The Elizabeth Fry Society is helping to ensure local families don’t miss out on accessing up to $3,200 in post-secondary funding for their kids.
According to EFry, the Canadian government established a $2,000 per child Canada Learning Bond to help lower income families ensure their children have money to support learning after high school. In New West, roughly 60% of those eligible for the funding haven't claimed it, so EFry’s free Future Bright program helps them do just that.
“EFry created the Future Bright program to remove the barriers low-income families can face in claiming the Canada Learning Bond for their child,” Chystal Lattie, Future Bright coordinator, said in a statement to the Record. “Studies show that having as little as $500 set aside for their education after high school can increase a child’s likelihood of graduation. Claiming this $2,000 bond can make a real difference in a child’s future.”
EFry's Future Bright program provides personalized support in obtaining ID, setting up a registered education savings plan (RESP) and claiming the Canada Learning Bond (as well as the $1,200 BC Training and Education Savings Grant for kids aged six to eight year). It will also provide assistance with the cost of applying for identification that’s needed to apply for the grant.
“Future Bright supports families with their unique needs,” Lattie said. “Whether that’s applying for ID, setting up a no-cost, no-fee RESP or applying for the grants, we provide that free support. We offer personalized one-on-one help for those that need it. For others, we offer a series of step-by-step video tutorials on our myfuturebright.ca site.”
EFry is holding free live Zoom information sessions for families on Wednesday, Nov. 17 at 1 and 7 p.m. and on Friday, Nov. 19 at 1 and 7 p.m. The 20-minute sessions will be followed by a Q&A.
Links to the Zoom sessions, as well as video tutorials to help with accessing the grants, can be found at www.myfuturebright.ca. In addition to the Zoom information sessions and the video tutorials, EFry will assist families by phone, Zoom or in person (with COVID protocols in place.)
Some fast facts about the program from EFry:
Who's eligible for Canada Learning Bond? Families with a net family income of $49,020 or less with up to three kids (high net income cap for more kids); birth to age 15; and reside in Canada.
How Canada Learning Bond works? You can apply from birth to age 15. Funds are deposited into a child's RESP – a $500 initial deposit, plus $100 per year; any missed years will be made up for by the government but due to interest, the earlier a child receives it, the more money they will end up with.
Why people don't claim? Families don't know it's available, lack the government ID needed to apply for the grant or the RESP that the money is deposited into, or don’t have an RESP for their child.
