Grants available for children’s education

Half of Quebec families do not benefit from an RESP (Registered Education Savings Plan) grant and two-thirds of low-income households are unaware that with the Canada Learning Bond (CLB) they can get up to $ 2,000 per child by opening an RESP without having to contribute to it.

In order to publicize these subsidies, which are largely retroactive, the Consumers' Union, of which the Association coopérative d’économie familiale de l’estrie (ACEF) is a member, is conducting an information campaign and launching a new competition this autumn.

"In 2015, only 37 per cent of Quebec children eligible for the Canada Learning Bond benefited from this grant," says Sylvie Bonin ACEF coordinator Sylvie Bonin. "The good news is that it's not too late to take advantage of it, since the CLB is retroactive." Whether parents are eligible for the OCI or not, if they contribute to their child's RESP, subsidies varying between 30 per cent and 60 per cent are added to the contributions. The lower the income a family receives, the more beneficial the subsidies are.

Eligibility for the Canada Learning Bond (CLB)

• Children born after January 1, 2004 • Net family income of $45,916 or less (2015)

ACEF is urging people to get information before opening their RESP as many institutions offer RESPS, but don’t offer all three types of plans (individual, family, and group). Some plans involve significant registration fees, mandatory contributions each month, and various other conditions. The Union des consommateurs has put a site online (http://reee-info.net/) where one can find neutral and accessible information and a list of questions to ask. Consumers will be able to enter the contest giving them the chance to win $1,000 for an RESP.