60,000 Low-Income Families Given Education Savings Vouchers

60,023 of Toronto’s low income families will receive vouchers to announce their children’s eligibility for Government funds to send them to college or university.

These families can receive a Canada Learning Bond contribution of up to $2,000, courtesy of the SmartSAVER project and thanks to the Omega Foundation and the Government of Canada’s Education Savings Community Outreach program.

Children born in 2004 or later (whose family receives the National Child Benefit Supplement with a family net income of $41,544 or less) are eligible to receive the Canada Learning Bond, which requires no contribution by the family.

“The Canada Learning Bond is a unique opportunity for families who need it the most,” said Martin Connell, Chairman and President of the Omega Foundation.

“It is a key stepping stone to improving children’s educational pursuit and our community’s future prosperity.”

The vouchers are to raise awareness of the program, and tell the families that the Government of Canada will deposit funds into qualifying children’s RESP accounts, with any bank or provider they choose.

“Every family with children should have an RESP account, but it’s even more important for families who receive these vouchers to get started right away,” said Jennifer Tory, RBC Royal Bank’s Regional President for Greater Toronto.

“You don’t need to be able to contribute any of your own money, but you do need to open an RESP account for the Government to deposit your children’s Canada Learning Bond funds into, or you’re essentially leaving free money on the table.”