Living In Waterloo Ontario? Benefit From the RESP

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Living In Waterloo Ontario? Benefit From the RESP

Many people that have recently acquired Canadian citizenship are living in Waterloo Ontario. Their hard work has finally paid off and they are eager to make the best of the new opportunities that now lie before them.

One area that such new citizens pay very close attention to is giving their children a very good education after secondary school. The challenge here is that saving for such an education can be a very daunting task, especially when the parents are struggling to make ends meet and are working long hours just to get by.

If the scenario described above touches base with you, then read on and see how government can assist you in saving up for your child’s post-secondary education. By now you should know what post-secondary education is, but just in case you need to refresh your knowledge of how schools in Waterloo Ontario are structured, go here and you will find a post on the levels of education in Canada.

The RESP Program

For Canadian children born on or after January 1st 2004, there is a program under which the government can avail up to $2000 towards the post-secondary education of those children. These funds are disbursed under the Canada Learning Bond (CLB) through a Registered Education Savings Plan (RESP).

How to Get the CLB Funds

If you are living in Waterloo Ontario, or indeed any other part of Canada and you are a recipient of the family allowance (National Child Benefit Supplement), it is very easy for you to get the CLB. You just have to take the actions below and the money will start rolling in, literary.

The first thing you have to do is to get a SIN (Social Insurance Number) for your child. This is an easy step to carry out as long as all your papers are in order. Since you are now a citizen, it is indeed a given that your papers are in order or else you wouldn’t have qualified to get the family allowance.

The second step you have to take is to go to your preferred financial institution (bank) and open a Registered Education Savings Plan.

You will also have to avail a birth certificate in order to provide proof that the child you would like to benefit from the CLB funds qualifies. As earlier stated, that child should have been born on or before January 1st 2004.

Once you have taken the actions above, the bank will take over from there and apply for CLB on behalf of your child. The government will deposit a lump sum figure of $500 and then add an additional $100 each year until the child hits 15 years of age. The total government contribution will not exceed $2000.

Final Thoughts

The education of your child is very important so the sooner you start saving up for it the better. Government has provided the CLB as a way to nudge you to think along the lines of saving for that purpose so ensure that if you are living in Waterloo Ontario, take full advantage of that chance.

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