Bond makes education affordable

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This article was published 30/03/2022 (429 days ago), so information in it may no longer be current.

In today’s ever-changing labour market, post-secondary education has never been more important.

Most jobs require some form of training, whether an apprenticeship, trade school, college or university. To build the workforce we need and to give everyone a fair shot at participating in it, education has to be accessible and affordable to all Canadians. That’s why I’m pleased that the Canada Learning Bond is now available to even more students in Saint Boniface – Saint Vital and across Canada.

To help make education more affordable, the Canada Learning Bond provides up to $2,000 per child, deposited directly in a registered education savings plan, with no contribution required. Starting this year, in addition to parents who are saving for their child’s post-secondary education, young people can apply for this fund directly.

As of Jan. 1, 2022, eligible Canadians who were born in 2004 or later, who did not receive the CLB as children, can apply for it themselves when they turn 18, until the day before they turn 21. Approximately two-thirds of children born in 2004 or later are eligible for at least $500 through the CLB, or an average payment of $1,300 per eligible child.

The CLB provides up to $2,000 toward a registered education savings plan (RESP), with no contribution required from the individual. Eligible Canadians can apply for the CLB with their financial service provider by opening an RESP and requesting the bond. Those who already have an RESP are encouraged to check with their financial service provider to see if they may be eligible for the CLB.

The CLB is among a host of learning, job-creation and skills development supports offered by the Government of Canada. Those supports are part of the Government of Canada’s ongoing effort to make it easier for young Canadians to access post-secondary education and training options that will lead to good, well-paying jobs.

Dan Vandal
Saint Boniface-Saint Vital constituency report

Dan Vandal is the Liberal MP for Saint Boniface-Saint Vital.

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