The Government of Canada offers a variety of government benefits to help parents pay for their children’s education including payments for post-secondary savings.
Parents are under ‘tremendous pressure’ to fund their children’s post-secondary education
Thousands of dollars are available through federal grants, including the Canada Learning Bond, the Canada Child Benefit, the Canada Education Savings Grant, and more, for parents seeking help with funding their child’s post-secondary education. In addition, 73% said they have recently found it difficult to save for their children’s education due to the rising cost of living.
Here are five benefits, grants, and payments the federal government offers parents to help pay for child support
The Canada Child Benefit (CCB) is a tax-exempt scheme that is paid monthly to eligible families to help pay for child support for a child under the age of 18. The Canada Learning Bond (CLB) is a federal incentive that provides low-income families up to $2,000 to save for their child’s post-secondary education. The Canada Educational Savings Grant (CESG) children can receive up to $500 in RESP each year they qualify and children in middle and low-income families can receive up to $100 more each year. The Canada Dental Benefit is available to offset dental costs for eligible families with an annual income of less than $90,000. The Climate Action Incentive (CAIP) is a tax-exempt amount that helps individuals and families offset the costs of federal pollution pricing.