By Dominic Abassi

Event aims to cut down number of Nanaimo children missing out on free money for education

Sep 21, 2018 | 5:21 PM

NANAIMO — The federal government is handing out free money to give children a leg up towards their future education goals and thousands in the Nanaimo region are missing out.

Vancouver Island University reports nearly 10,000 eligible children in the Regional District of Nanaimo area are not signed up for the Canada Learning Bond (CLB), meaning they are not taking advantage of potentially thousands of dollars.

Alumni relations manager Dave Forrester said that’s why the university and its partners are hosting a CLB sign-up event to get more local children involved.

“By the time the child is ready to go into post-secondary education, there could be up to $6,000 in their account. All at zero cost to the families to sign up,” Forrester said.

The CLB opens a no-fee Registered Education Savings Plan (RESP) for those who fall below the poverty line in Canada. It deposits $500 in the account when it’s opened and $100 a year until a child is 15, offering up to $2,000 for education at any post-secondary institution across Canada. It doesn’t require families to match contributions.

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“Stats show children with as little as $500 in RESPs are four-times more likely to go to post-secondary education…Stats also show if there are any savings in an RESP, chances are families are going to add more to it,” Forrester said.

He said they believe a simple lack of awareness is the main reason people are not signed up for the program. While VIU’s multi-year effort to bolster enrollment in the CLB has been successful, Forrester said it’s an ongoing task.

“The bottom line is the number of children who are living in poverty isn’t going down. There’s always new kids aging into and out of the program, so that’s why the need continues to be great.”

While the low-income eligibility requirement for the program is based on a number of factors, basically anyone with a household income below $45,000 can sign up. A social insurance number and ID is all that’s required.

The sign-up event runs from 10 a.m. to 2 p.m. on Sept. 22 at Fairview Community School. Multiple service groups will be on site to help people who might not have proper ID or a social insurance number, making it a “one-stop shop” to get into the program.

Forrester said VIU is also working to raise $50,000 for their CLB Accelerator Program. VIU is working with local agencies to select 100 students who will receive a $500 initial boost to their RESP. That initial injection will be matched by a further $200 contribution from the federal government.

The Rotary Club of Nanaimo and Rotary Club of Nanaimo Oceanside are supporting the campaign and if more than $50,000 is raised, more children will be helped.

dom@nanaimonewsnow.com

On Twitter: @domabassi