November 15-21, 2020 is Education Savings Week

November 15-21, 2020 is Education Savings Week

Education Savings Week is a nationally recognized event focused on promoting and educating parents and caregivers on how to start saving for their child’s post-secondary education. It is also a great opportunity to learn about some of the great incentives offered by the Government of Canada that help with those savings. 

Families can benefit from thousands of dollars in savings incentives from the Government. They are the Canada Learning Bond (CLB), Canada Education Savings Grant (CESG) and the Additional Canada Education Saving Grant (A-CESG) for low- income families. To access these saving incentives, you first need to open a Registered Education Savings Plan (RESP). 

Once a RESP has been opened for a child, any contributions made by a parent, a grandparent, a family friend, a foster parent or caregiver will be partially matched by the Government of Canada through the CESG. 

Some children might also be eligible for the CLB, which provides up to $2,000 in a RESP for eligible children, with no personal contributions required. 

Students are more likely to complete high school if they have money saved for post-secondary education. Having money set aside encourages students to explore post-secondary options. 

We are very lucky here in the NWT as we have a great Student Financial Assistance program, and some students may have access to Indigenous student funding or bursaries; but there are still so many great reasons to save ahead of time. Many students will still need additional funds for the simple everyday things while completing a post-secondary degree. The money saved in a RESP is not just for tuition; it can also be used for other expenses including books, a laptop, rent, and for a plane ticket home. 

Everyone in a child’s life can open a RESP and show their support for their education. Are you interested in more information about savings incentives like the Canada Education Saving Grant or Canada Learning Bond? Contact the NWT Literacy Council for assistance in signing up a child in your life to make the difference in their future.

Charlotte Upton

Canada Learning Bond Coordinator/Family and Community Literacy Coordinator

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