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As a parent, you do everything you can for your family. So, it’s never too early to start saving for your child’s education after high school.
With education savings, you give your child more options: apprenticeship, trade school, college or university.
To encourage families to save early, the Government of Canada offers the Canada Learning Bond.
If your child was born after December 31st, 2003, and your family receives the National Child Benefit Supplement, your child can get the $500 Canada Learning Bond.
Your child could also get an extra $100 each year up to age 15, as long as your family continues to receive the Supplement.
That could add up to $2,000 for your child’s post-secondary education.
To get the Canada Learning Bond, open an RESP— also known as the Registered Education Savings Plan. Your child will need a Social Insurance Number, which you can obtain through Service Canada.
RESP providers are almost every bank, credit union, certified financial planner and group plan dealer. But, not every providers offer the Canada Learning Bond. Choose the provider that does!
While you don’t need to put in any of your own money, we hope that you will. To get you started, the Government will also provide $25 to help cover the cost of opening the RESP.
The money from the Canada Learning Bond—plus the money you save—will earn interest, making your child’s savings grow even more.
Your savings still belong to you. So, if your child doesn’t continue education after high school–as an option–you could take out your money, including interest earned over the years. But the Learning Bond is returned to the Government of Canada.
Every dollar adds up. By putting aside a dollar a day you could save over $5,000 of your own money by the time your child is 17.
Save a little here and there, and talk about the importance of building a nest egg to cover schooling costs. These small steps increase your child’s chances of finishing high school and going on to post-secondary education.
For more information on the Canada Learning Bond, RESPs and on the importance of saving early:
• call 1 800 O-Canada
• visit a Service Canada Centre near you
• or go to CanLearn.ca.
Give your child options…
start saving today!