Saving Today for Your Child’s Education Tomorrow
David Tilson, MP
We all want to see our children thrive and succeed. A large part of ensuring this success is a post-secondary education. It’s never too early to start thinking about your child’s education following high school and to put a plan in place now. Your child may even be eligible for free money for their education through the Canada Learning Bond (CLB) – Registered Education Savings Plan (RESP) provided by the Government of Canada.
The CLB is $500 offered by the Government of Canada to assist you in saving for your child’s post-secondary education. Furthermore, your child could receive $100 every year until he or she turns 15 years old to a maximum of $2,000. This money may be used to pay for full-time or part-time studies in: apprenticeship programs, CEGEPs, colleges, trade schools, or universities.
Your child is eligible to receive the CLB if he or she was born after December 31, 2021 and you receive the National Child Benefit Supplement under the Canada Child Tax Benefit (CCTB), which is also known as the family allowance. The CLB and the Canada Education Savings Grant will not affect other Government of Canada benefits.
The Canada Learning Bond can only be deposited into a RESP account (a RESP is an education savings account registered with the Government of Canada) and you don’t have to put any of your own money in to receive it. A RESP may be opened at a financial institution, such as a bank or credit union or through a certified financial planner or a group plan dealer.
In order to get started with a RESP, you need to obtain a Social Insurance Number (SIN) for your child, which is free. You can call 1-800-O-Canada (1-800-622-6232) for more information or visit a local Service Canada Centre. The next step is contacting a RESP provider that offers the CLB to open a RESP. The final step is opening the RESP and completing the CLB application form with the help of your RESP provider.
Here in Dufferin-Caledon, the Peel Post-Secondary Strategy: Enrolled By Six, is a regional strategy led by the Peel Children and Youth Initiative, a children and youth collaborative, working to engage all sectors and partners in ensuring that every child is enrolled for the CLB. More information about the Strategy and the CLB may be found on the Peel Children and Youth Initiative’s website at www.pcyi.org or you can call their information line at 905-890-9432 or long distance at 1-888-836-5550.