By now everyone who is working should have received their T-4 slips to file their income tax. Some people have already filed and received their refunds! Others will wait until the deadline to file.
Regardless of when you file your taxes, if you have children that were born after January 1, 2004 you should investigate whether or not they are entitled to funds from the Canada Learning Bond. Even if your family net adjusted income is above the the threshold for the 2021 tax year, there could be some eligibility in previous years.
Why not investigate this? All you have to do is make an appointment with a Registered Education Savings Plan (RESP) seller, (local banks, credit unions or financial planners/advisors) and open an RESP for your child or children. You don’t need to put any of your own money in, but if you do, that’s even better!
Your child or children could get up to $2,000 toward their post secondary education. Even if you only qualify for one year of Canada Learning Bond funds, that is an extra $500 for post secondary education!
As soon as you open the RESP for your children, interest starts to accumulate within the Savings Plan. Don’t delay!
