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Knowledge First Financial to Help Low-Income Families Take Advantage of the Canada Learning Bond

Nov 21, 2018

Knowledge First Financial is committed to helping low-income families benefit from the Canada Learning Bond (CLB), giving families a head-start towards saving for their child’s post secondary education. Owned by a not-for-profit Foundation, Knowledge First Financial is making a commitment to help 10,000 additional families receive the CLB over the next three years with a flexible, no-cost, CLB-only plan. 

The Canada Learning Bond is a financial contribution from the Government of Canada to a Registered Education Savings Plan (RESP) for eligible children from low-income families born in 2004 or later. The CLB provides an initial payment of $500 into an RESP, as well as additional payments of $100 for each year of eligibility, up to age 15, up to a maximum of $2,000.  

“Having money saved for education changes the conversation about a child’s future possibilities after high school,” said George Hopkinson, President & CEO of Knowledge First Financial. The funds can be used on any post-secondary related costs including tuition, textbooks, housing and other living costs. No personal contributions are required to receive the Canada Learning Bond for a child.

According to a recent survey conducted with Ipsos , among those with household incomes less than $40,000, 94% place an importance on post-secondary education for their children.  However, 63% of those who are not saving for education say they do not have the financial means to do so.

“Many of these families are eligible for the Canada Learning Bond, yet 42% don’t understand how it can help them pay for their child’s future education,” added Hopkinson. “We have over 1,400 RESP specialists across the country that can help families access the Canada Learning Bond, provide advice and develop a savings plan. Our no-cost CLB-only plan will be opened in a Flex First plan, which is an individual RESP. Flex First is the product of choice for our new Knowledge First Financial customers.” 

RESP specialists also support parents in maximizing available grants, including the Canada Educations Savings Grant (CESG), a 20%-40% matching grant based on contributions and income level. 2018 marks the 20th anniversary of the Canada Education Savings Grant, which is being recognized during Education Savings Week (November 18-24, 2018).

To find out if you’re eligible for the Canada Learning Bond, please contact a Knowledge First Financial Sales Representative through the website: https://www.knowledgefirstfinancial.ca

About Knowledge First Financial

Canadian families have relied on education savings plans offered by Knowledge First Financial for more than 50 years. Since 1965, payments from the plans have reached $6.6 billion and the Knowledge First Foundation has further enhanced Education Assistance Payments to students by over $50 million.  Today, the company manages $6.4 billion in assets for more than 500,000 RESPs.

Knowledge First Financial Inc. is a wholly-owned subsidiary of the Foundation and is the investment fund manager, administrator and distributor of Registered Education Savings Plans. Knowledge First Foundation is a not-for-profit Canadian corporation with no share capital. The Foundation is therefore able to reinvest excess revenues in initiatives that support students, such as the Knowledge First Financial Graduate Scholarship Awards.


For media inquiries
Morgan Murphy
Smithcom Ltd. 
416-629-2143
morgan.murphy@smithcom.ca

For more information
Suzanne Martyn-Jones
VP, Communications and Public Relations
Knowledge First Financial Inc.
905 270-8777, ext. 4247
smartynjones@kffinancial.ca


[1] Ipsos online poll of 1,006 Canadian parents of children aged 12 or younger conducted between October 26 and November 1, 2018. Sample weighted to reflect Census data. Poll is considered accurate to within ±3.5 percentage points, 19 times out of 20. 
 

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