Canada Learning Bond & Registered Savings Plan

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WoodGreen’s Financial Empowerment Services has partnered with SmartSaver, a non-profit community project, to make it easier for families to understand and access the government money that is available for education after high school.

Currently, over 1.5 million kids are missing out on free education money through the Government of Canada’s Canada Learning Bond. WoodGreen is here to provide families with clear and unbiased information on Registered Education Savings Plans and to help your child receive the maximum amount of funding for their education after high school.

What is a Registered Education Savings Plan (RESP)?

An RESP is an education savings account registered with the Government of Canada. It helps you, your family or friends put aside money for your child’s education after high school. 

Without an RESP account, your child is not able to receive the Government of Canada’s Canada Learning Bond or Canada Education Savings Grant

You can open an RESP at many financial institutions, such as a bank or credit union.  The StartMyRESP tool is a simple and convenient way to open a no-fee, zero contribution RESP account and apply for the Canada Learning Bond and Canada Educations Savings Grant.

 

What is a Registered Education Savings Plan (RESP)?

An RESP is an education savings account registered with the Government of Canada. It helps you, your family or friends put aside money for your child’s education after high school. 

Without an RESP account, your child is not able to receive the Government of Canada’s Canada Learning Bond or Canada Education Savings Grant

You can open an RESP at many financial institutions, such as a bank or credit union.  The StartMyRESP tool is a simple and convenient way to open a no-fee, zero contribution RESP account and apply for the Canada Learning Bond and Canada Educations Savings Grant.  

 

What is the Canada Learning Bond?  

The Canada Learning Bond (CLB) is money that the Government of Canada deposits directly into a child's Registered Education Savings Plan (RESP) account to help parents get a head start on saving for their child's education after high school.  Eligible children can receive up to $2,000, simply by opening an RESP account and applying for the Canada Learning Bond.  This money will not be counted as “income” for the parents, and will not impact OW or ODSP income amounts. 

 

Who is eligible for the Canada Learning Bond?  

  1. Any child was born in 2004 or later; and, 

  2. Net family income is below the threshold amount ($45,916 if you have 1-3 children)

 

How do I open an RESP account and apply for the Canada Learning Bond?

You can visit your preferred financial institution to open a no-cost, no contribution RESP and ask to be registered for the Canada Learning Bond and Canada Education Savings Grant.

 

All you need to start is:

  • The Social Insurance Number (SIN), name and date of birth of the child who the account is for

  • The Parent/Guardian's SIN and contact information

…then visit your financial institution to open an RESP account, or click on the StartMyRESP link!

 

What is the StartMyRESP tool?

To make opening an RESP easier, WoodGreen has partnered with SmartSaver to offer a simple way to sign up online called StartMyRESP.  Some RESP accounts charge fees or require minimum savings contributions, so choosing the right account can be overwhelming for some families. StartMyRESP is a tool that makes it simple and easy for families to open a no-cost, no contribution RESPand will ensure that your child receives the Canada Learning Bond and Canada Education Savings Grant (if eligible).  As an added bonus, WoodGreen is offering a $25 gift card to each family who opens an RESP account through the StartMyRESP tool!  Feel free to contact us for more information, or get started by clicking the link below. 

 

                                                              

 

If you have any questions or need support, please feel free to talk with one of our Financial Empowerment Counsellors at 416-645-6000 ext.1330 or fe@woodgreen.org