Missing out on kids tuition fees help? MUST READ!!!

[saki]

Missing out on tuition help ?

Six years after the launch of the Canada Learning Bond, the families of only 212,000 children, or 19 per cent of those eligible, have taken advantage of the benefit.

Only one in five low-income families in Canada has taken up the federal government's offer of free money for their children's post-secondary education, shows a study released in December by Toronto's Omega Foundation.

Six years after the launch of the Canada Learning Bond, the families of only 212,000 children, or 19 per cent of those eligible, have taken advantage of the benefit. Through the learning bond, Ottawa contributes a maximum of $2,000 to a low-income child's tax-sheltered registered education savings plan (RESP).

Yet as of 2009, more than 880,000 children had not claimed the bond they were entitled to.
“The federal program is benefiting the high-income families, when the low-income families can benefit from it most,” said May Wong, Omega's executive director and a report co-author. “The money can make a big difference in their children's academic aspirations.”

To receive the learning bond, families have to have a child born Jan. 1, 2004, or after, and an after-tax household income under $40,970 a year. Then, it is necessary to start an RESP account with a licensed RESP provider where the government can deposit the money. Parents and child also need to have a social insurance number.

A previous survey, published in 2008 by EKOS, showed that only one in 10 low-income families had heard of the free learning bond, and only 83 per cent had heard of RESPs in general.

The report attributes this gap, especially among immigrants, to the lack of multilingual information, and to the ignorance of community workers about the RESP.

Nasrin Khatam, originally from Iran, learned about the RESP only when she was approached by a sales representative of a private scholarship fund at a mall. “He told me how much the money would grow but didn't say anything about the processing fees and investment risks,” said the Toronto graphic designer, who had to pay a large penalty for stopping payments to her son's scholarship fund after being laid off in 2008.

But, overall, RESPs can be a solid investment in your children's educational future, as the federal government provides a payment of at least 20 per cent of the total annual contributions you make to the RESP, up to $2,500 per child, through something called the Canada Education Savings Grant (CESG). The CESG's lifetime limit per child is $7,200.

Find out more information on the Canada Learning Bond, RESPs and more at canlearn.ca.

[qorax]

Thanks for posting this Saki...
Qorax

[niwrrehs]

nice post saki

Sherwin

[fariza]

Thanks Saki for sharing this useful post....I really appreciate your time and commitment to the forum members. May the Almighty bless you

[saki]

Thanks Saki for sharing this useful post....I really appreciate your time and commitment to the forum members. May the Almighty bless you

You are welcome bro, just remember me in your pray:)

Cheers
Saki

[fariza]

You are welcome bro, just remember me in your pray:)

Cheers
Saki

I will bro...Its just matter of time....

[Deeaar]

Very informative !!
I will share this info with my pals who are there in Canada for ages but might not be knowing about it.

keep up the good work.
God bless.

[khebra]

Thaks saki very good info

[saki]

Thaks saki very good info

You're welcome!

[saki]

Pulling up!

[amissa]

Thanks Saki for sharing. I reply just to keep the post alive so that more people could read.

Amissa

Missing out on tuition help ?

Six years after the launch of the Canada Learning Bond, the families of only 212,000 children, or 19 per cent of those eligible, have taken advantage of the benefit.

Only one in five low-income families in Canada has taken up the federal government's offer of free money for their children's post-secondary education, shows a study released in December by Toronto's Omega Foundation.

Six years after the launch of the Canada Learning Bond, the families of only 212,000 children, or 19 per cent of those eligible, have taken advantage of the benefit. Through the learning bond, Ottawa contributes a maximum of $2,000 to a low-income child's tax-sheltered registered education savings plan (RESP).

Yet as of 2009, more than 880,000 children had not claimed the bond they were entitled to.
“The federal program is benefiting the high-income families, when the low-income families can benefit from it most,” said May Wong, Omega's executive director and a report co-author. “The money can make a big difference in their children's academic aspirations.”

To receive the learning bond, families have to have a child born Jan. 1, 2004, or after, and an after-tax household income under $40,970 a year. Then, it is necessary to start an RESP account with a licensed RESP provider where the government can deposit the money. Parents and child also need to have a social insurance number.

A previous survey, published in 2008 by EKOS, showed that only one in 10 low-income families had heard of the free learning bond, and only 83 per cent had heard of RESPs in general.

The report attributes this gap, especially among immigrants, to the lack of multilingual information, and to the ignorance of community workers about the RESP.

Nasrin Khatam, originally from Iran, learned about the RESP only when she was approached by a sales representative of a private scholarship fund at a mall. “He told me how much the money would grow but didn't say anything about the processing fees and investment risks,” said the Toronto graphic designer, who had to pay a large penalty for stopping payments to her son's scholarship fund after being laid off in 2008.

But, overall, RESPs can be a solid investment in your children's educational future, as the federal government provides a payment of at least 20 per cent of the total annual contributions you make to the RESP, up to $2,500 per child, through something called the Canada Education Savings Grant (CESG). The CESG's lifetime limit per child is $7,200.

Find out more information on the Canada Learning Bond, RESPs and more at canlearn.ca.

[saki]

Thanks amissa

[carl128]

Hi, I would like to know if post secondary education is also knownas HIGHCSHOOL? Can someone enlighten me on this? Thanks

[saki]

Hi, I would like to know if post secondary education is also knownas HIGHCSHOOL? Can someone enlighten me on this? Thanks

No i dont think so, highschool is upto 12th Grade.

Cheers
Saki

[carl128]

Thanks, but what do they mean about post secondary school?