Canada's Learning Bond Reaching Low-Income Families

Submitted by Natasha Pei on February 3, 2015 - 7:35am
SmartSaver launches its quick online RESP application

SmartSAVER has launched their online application that will connect low-income families with start-up funds for their children's education.

Currently, the Canada Learning Bond is available to low-income families (net income of $44,701 or less) receiving the National Child Benefit Supplement.  Through a Registered Education Savings Plan (RESP), the government provides up to $2,000 for children to attend post-secondary education.

However, an estimated 1.4 million low-income families are not receiving the benefit because they don't know about it or how to get it.  Many are unaware that while families are encouraged to top-up the fund, there is no obligation for families to contribute to the fund themselves.

SmartSAVER is meeting the needs of lower-income families by providing an online application tool in partnership with six banks and credit unions: BMO, Meridian, RBC Royal Bank, Scotiabank, TD and Vancity.  They are helping families open RESP's to receive the Canada Learning Bond with no fees and no minimum contirbution on their part.

Start-up funding can go a long way to promoting continuing education and ensuring low-income children can attain the skills and expeirence they will need as adults.
Read the full announcement and visit SmartSAVER here