There’s no better time than a new school year to start thinking about saving for your little one’s educational future.
If you packed a lunch and backpack full of notebooks and pencils for a new school year for your child earlier this month, he or she might need some money come high school graduation time. Post-secondary studies aren’t for everyone but having some funds saved for university, college or other studies could be extremely helpful for your child in the years to come.
What is the Canada Learning Bond?
The Canada Learning Bond is money from the Canadian government that’s deposited into a child’s Registered Savings Plan and can be withdrawn later on to help pay for his or her post-secondary studies. These studies can be either full-time or part-time studies at university, college, a trade school, CEGEP or in an apprenticeship program.
The Canada Learning Bond is an opportunity to apply for up to $2000 to add to a child’s savings for post-secondary studies. After applying for the funds, $500 will be added to a child’s RESP immediately and an extra $100 will be added each year until he or she turns 15, to a maximum of $2000.
What's needed to apply?
To apply for a Canada Learning Bond for your child, you need to receive the National Child Benefit Supplement, have a child born in 2004 or later and be ready to open an RESP.
For more information and to apply for the Canada Learning Bond, visit www.indigenousfutures.ca