This week, we are celebrating the fifth annual Education Savings Week (ESW).This year’s theme is “Start Good Habits Early”. Many parents in Leeds and Grenville wonder how much to save for their children’s education. They wonder how soon they should start. The answer is ‑ save early so even small savings can translate into substantial saving later.
Families with lower incomes have a lot to gain when it comes to saving for their child’s education with a Registered Education Savings Plan (RESP). Through the Canada Learning Bond (CLB), the government will contribute an initial $500 per child, then $100 each year until the age of 15 to a maximum of $2,000. This money helps to pay the costs of a child’s studies after high school at apprenticeship programs, trade schools, colleges and universities.
Beth Steel, Coordinator Bartholomew St. Community Hub, states “There are many families in Leeds and Grenville eligible for the CLB that have not yet applied. We want to help families by increasing awareness of the Canada Learning Bond and reducing barriers families may experience in accessing the fund”.
Having an RESP is a great way to encourage Leeds and Grenville children to continue their education and can help prepare for the cost down the road. Call the Bartholomew Hub 613‑704‑2383 or a financial institution today and find out more about the Canada Learning Bond.