The federal government will contribute $500 for a Canada Learning Bond for any child born since January 1, 2004, who lives in a low-income family. And the feds add another $100 every year, and matches any extra family contribution by as much as 40%!
Never heard of this? You're not alone. About 880,000 kids in Canada are eligible for this program, but less than 20% are enrolled. Detailed information about the CLB, as well as Registered Education Savings Plans and the Canada Education Savings Grant, is available on Canlearn.ca.
Education savings bonds can help level the playing field between poor kids and kids from more affluent families. Two-thirds of children in affluent neighbourhoods go on to postsecondary school. Two-thirds of kids in poor neighbourhoods don't even apply. But poor kids with even a modes amount of savings set aside apply at much higher rates.
Aside from culminating in a degree or diploma -- and possibly post-graduate studies -- saving now for college or university has many added benefits. It is a powerful thing for parents to communicate to their children that they expect them to go on to college or university and that post-secondary education is a valuable investment. Knowing that college or university is in their future, children tend to focus on their elementary and high school grades to ensure they'll go to the school of their choice. Even if you never went past high school, paving the way for your kids to do so will begin to ensure that future generations of your family will get the education you never did, and they deserve.
HRSDC has a brochure available called "Get Money Now For your Child's Education After High School" which is available in several languages: French, Portuguese, Spanish, Vietnamese, Cantonese, Mandarin, Arabic, Korean, Inuktitut, Punjabi, and Tagalog.
To order copies of this brochure contact:
Publications Services
Human Resources and Skills Development Canada140 Promenade du Portage
Phase IV, 12th Floor
Gatineau, Quebec
K1A 0J9
Fax: 819-953-7260
Online: http://www.hrsdc.gc.ca/publications
News
Globe and Mail
February 8, 2011
