Canada financially helps young students in their pursuit of higher education and their career

Representative image of postsecondary students. Credit: Unsplash/JoelMott

Toronto/CMEDIA: A meeting took place today between Carla Qualtrough, Minister of Employment, Workforce Development, and Disability Inclusion, and Dr. Deborah Saucier, President of Vancouver Island University (VIU), as well as some VIU students, to explore ways for Government of Canada to financially support students in their post-secondary studies to ensure their accessibility to higher learning opportunities for them to join the workforce.

“To build the workforce we need…education has to be accessible and affordable to all Canadians…ensuring that all Canadians are aware of and able to access the financial support they are entitled to…I encourage all young Canadians to learn more about the Bond and find out whether they are eligible for up to $2,000 to pursue the education, the career, and the future they want, said Carla Qualtrough in a news release.

Effective January 1, 2022, Individuals born in 2004 or later but who did not receive the CLB as children would be eligible to apply for it themselves with their financial service provider by opening an RESP and requesting the Bond, when they turn 18, until the day before they turn 21. Those who already have an RESP are encouraged to check with their financial service provider to see if they may be eligible for the CLB.

Approximately two-thirds of children born in 2004 or later are eligible for at least $500 through the CLB, up to $2,000 per eligible child.

Up to $2,000 in Registered Education Savings Plan (RESP) is provided by the CLB with no contribution required from the individual.

As part of the Government of Canada’s ongoing effort to make it easier for young Canadians to access post-secondary education and training options that will lead to good, well-paying jobs, the CLB is among a host of learning, job creation, and skills development supports being offered by the Government of Canada.

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