Government of Canada making post-secondary education more accessible and affordable
Back to school is an exciting time of year, but it can also be financially stressful for parents and students.
In today’s global economy, more jobs than ever require post-secondary education, which is why the Government of Canada is taking action to make it more accessible and affordable.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, spoke about the government’s financial assistance which has been made available to parents and students for post-secondary education.
The Canada Learning Bond is available for eligible children from low-income families born in 2004 or later, and provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2000.
Minister Duclos also highlighted the Canada Child Benefit (CCB), which was increased for the first time in July 2018 to keep up with the cost of living. This change came two years ahead of schedule to give parents even more money each month to help them provide for their children. As of July 2019, the CCB was raised once again. This means that for the 2019–20 benefit year, the maximum benefit will be $6,639 per child under age 6, and $5,602 per child aged 6 through 17.
Today’s job market is more competitive than ever before, that is why quality education should be within everyone’s reach.. Together, these investments will ensure all Canadian students have equal access to the education and training they need for a fair chance at success.
Quotes
“More than anything else, we want to give every Canadian and every Canadian family a real and fair chance at success.One of the ways we do this is by making post-secondary education accessible and affordable for all. It’s the government’s objective to help the middle-class and those working hard to join it. ”
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
“Investing in higher education is how we can level the playing field and ensure every Canadian has a real and fair chance at success. Helping underrepresented groups get the skills they need for good, quality jobs benefits all of Canada by growing our economy and strengthening our middle class.”
– The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
Quick facts
- The Canada Learning Bond is available for eligible children from low-income families born in 2004 or later, and provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2000.
- The Canada Learning Bond take-up rate has steadily increased from 0.3% in 2005 to 38.3% in 2018.
- In 2018, 690,559 beneficiaries received $172 million in CLB, with 149,532 children receiving the incentive for the first time.
- The CCB has had a positive impact on families’ incomes, playing a key role in reducing child poverty. There were 278,000 fewer children living in poverty in 2017 than there were in 2015.
- Across Canada between July 2017 and June 2018, over 3.7 million families received more than $23 billion in annual Canada Child Benefit payments.
Related products
Associated links
- Budget 2019
- Canada Child Benefit
- Canada Learning Bond
https://www.canada.ca/en/employment-social-development/news/2019/08/government-of-canada-making-post-secondary-education-more-accessible-and-affordable.html
Tags: participation, poverty, standard of living, youth
This entry was posted on Wednesday, August 14th, 2019 at 10:00 am and is filed under Education Delivery System. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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