QUEBEC, Aug. 13, 2019 /CNW/ - Back to school is an exciting time of year, but it can also be financially stressful for parents and students. In today's global economy, more jobs than ever require post-secondary education, which is why the Government of Canada is taking action to make it more accessible and affordable.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, spoke about the government's financial assistance which has been made available to parents and students for post-secondary education.
The Canada Learning Bond is available for eligible children from low-income families born in 2004 or later, and provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2000.
Minister Duclos also highlighted the Canada Child Benefit (CCB), which was increased for the first time in July 2018 to keep up with the cost of living. This change came two years ahead of schedule to give parents even more money each month to help them provide for their children. As of July 2019, the CCB was raised once again. This means that for the 2019–20 benefit year, the maximum benefit will be $6,639 per child under age 6, and $5,602 per child aged 6 through 17.
Today's job market is more competitive than ever before, that is why quality education should be within everyone's reach. Together, these investments will ensure all Canadian students have equal access to the education and training they need for a fair chance at success.
"More than anything else, we want to give every Canadian and every Canadian family a real and fair chance at success. One of the ways we do this is by making post-secondary education accessible and affordable for all. It's the government's objective to help the middle-class and those working hard to join it. "
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
"Investing in higher education is how we can level the playing field and ensure every Canadian has a real and fair chance at success. Helping underrepresented groups get the skills they need for good, quality jobs benefits all of Canada by growing our economy and strengthening our middle class."
– The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
- The Canada Learning Bond is available for eligible children from low-income families born in 2004 or later, and provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2000.
- The Canada Learning Bond take-up rate has steadily increased from 0.3% in 2005 to 38.3% in 2018.
- In 2018, 690,559 beneficiaries received $172 million in CLB, with 149,532 children receiving the incentive for the first time.
- The CCB has had a positive impact on families' incomes, playing a key role in reducing child poverty. There were 278,000 fewer children living in poverty in 2017 than there were in 2015.
- Across Canada between July 2017 and June 2018, over 3.7 million families received more than $23 billion in annual Canada Child Benefit payments.
Canada Learning Bond
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; and,
- be named as a beneficiary to a Registered Education Savings Plan.
In 2018, 690,559 beneficiaries received $172 million in CLB, with 149,532 children receiving the incentive for the first time.
Canada Child Benefit
Since July 2016, the CCB has provided over $23 billion dollars each year to Canadian families to help pay for things like like healthy food, sports programs and music lessons. Across Canada, CCB payments worth $23.7 billion benefit nearly 3.7 million Canadian families. The CCB has been recognized by the International Monetary Fund, the Bank of Canada and other experts as a key contributor to helping strengthen Canada's middle class.
The Government of Canada indexed the CCB in July 2018, two years ahead of the previous schedule of July 2020. As a result, maximum benefit amounts and income thresholds at which benefits begin to be reduced were increased annually to keep pace with the rising cost of living.
Examples of the new indexation rates for the 2019–20 benefit year:
- A single-parent family with one child aged under the age of 6 and earning $25,000 will receive an additional $143, bringing their new yearly total benefit to $6,639.
- A two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $354, bringing their new yearly total benefit to $9,017.
- A two-parent family with two children under the age of 6 earning $90,000 will receive an additional $263 for the upcoming benefit year, bringing their new yearly total benefit to $7,090.
SOURCE Employment and Social Development Canada
For further information: For media enquiries, please contact: Valérie Glazer, Press Secretary, Office of the Honourable Jean-Yves Duclos, P.C., M.P., Minister of Families, Children and Social Development, 819-654-5546; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]