Although just about everyone believes that it is worthwhile to save for post-secondary education, less than half of parents surveyed in 2007 have ever looked for information about saving for their child’s education. More importantly, many parents were unaware that the Canadian Government will give up to $9,220 towards a Registered Education Savings Plan (RESP) to assist with the costs of post-secondary education (college, university, trade schools, overseas schooling). Even if the family cannot themselves contribute to an RESP, for qualifying families, the Canada Learning Bond will still contribute up to $2,000.
FRP Canada obtained three-year funding to help family-serving organizations spread the word about Education Savings through a series of workshops for parents. FRP Canada’s FutureSave project used a train-the-trainer approach with the aim of preparing family resource practitioners to provide information to parents about the Government of Canada’s RESP and related grant and bond programs and to share practical savings and basic financial literacy tools.
The project involved families with newborn or young children with a focus on reaching low-to-modest income families, immigrant families, families living in rural and remote areas and aboriginal families.
Year 1 (2008-2009)
The project provided orientation, training and practical support to family life practitioners in ten communities situated throughout Canada. The lessons learned in the first year were incorporated into the project.
Year 2 (2009-2010)
Two-day trainings were held in three regions across Canada and attended by staff from 22 family resource organizations. Many relationships were forged between local financial institutions and the communities and families that they serve.
Year 3 (2010-2011)
Trainings were held for staff from another 20 family resource organizations from across Canada. The project was completed in the spring of 2011.
Canada Education Savings Program - Did you know that the Canadian Government will give up to $9,220 towards your child's post-secondary education?
The Value of RESPs goes beyond the obvious financial benefits.
If your organization would like further information on FutureSave
please contact Christine Colbert
at 613-237-7667 ext 230 or email: firstname.lastname@example.org