One in five plan to use CCB to fund education costs

By Andrew Rickard | July 20 2016 01:33PM

A recent poll has found that many Canadians plan to use the new Canada Child Benefit (CCB) to help send their children to college.

According to a survey conducted by Ipsos Reid for the Registered Education Savings Plan (RESP) provider Knowledge First Financial, 70% of parents agree that the new Canada Child Benefit (CCB) will help them save and invest in their children's future.

The survey asked parents to identify how much of their CCB they'll use for various activities or expenses, and 37% of parents said the largest portion of the benefit would go to pay for day-to-day expenses while 22% plan to set aside the money as savings for post-secondary education. The other respondents indicated that they will use the CCB money to pay for childcare (16%), extra activities (14%), and family vacations (5%), while the remaining intend to use the funds for other purposes.

Higher education is critical

"Post-secondary education is critical. We live in an environment where young people looking for employment without a post-secondary education are at a serious disadvantage," comments Knowledge First Financial president and CEO George Hopkinson. "It's great to see families taking advantage of the Canada Child Benefit program to invest in their children's post-secondary education. Not only is CCB tax free money, but families have an opportunity to boost their benefit by contributing to a RESP."

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