Canada Learning Bond vouchers go to low-income families in Toronto

4 November 2011 No Comments

Jasmine Wilson, 19, with daughter Aaniyah

By Gloria Elayadathusseril

Jasmine Wilson has a daughter who will turn two in a few weeks. The 19-year-old mother is already cognizant of little Aaniyah’s college education related expenses. That is why she opened a Registered Education Savings Plan (RESP) account in her child’s name when she was only nine-months old.

“My parents did not save for my education,” Wilson says adding that she had to work to go to school. “It’s okay for my daughter to work part-time and study, but I don’t want her to worry about how she will pay the tuition. I really want her to focus on her studies instead.”

Wilson is happy about a recent announcement that the government is sending vouchers through its Canada Learning Bond initiative, because Aaniyah could have up to $2,000 more in the RESP account in her name by the end of this week.

Wilson’s family, as well as 60,022 other low income households in the city of Toronto, will receive vouchers this week, informing them of their children’s entitlement to government funds toward their post-secondary education.

Smart SAVER, a project of the Omega Foundation, funded by the government of Canada’s Education Savings Community Outreach program, recently made the announcement at a special event hosted by Daniels Corporation.

A family becomes eligible if its maximum net income is $41,544 or under. Any child born in 2004 or later who lives within the postal area code starting with letter ‘M’ and whose family receives the National Child Benefit Supplement is eligible to receive it.

“You have to have an RESP account to take advantage of this money and to deposit it for the child’s benefit,” says Jennifer Tory, RBC Royal Bank’s regional president for Greater Toronto. She notes her bank is taking an active part in the program so that those in the low income group take advantage of it. “We are going to try, as all of our competitors will as well, to make this process as simple as possible.”

The vouchers will notify families of the amount that the government will deposit into qualifying children’s RESP accounts. Families can open an RESP account with any provider they choose.

SmartSAVER is organizing a series of special sign-up events across the city. Schools and community organizations across Toronto will promote voucher use and families will be able to access more information in 16 languages though a telephone information line, 416-479-8957 or through smartsaver.org.