GATINEAU, QC, Nov. 19, 2018 /CNW/ - The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, issued the following statement today to kick off Education Savings Week 2018 in Canada.
"Young people are at the heart of Canada's future economic prosperity. That's why our Government is focused on ensuring children have the financial support they need for their post-secondary education.
This year, the theme of Education Savings Week is Start good habits early. The earlier families start saving for a child's education, the easier it is for them to pursue postsecondary education.
No matter when an RESP is opened for a child, the Government of Canada tops up those savings, especially for low-income families. Families can benefit from thousands of dollars in savings incentives from the Government, and it all starts with with opening up a dedicated RESP.
This week is an opportunity to start the conversation about saving for a child's post-secondary education."
- Education Savings Week takes place this year from November 18 to 24 and aims to encourage the use of Registered Education Savings Plans (RESP) to save early for a child's post-secondary education. This includes full- or part-time studies in trade school, an apprenticeship program, CEGEP, college or university.
- RESPs allow education savings to grow tax-free. They are the only savings account that attracts Government of Canada education savings incentives, namely:
- the Canada Learning Bond, which provides up to $2,000 in an RESP for eligible children from low-income families, born in 2004 or later up to the age of 15 with no personal contributions required; and
- the Canada Education Savings Grant, which adds between 20 and 40 percent of personal contributions to an RESP, depending on family income and the amount contributed.
SOURCE Employment and Social Development Canada
For further information: For media enquiries, please contact: Veronique Simard, Press Secretary, Office of the Honourable Patty Hajdu, P.C., M.P., Minister of Employment, Workforce Development and Labour, firstname.lastname@example.org, 819-654-5611; Media Relations Office, Employment and Social Development Canada, 819-994-5559, email@example.com