Studies show that even small amounts of education savings (as little as $500) can help to improve student achievement.
Students who know that they have an education savings fund for education after high school have been shown to be:
- 3 X more likely to attend post-secondary education.
- 4X more likely to graduate post-secondary than students who have no education savings.
Research demonstrates that in addition to enhanced student achievement, saving for post-secondary education also contributes to increased well-being, community involvement, equity of opportunity and earnings. Other benefits of post-secondary education include improved employability and greater social satisfaction.
The Canada Learning Bond is retroactive. That means if you apply when your children are older (up to age 21) the government will calculate any years of entitlement and deposit funds into your child’s RESP. Even if your income is too high at this time, they will look at your family income in previous years and calculate entitlement.
Don’t wait, start saving!
