the Canada Learning Bond and the Additional Canada Education Savings Grant on behalf of an eligible child. This change will simplify the application process, ensuring that more children who are eligible for these benefits receive the support they need to help pursue post-secondary education.
Quote
"Making post-secondary education more affordable for all Canadians, especially those from low- and middle-income families, isn't just the right thing to do?it's the smart thing to do. Children with education savings are more likely to attend and complete post-secondary education and graduate with less debt. Helping more people access post-secondary education is a key way in which we can grow the economy and strengthen the middle class."
? The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
"Our government is working hard to make sure that everyone who is eligible for the Canada Learning Bond is receiving it. I encourage all eligible new parents to open an RESP and apply for the Canada Learning Bond to give their child a head start on success."
? The Honourable Karina Gould, Minister of Democratic Institutions
"Funds from the Canada Learning Bond can be used by young students for future expenses related to their studies including trades schools and apprenticeship programs such as those offered in the Centre's skilled trades pre-apprenticeship programs. Support for young people, whether they are studying or working, would not be possible without our local representatives in parliament and federal government, and we're proud to work with them to improve the lives of citizens in our community."
? Lisa Rizzato, Chief Administrative Officer, The Centre for Skills Development & Training
Quick Facts
- While take-up of the Canada Learning Bond has steadily increased from 0.2 percent in 2005 to 34.7 percent in 2016, two thirds of eligible children are not yet receiving this education savings incentive, representing approximately 1.8 million children across Canada.
- The Government of Canada is reviewing more than a hundred proposals in response to its recent Call for Concepts to Increase Awareness and Take-up of the Canada Learning Bond, which closed on January 16, 2018.
- Over the next three years, $7 million will be awarded in support of successful projects.
Related Products
Backgrounder: Canada Learning Bond
Associated Links
Canada Learning Bond
Registered Education Savings Plans
SOURCE Employment and Social Development Canada
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