Education Savings Week 2022

eAwazLocal News

Gatineau – The Minister of Employment, Workforce Development and Disability, Carla Qualtrough, issued the following statement to kick off Education Savings Week 2022 in Canada:

“Young Canadians have faced many challenges during the pandemic, including financial instability and fewer job and training opportunities. An investment in post-secondary education will provide a lifetime of benefit. Young Canadians need – and deserve – the very best chance at success to keep learning after high school – be it at a trade school, college, or university. The Government of Canada is committed to providing all Canadians with a chance to succeed.

“For many, pursuing post-secondary education takes careful planning and saving. Education Savings Week gives us the opportunity to underline the benefits of saving early for a child’s post-secondary education, and raise awareness of the many supports the Government of Canada has to offer young Canadians.

“It is never too early or too late to start planning and saving for a child’s post-secondary education. It starts with opening a Registered Education Savings Plan (RESP), which opens the door to other incentives like the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). With no personal contribution required, the CLB in particular is there to help families who need it most. I encourage you to speak with your local financial institution so they can walk you through the process.

“This week, community partners are coming together to help Canadians learn more about the benefits of RESPs, which can make post-secondary education more accessible by helping to pay for education-related expenses like housing, transportation, tuition, and books. We want to ensure Canadian students are taking advantage of the support our government has put in place to provide financial assistance, training opportunities, and make education more affordable.

“We want to make sure that children have the skills they need to succeed and post-secondary education is the first step to gaining these life-long skills. That is why we are taking steps to make post-secondary education more affordable. We recently announced that, beginning in April 2023, Canada Student Loans and Canada Apprentice Loans will be permanently interest-free, including loans currently being repaid. An average student loan borrower will save $410 per year as a result of their loan being interest-free. Further, the Repayment Assistance Plan was improved to allow borrowers to earn more before repaying their loans and supports under the Canada Student Financial Assistance Program were made more accessible by extending disability supports to include those with persistent or prolonged disabilities. And, finally, young Canadians turning 18 can apply for the Canada Learning Bond themselves, if their parents did not.

“Every contribution toward education counts, no matter the size, and will pay dividends to a child’s future. This Education Savings Week, learn more about the benefits of saving for tomorrow, and start planning today. We know the pandemic has been hard on young Canadians, and we will be there for them for as long as it takes.”