How to Find Money for Education - For Adults and Kids
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In Canada we have many great options for funding student’s education. There are Registered Education Savings Plans (RESPs) for children, free Government money to fund RESPs, RRSP LifeLong Learning Plans for adults and scholarships and bursaries for students.
Saving for Your Child’s Education - Start Early, Sign Up for RESPs & Government Programs
Canada Child Tax Benefit (CCTB)
As soon as your child is born, you can apply for the Canada Child Tax Benefit. This is free money that the government gives to all parents of children under 18 (you can click here to figure out how much you are suppose to receive). You can use this money in any way you like, but if you are a new parent, a great idea is to put this money aside in a RESP for your child’s education. Most people don’t expect to receive this money, so if you weren’t planning on this money, or if you don’t have any pressing need for it, why not save it for your child’s future?
If you have a child under six years of age, you will also receive $100 per month as part of the Universal Child Care Benefit. Again if you don’t need to pay for child care for your child, than why not consider putting this money into your child’s RESP as well?
These government programs change periodically, and will gain in July 2016. Ensure that you file your income taxes to take advantage of the most up to date federal and provincial programs.
Registered Education Savings Plan (RESP)
Free Money: Canada Education Savings Grant (CESG)
More Free Money: Canada Learning Bond
Paying for Your Education
RRSP Lifelong Learning Plan (LLP)
Paying for a Student’s Education
To maximize the money you are saving for your child’s future, encourage your child to get good grades. Good grades can be more important than most people think. They can subsidize your child’s education. Good grades can enable a student to pay for much of his or her education with scholarships and bursaries. Encouraging your child to pursue scholarships and bursaries can save you a lot of money. It is an especially good strategy if you are not able to save very much for your child’s education.
Some people think that only the most exceptionally talented students can get scholarships. This idea is completely false. There are numerous scholarships and bursaries available. Many of these scholarships have specific criteria that make sure that normal kids get the money. In many communities, scholarship money is awarded to deserving high school students by various organizations, business, individuals, and governments. In addition to this, numerous scholarships are also available for college and university students. At times, only a small number of students take the time to apply for many of these scholarships. Many scholarships are much easier to win than most people think. They are a great way to fund an education and save you money.
To get an idea of what kind of scholarships might be available for your child, check out the links below.
You can also discover some insightful tips to help your child get into a great university by clicking here.
Scholarships for High School Students by Province
In All Provinces
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