by Stacy Dunn
Families are encouraged to start early in saving for post-secondary education for their children. The Government of Canada has a variety of savings plans to help youth. The following programs are:
Canada Learning Bond (CLB) – A savings plan which provides up to $2,000. Children must be born in 2004 or later and are from a low-income family to be eligible.
Registered Education Savings Plan (RESP) – An education savings account registered with the Government of Canada. A relative, guardian, or family friend of the child can put aside money for the child. An RESP can be opened at a financial institution, such as a bank or credit union, or through a certified financial planner or a group plan dealer.
Canada Education Savings Grant (CESG) For a child to get the CESG, personal contributions must be made to an RESP. The lifetime maximum amount of CESG a child can get is $7,200. The grant may go to an apprenticeship program, trade school, as well as a college or university.
For more information on these plans, go to the Education Savings page on the Government of Canada website: www.canada.ca/en/services/benefits/education/education-savings.html
For more information on education financial help, go to the Financial Help for PEI Residents & Organizations page: https://employmentjourney.com/financial-help/