Unlocking financial opportunities for ONPHA members and tenants
It’s back to school season. The weather is getting colder and the schedules are getting a bit (okay, a lot) busier.
School can bring a lot of stress to families, in particular, when it comes to finances. Many families can feel the pinch each time fall rolls around, when suddenly there’s a need for a new backpack or a pair of sneakers, and a steady stream of requests for school supplies. It can be overwhelming to keep up today, let alone think about tomorrow.
This is why ONPHA is partnering with Wealthsimple Foundation, to provide our members and members’ tenants with simple information to help unlock financial freedom for families and enable brighter futures for the next generation.
Whether it’s using the start of the school year as a kick- off to get family finances under control, or to begin planning for a child’s future education, Wealthsimple Foundation has three tips to help you get started:
1. Learn the Basics
Feeling overwhelmed about money and don’t know where to start? Wealthsimple Foundation is offering free, simple financial education sessions to ONPHA members. They’ll walk ONPHA members and their tenants through the basics of saving, budgeting and investing. They’re also available for personalized RESP guidance and 1:1 Tax Clinics to help maximize your returns.
2. Start a Plan
When it comes to higher education, 80% of people living in low- income households want to send their children to post-secondary education. Unfortunately, only 48% have any type of savings set aside (Statcan, 2020). Post-secondary education, whether it’s trade school, college, or university, is expensive, but it can also unlock meaningful job and earning opportunities.
Opening a Registered Education Savings Plan (RESP) to help start the savings process will also help unlock free money through contribution matching and/or government grants. An RESP is a registered government account designed to help families save for a child’s education, and it is taxed advantaged for your child (meaning you get a pretty great tax break!)
3. Take What’s Yours
While setting aside savings might not be realistic for everyone in low- income situations, there are several benefits ONPHA tenants’ children may be entitled to if they set up an RESP. The problem is, these benefits can be tricky to understand and some have low awareness rates.
For example, the Canada Learning Bond will contribute $500 to $2,000 per child into the RESPs of eligible families. Those families with children born on or after January 1, 2004 with a valid SIN and whose families make under <$49,020 a year are eligible for CLB. More importantly, no personal contributions to an RESP are required to unlock CLB benefits and it won’t impact any other benefits a child or family receives.
Unlocking Opportunities For ONPHA Members and their Tenants
If you are an ONPHA member and have questions, or feel like this type of personalized financial education and support would be helpful to unlock additional benefits for your tenants and their families, please reach out to firstname.lastname@example.org to discuss how they can collaborate with you or deliver this type of education in your community.
This post is in partnership with Wealthsimple Foundation. Wealthsimple Foundation is a Canadian not-for-profit organization created to help enable a brighter future for everyone in Canada through access to post-secondary education. For more details visit www.wealthsimplefoundation.com.