By Erum Zehra

As mothers, the education of our children is one of our primary concerns. We aspire to give them the best education possible. Fortunately, living in a country like Canada has made this task easy where free education is provided in public schools until high school. After graduating from high school, our children want to join colleges or universities for higher education. This can prove to be very expensive for low income families. Most families with school going children start saving for their college education quite early, to ensure they have enough money to equip their children with higher education.

RESP and CLB

Government of Canada provides assistance in saving for higher education of your children through RESP (Registered Education Savings Plans) and CLB (Canada Learning Bond). An RESP is an educations savings account registered with the Government of Canada. You need to open an account with a bank or credit union, or through a certified financial planner or a group plan dealer. These institutions, planners and dealers are known as “RESP providers.” For more information on RESP please visit: http://www.smartsaver.org/pdf/RESP_English.pdf

The Canada Learning Bond consists of an initial amount of $500 offered by the Government of Canada to help you start saving for your child’s education after high school. Your child could get $100 every year until he or she turns 15 years old to a maximum of $2,000. Your child is eligible for the Canada Learning Bond if:

• he or she was born after December 31, 2003; and

• you receive the National Child Benefit Supplement under the Canada Child Tax Benefit (also known as the family allowance).

For More information on CLB please visit: http://www.smartsaver.org/pdf/CLB_lgl_English.pdf

 SmartSAVER

SmartSAVER at http://smartsaver.org is a non profit community project which makes it easier for you to learn about RESPs and to get the Canada Learning Bond. They have teamed up with RESP providers across Canada that will help you get an RESP started for FREE: no enrolment fee, no annual fee and no contribution required.

How to Apply?

You can use their online application, Start My RESP, and apply for the Canada Learning Bond. Apply before Decemeber 31^st for a chance to win $1000! A new winner is being selected every week, so the earlrlier you apply, the better your chances are of winning.