Canada Learning Bond and RESP Helps 268,300 Students Save for College or University

Just because you come from a low income family, doesn’t mean you can’t save for a college or university education.

According to Human Resources and Skills Development Canada (HRSDC), 2011 saw 268,300 young people receiving a total of $79.02 million in Canada Learning Bond payments and 93,984 young people receiving the CLB for the first time. They also reported a 15.8% increase for first-time recipients, compared to 2010.

“Our members are very proud of the fact that we make an extra effort to make lower-income families in Canada aware of the CLB, as well as the Canada Education Savings Grant, which applies to all families,” said Peter Lewis, Chair of the RESP Dealers Association of Canada (RESPDAC).

“Nevertheless, there are still hundreds of thousands of families who could benefit from the CLB, and it’s unfortunate that they haven’t yet taken advantage of it.”

Since 2005, 386,925 young people have received a Canada Learning Bond grant and 371,137 (95.9%) also had at least one contribution to their RESPs. This represents $1.2 billion in educational savings.

“The CLB is a great incentive to begin a process that might well make post-secondary education attainable and affordable for those who might never consider it otherwise,” said Lewis.