More than $60 million is waiting for children eligible for the Canada
TORONTO, Nov. 3, 2011 /CNW/ - SmartSAVER announced today that 60,023
families in the city of Toronto will receive vouchers this week
informing them of their children's entitlement to Government funds to
help pay for their post-secondary education. The funds come through the
Canada Learning Bond.
The Canada Learning Bond is a contribution of up to $2,000 by the
Government of Canada into a Registered Education Savings Plan for
lower-income children. It requires no contribution by the family. Any
child born in 2004 or later whose family receives the National Child
Benefit Supplement (has a net income of $41,544 or less) is eligible to
receive the Canada Learning Bond.
The vouchers will notify families of the amount that the Government of
Canada will deposit into qualifying children's RESP accounts. Families
can open an RESP account with any provider they choose.
"The Canada Learning Bond is a unique opportunity for families who need
it the most," stated Martin Connell, Chairman and President of the
Omega Foundation, which created and leads the SmartSAVER program. "It
is a key stepping stone to improving children's educational pursuit and
our community's future prosperity."
"Every family with children should have an RESP account, but it's even
more important for families who receive these vouchers to get started
right away," said Jennifer Tory, RBC Royal Bank's Regional President
for Greater Toronto. "You don't need to be able to contribute any of
your own money, but you do need to open an RESP account for the
Government to deposit your children's Canada Learning Bond funds into,
or you're essentially leaving free money on the table."
SmartSAVER will support families' RESP participation through a series of
special sign-up events across the city. Schools and community
organizations across Toronto will promote voucher use and families will
be able to access more information in 16 different languages through a
telephone information line (416) 479-8957 and through www.smartsaver.org/voucher.
SmartSAVER is a project of the Omega Foundation, funded in part by the
Government of Canada's Education Savings Community Outreach program and
delivered in collaboration with corporate and charitable partners.
SmartSAVER makes it easier for Toronto families with modest incomes to
access the Canada Learning Bond and Registered Education Savings Plans
(RESP) for their children's education.
About the Royal Bank of Canada
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name RBC. We are Canada's largest bank as
measured by assets and market capitalization, and among the largest
banks in the world, based on market capitalization. We are one of North
America's leading diversified financial services companies, and provide
personal and commercial banking, wealth management services, insurance,
corporate and investment banking and transaction processing services on
a global basis. We employ approximately 74,000 full- and part-time
employees who serve close to 15 million personal, business, public
sector and institutional clients through offices in Canada, the U.S.
and 55 other countries. For more information, please visit rbc.com.
For further information:
May Wong, Executive Director, Omega Foundation (416) 966-1418 or firstname.lastname@example.org
Mark Hamill, Director Communications, Greater Toronto, RBC Royal Bank (416) 974-3900 or email@example.com