A9 smart saver


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A9 smart saver

  1. 1. SmartSaver<br />Turning Government Policy into Community Practice<br />Adriana Beemans<br />Nasrin Khatam<br />
  2. 2. <ul><li>Provide information regarding the Canada Learning Bond and RESP and understand the difference about products;
  3. 3. Provide an overview of Smart Saver and the policy challenge it responded to;
  4. 4. Raise awareness among Settlement staff on importance of Canada Learning Bond and identify ways this can be integrated into the settlement work; and
  5. 5. Learn about SmartSaver resources that can help.</li></li></ul><li><ul><li> Do you have a higher education?
  6. 6. Was it a financial challenge?
  7. 7. Have you heard about the Canada Learning Bond?
  8. 8. Is this something you would recommend for low income families?
  9. 9. Do you know families that can not afford post secondary education for their children?</li></li></ul><li><ul><li> Cost of post-secondary education in Canada more than doubled in real terms since 1990
  10. 10. About half of post-secondary graduates in 2005 relied on student loans
  11. 11. Graduates debt load averaged $20,400 (bachelor’s) and $11,800 (diploma) two years after graduation</li></ul>Sources: Statistics Canada and Canada Millennium Scholarship Foundation, The Price of Knowledge, 2009<br />
  12. 12. “ Participation in RESPs is concentrated in high-income, high-wealth and high-education families.Low-income children are not benefiting from RESPs.”<br />Source: TD Economics, How are we doing on social policy? Is the recession paralyzing or transformative?, 2009<br />
  13. 13. Source: Statistics Canada and HRDC, Access, persistence and financing: First results from the Postsecondary Education Participation Survey (PEPS), 2003 (Youth aged 18-24 no longer in secondary school) <br />
  14. 14. <ul><li> 81% of Canada Learning Bonds have not been accessed
  15. 15. 415,518 eligible children notenrolled across Ontario
  16. 16. Only 18.8% (78,481) childrenare enrolled
  17. 17. 60,000 eligible children just in Toronto
  18. 18. Initial payments to Toronto children worth $30,000,000</li></li></ul><li>Barrier: Low awareness<br />RESP awareness<br />< 30% <br />CLB awareness < 10%<br />CESG awareness <20%<br />
  19. 19. Barrier: Poor knowledge of product choices<br />
  20. 20. Barrier: Multi-step process<br />
  21. 21. A Creative Partnership between:<br /><ul><li>Working Women Community Centre
  22. 22. OMEGA Foundation
  23. 23. YMCA</li></li></ul><li><ul><li>Working with Community Organizationsand Networks to improve low-income families access to available funding for their children's education savings, so that higher education become a realistic opportunity for low-income students.
  24. 24. Increase awareness regarding the Canada Learning Bond</li></li></ul><li><ul><li>Canada Learning Bond is a $500 grant from the Government of Canada to help families start saving early for their child’s education after high school.
  25. 25. This money can be used to pay for full-time or part time studies in an apprenticeship program, trade school, college or university.</li></li></ul><li><ul><li>Children born after December 31, 2003
  26. 26. Parent or primary caregiver eligible for the National Child Benefit Supplement(maximum income $41,544 in 2010)
  27. 27. 1st payment $500
  28. 28. Maximum $2,000
  29. 29. No family contribution required</li></li></ul><li><ul><li>Child needs a Social Insurance Number (SIN)
  30. 30. A Registered Education Savings Plan (RESP) needs to be opened under the child’s name.</li></li></ul><li><ul><li>RESP account can be opened through financial institution such as:
  31. 31. Bank or credit union
  32. 32. Certified financial planner
  33. 33. Group plan dealer
  34. 34. The Canada Learning Bond will be deposited directly into the child’s RESP.</li></li></ul><li><ul><li>Reach out to families in their own environment and language.
  35. 35. Make it easier for low-income families to find and start an RESP that they can afford, and access CLB.
  36. 36. Make sure community organization’s staff know about CLB when their clients ask them questions, they know the right answers.</li></li></ul><li>
  37. 37. You are trusted role models and authority figures.<br />Families turn to you for help and information on public programs.<br />You understand parents’ languages and cultures.<br />It’s important that you know about government programs, that can improve your client’s life. Your knowledge is key so they don’t get take advantage of.<br />This is a tangible way to break the cycle of poverty, by making higher education a reality.<br />
  38. 38. <ul><li>Get involved
  39. 39. Sign up for training and identify your staff who can participate in the training.
  40. 40. Hold workshops for families either as an Organization or as a Network.
  41. 41. Help families to enrol.</li></li></ul><li>
  42. 42. <ul><li> Join the Smart Saver Agency Network
  43. 43. Participate in 3 hours training.
  44. 44. Promote the Canada Learning Bond in your locations.
  45. 45. Commit to hold a minimum of two (2) Learning bond family outreach workshops.
  46. 46. Identify opportunities in your programs to provide information about RESPs and the Canada Learning Bond.</li></li></ul><li><ul><li>Help families secure a Social Insurance Number for their child.
  47. 47. Help families complete the SIN application form
  48. 48. Host a mobile Service Canada clinic for SIN registration
  49. 49. Lead a parent group excursion to a local Service Canada office
  50. 50. SIN numbers issued on the spot by Service Canada
  51. 51. Help families connect with an RESP provider.</li></li></ul><li>