It’s back-to-school time and parents are busy making sure their kids make a smooth transition back to the classroom. Here at Momentum, we’ve been working with families since 2008 to help them plan for longer term goals, like saving for their children’s education after high school.
The Registered Education Savings Plan (RESP) is an important tool for disrupting the cycle of intergenerational poverty. Children with education savings accounts are more likely to pursue post-secondary education and those who graduate benefit from higher employment and incomes throughout their lives.
Families with low incomes that open an RESP can receive up to $2,000 from the Government of Canada through the Canada Learning Bond. Momentum has worked with community partners for many years to support parents to access this important federal benefit.
We have recently published two reports to capture the outcomes of these efforts and to propose opportunities for public policy change to ensure all families in Canada can build their children’s education savings.
Check out the video below for a summary of the two reports and click on these links to read the full reports: