GATINEAU, QC, Nov. 23, 2017 /CNW/ - When more people can afford post-secondary education, our economy can grow and our middle class can thrive. That's 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 (CLB).
The CLB provides up to $2,000 in a Registered Education Savings Plan (RESP) for children from low-income families, with no contribution required from the child's family. This includes $500 for the first year of eligibility and $100 each following year, until the calendar year they turn 15.
Today, during National Education Savings Week, the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, launched a national Call for Concepts to help more people access the CLB and save for their child's post-secondary education. The Call for Concepts will give preference to projects that help hard-to-reach and vulnerable populations, such as Indigenous children, and projects that address the challenges faced by those seeking to open an RESP.
$7 million will be awarded to organizations over the next three years to implement the chosen concepts, once full proposals have been developed and selected in the next stage.
"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
- While take-up of the CLB 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.
- In May 2017, the Government of Canada provided the millionth CLB in an RESP; helping 1 million Canadian children save for their post-secondary education.
- The deadline for applications is January 16, 2018.
Employment and Social Development Canada (ESDC) is accepting project proposals from organizations for new and/or innovative approaches designed to increase awareness and take-up of the CLB to help improve life outcomes for children, with a particular emphasis on vulnerable populations, including Indigenous children. Proposals must align with at least one of the following three themes: support for Indigenous populations, facilitated access to education and research and innovation.
The CLB is money that the Government of Canada deposits directly in Registered Education Savings Plans for children from low-income families, born in 2004 or later, to help pay for their post-secondary education. The CLB provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2,000. Personal contributions are not required to receive the CLB.
To be eligible for the CLB, a child must be from a low-income family and:
- be born on or after January 1, 2004;
- be a resident of Canada;
- have a valid Social Insurance Number (SIN); and
- be named as a beneficiary to an RESP.
The child's primary caregiver (PCG) and, effective January 2018, the spouse or common-law partner of the PCG, can request the CLB on behalf of an eligible child. The PCG is the person who is eligible to receive the Canada Child Benefit in the child's name. The child's PCG must have applied for the Canada Child Benefit for the child through the Canada Revenue Agency and must continue to file income tax returns, allowing eligibility to be validated. Children in care qualify for the CLB.
SOURCE Employment and Social Development Canada
Renseignements: For media enquiries, please contact: Matt Pascuzzo, Press Secretary, Office of the Honourable Patty Hajdu, P.C., M.P., Minister of Employment, Workforce Development and Labour, [email protected], 819-654-4183; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]