Free Money for Low-Income Learners – Tell Your Teller and Your Tenants!
Posted on July 26, 2011 by Cynthia Ross
The amount of free federal dollars left behind because no one knows about the Canada Learning Bond for low-income families makes no sense! Across Ontario there are 405,000 eligible families that don’t apply and in Toronto 78,000 families with incomes under $41,000 a year and children born after 2004 who could take advantage of the easy to access $2,000 nest egg for their child’s higher education. Part of the problem is that many bank employees, who play an important role in accessing the money, don’t know about the Bond.
How to Apply
All you need is a birth certificate, a social insurance number for your child and you can walk into a participating bank and open an RESP without depositing a cent. The bank then applies for the Canada Learning Bond on your child’s behalf. In fact the first $500 Canada Learning Bond Deposit also covers the $26 to start the RESP. After that – $100 a year is deposited into the RESP as the Canada Learning Bond until your child is 15 or the $2,000 max is reached. To see how easy it is go to the Omega Foundation’s Smart Saver website that includes info in seven languages.
Spread the Word!
Go figure – free money, a bond that starts saving for your child’s education at birth without you having to deposit a cent! But nobody’s talking. Maybe it should be automatic when you apply for a birth certificate or register your child for school or move into social housing? For policy insights on the value of the bond read Maytree’s take and read the CBC story. Let’s get the word out!!!