THUNDER BAY, ON - The federal government is suggesting a different way to give a Christmas gift this year.
On Friday, MP Patty Hajdu announced an initiative in partnership with a local counselling organization, which will help families get a head-start funding their children's academic future.
Thunder Bay Counselling, a local organization that assists clients with financial services, will be servicing low-income families by allowing them to register for a federal bond program.
“I wanted to make sure to plan for his future, and make sure we had something financially ready for him,” said Shanna Anness.
Anness’ son Liam paid more attention to colouring than the prospect of a federal savings bond on Friday, but Shanna believes he will see the value.
Liam, and those like him, will be eligible to receive more than $2,000 towards post-secondary education up until the age of 15.
It’s one of the many ways children from low-income families can receive support for their post-secondary education, but Hajdu said it is being under-utilized.
“Many families don’t know about this benefit,” Hajdu said.
“Children should have that base of money that’s available regardless of the family members ability to provide,” Hajdu said. “Once that money is in the bank, there’s more likelihood that the child will attend post-secondary education.”
Hajdu added that just 0.2 per cent of eligible families have accessed the service across Canada since it became available in 2004.
Hajdu herself was raising two boys as a single mother when she invested in a federal savings bond. She said some family members helped contribute to their education rather than give traditional Christmas gifts.
“It made a really big difference in how that fund grew,” she said. “Money was available to be used in ways that addressed their needs as students.”
Families who are eligible and interested can contact Thunder Bay Counselling at 807-684-1880, or visit their office at 544 Winnipeg Avenue to register.
