Smartsaver Community

The Federal budget has announced $12.5 million over six years, starting in 2017–18 to help more low-income families benefit from the Canada Learning Bond. We commend the Government of Canada for taking this needed action and for recognizing the important roles played by community organizations and businesses in increasing awareness and reducing barriers to CLB access. Thanks to all who supported our efforts to secure this funding.  

(Page 62 of the Budget)

Improving Access to the Canada Learning Bond

When families are able to get an early start in saving for post-secondary education, the benefits are two-fold: it makes post-secondary education more affordable and reduces student debt loads upon graduation.

Currently, the Government encourages families to save for their children’s postsecondary education through tax-assisted Registered Education Savings Plans, and provides additional support to help low-income families get a head start on their savings through the Canada Learning Bond.

Unfortunately, some low-income families face barriers in accessing these opportunities to save. In 2015, only one-third of eligible children received the Canada Learning Bond.

To help more low-income families benefit from the Canada Learning Bond, Budget 2017 proposes to reallocate $12.5 million over six years, starting in 2017–18, from Employment and Social Development Canada’s existing resources to launch a pilot project. Working with community organizations and businesses, the pilot project will explore new ways to increase awareness of the program and reduce barriers to access.

Budget 2017 also proposes to amend the Canada Education Savings Act to allow the cohabiting spouse or common-law partner of the primary caregiver to apply for the Canada Learning Bond and the Additional Canada Education Savings Grant. This change will simplify the application process, ensuring that more children who are eligible for these benefits receive the support they need to help pursue post-secondary education.