By May Wong
The Canada Learning Bond is a little-known Federal program that contributes up to $2,000 into education savings accounts (RESPs) for lower-income kids born since 2004. No family contribution is required.
Although parents want their kids to continue their education, many don’t have the money to help them. But having something saved for their education encourages kids to finish high school and to pursue post-secondary. A better-skilled and more productive workforce benefits all of us.
SmartSAVER, a program of the Omega Foundation, wants every eligible child to receive their Bond, but we need your help.
Jennifer and daughter Makayla. Credit: Michael Mitchell
Most families eligible for the Canada Learning Bond have never heard of it. Some are unfamiliar with Canada’s financial system or have no experience with savings vehicles. Most have little access to financial advice. The Canada Learning Bond not only creates education opportunities for our youngest, lowest-income children, it also improves their parents’ financial knowledge.
Eighty per cent of eligible children – over 1 million kids across Canada – don’t have the Canada Learning Bond to which they’re entitled. SmartSAVER is learning from its Toronto pilot that community organizations play a critical part in families’ successful enrolment. Make sure the children in your community get a great head-start to higher education.
Visit www.smartsaver.org or contact us: info@smartsaver.org.
May Wong is Executive Director of the Omega Foundation
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