Gatineau – Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, issued the following statement to highlight Education Savings Week 2023 in Canada: ’This year is one for the books. As we celebrate the Canada Education Savings Program’s (CESP) 25th anniversary, we are highlighting the benefits of saving for education after high school. Investing in young people is investing in our country’s future. Whether your kids want to attend trade school, college or university, we have financial supports in place to help you. Families can benefit from thousands of dollars in benefits from the Government of Canada.
“Parents can save for their children’s education through the CESP, which includes, the Canada Learning Bond (CLB), and the Canada Education Savings Grant (CESG) in Registered Education Savings Plans (RESP). Since 1998 more than 7 million children have received $15.7 billion in CESG payments in an RESP. But we can help even more children access the supports available. As of 2022, only 42.5% of those eligible received the CLB – meaning more than 2 million children and youth across the country are currently eligible, but not receiving the benefit. It is important to spread the word to make sure as much young people as possible can access these benefits.
“In parallel, we continue to take steps to make post-secondary education more affordable. The Canada Student Financial Assistance Program helps underprivileged students through non-repayable Canada Student Grants, interest-free Canada Student Loans, and the Repayment Assistance Plan.
This Education Savings Week, community partners are coming together to help Canadians learn more about the benefits of savings to make post-secondary education a real possibility for their children. I encourage you to learn more about the benefits of saving for tomorrow, starting now.’’