“Savings For Success” RESP Project: the Canada Learning Bond

The Society of Saint Vincent de Paul’s Savings for Success project aims to empower eligible families to plan for post-secondary education for their children.

Our objectives are:

  • to educate families regarding the Canada Learning Bond (up to $2,000 in funding per child for post-secondary education)
  • to provide families with information about setting up a Registered Education Savings Plan (RESP) for their children so as to access these funds; and
  • to make a $50 contribution to each newly opened RESP (in Brantford/Brant County) that is eligible to receive the Canada Learning Bond.

To be eligible to receive the Canada Learning Bond children must have been born after Dec. 31, 2003 and the family’s net income, excluding the universal child care benefit, must be less than or equal to $45,916.  (For families with more than three children there are higher income brackets.)

Parents are able to open no-fee RESPs and no parental contribution is required to obtain the Canada Learning Bond.  These education savings funds do not affect any Social Assistance Benefits being received by the family.

We believe that education is a key factor in helping young people create a brighter future for themselves.  The existence of education savings is a strong motivator for pursuing post-secondary education.   Canada Learning Bond funds can be used for university, college, trade schools or apprenticeship programs and students can attend on a part-time or full-time basis.

The Society of Saint Vincent de Paul Brant appreciates the financial support received from the Brant Community Foundation and the Retired Teachers of Ontario District 40 to assist us in initiating this project.

To date, we have assisted the families of 25 children to obtain Canada Learning Bond funds.  We know that there are many more eligible children in our area. For further information, please leave your name and phone number on voice mail at 519-753-8439 ext. 400 or email  infosavingsforsuccess@gmail.com

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