In August, I blogged about the Canada Learning Bond in lieu of the back-to-school season then, where I discovered the possibility of saving for higher education at zero cost to make children’s dreams a reality. I shared valuable must-know facts about the Canada Learning Bond (CLB), the Registered Education Savings Plan (RESP), and the role of SmartSAVER.org. Visit my blog post about FREE MONEY for Higher Education to learn more.
And in celebration of Financial Literacy Month this November, and Education Savings Week from the 15th to 21st, SmartSAVER is giving away cash prizes worth $1,000 to each of 9 lucky winners who will apply for their children’s Canada Learning Bond (CLB) starting November 1 up to December 31!
In order to join the contest, one must apply for a child’s Canada Learning Bond by opening an RESP account online through SmartSaver.org:
- Visit this link, click Start my RESP, and enter your and the child’s application details as you are guided through with instructions, step by step. NO PURCHASE OR ANY KIND OF PAYMENT here. It just takes as fast as 10 minutes!
a. For each step, you will just need to input the following:
– Tick the check boxes for Canada Learning Bond and for the additional Canada Education Savings Grant
– You must check the box for Canada Learning Bond to earn an entry to the contest. It’s up to you if you also wish to apply for the additional CESG.
– Child’s name, birthday, and sex
– Your own contact information (address, email ad, contact number)
– Your chosen RESP provider (bank or credit union)
– Your and your child’s Social Security Numbers (SIN)
– You can obtain a SIN for your child for free. Call 1-800-O-CANADA (1-800-622-6232) or visit any Service Canada Centre near you.
b. Click “Submit”.
c. That’s it! Your online application is granted one entry for the contest. Make sure to do this on or before December 31. - Your chosen RESP provider will contact you to arrange for personally completing the application process, so that the Government of Canada can start depositing to your child’s RESP account its initial contribution of $500 for the CLB, and succeeding $100 every year until the child is 15 years old.
Who are qualified for this contest?
Any parent, relative, guardian, or friend can open an RESP account and apply on behalf of the child living in Canada. The child who can apply for the Canada Learning Bond must be born on or after January 1, 2004. Their family’s net income must be below $45,000 for the child to become eligible for the CLB. Only one entry per child is qualified. If two or more adults opened an RESP account for the same child, only the first account opened will be given one raffle entry.
Who can open an RESP? Anyone!
Even if the child is not eligible for the CLB, he/she can apply for the Canada Education Savings Grant where the parent, guardian, or anyone can contribute to the child’s RESP account, and the Government will add up to 40% of every contributed amount.
When I first learned more about the CLB, I myself was amazed because children can have up to $2,000 from the Government of Canada for their post-secondary education, without being required to pay and contribute a single cent, that’s why CLB is called ‘free money’. And as a responsible Canadian citizen and mother who values the importance of education for my kids, I am determined to make this education grant known to everyone across Canada. I hope you do too, by sharing this good news!