A federal minister was in London Friday to announce an expansion to the Canada Learning Bond - a program many parents aren’t even aware of.
But while visiting Fanshawe College, Steven MacKinnon, Minister of Employment, Workforce Development and Labour, also used to opportunity to talk about the potential impact of tariffs to a group of students.
“No one should pretend that tariffs won’t have a tough impact on workers in this country,” MacKinnon warned the group of young people about to enter into the trades.
Among those listening was third-year automotive student Justin Balaga, who will graduate in a couple of weeks. With the automotive industry about to get caught in a possible trade war, he worries what the immediate future might hold.
“It’s a little nerve-wracking when it comes to that stuff, just to not be sure about what’s ahead and what’s coming. It puts a batter on things, but in the end we kind of just have to look forward and hope for the best and hope that everything works out,” said Balaga.
MacKinnon told students they’ll be protected, “But what we do in this country is take care of our own. We have an evolved social safety net. We put a net under people. We don’t let them fall too far. That cannot be said for auto workers in Michigan. That cannot be said for auto workers in other parts of the United States.”
As for the day’s official announcement, MacKinnon announced children from eligible low-income families born in 2024 or later will automatically receive a $2,000 Canada Learning Bond once they turn four years old. It means families no longer have to register, as long as the child has a social insurance number. The change brings 130,000 more children into the program each year.
“And all of that money- the interest, the grants, your savings, you can haul that out to pay for your apartment at school, to pay for your tuition, to pay for your food, to pay for getting around. Whatever it is. Very flexible,” explained MacKinnon.
Graduating student and father of two, Keith Vu, says every bit helps.
“It’s a little more encouraging, especially since I got two young ones at home. I [have to] make sure that they’re taken care of. It’s ideal that there’s something there for them now,” he said.
Eligible adults born in 2004 or later can receive the bond until the day before they turn 21 by opening their own RESP. Starting in 2028, the age limit to apply for the bond will be extended from 20 to 30 years old.
