Summary of the Evaluation of the Canada Education Savings Program: Part 1

Key findings

The Canada Education Savings Program serves its function by providing incentives for parents, family and friends of children to save for their post-secondary education, including those from low- and middle-income families. Since 2010, Canada Education Savings Grant payments increased by 52% (from $679.8 million in 2010 to $1.0 billion in 2020). Canada Learning Bond (CLB) payments increased by 134% (from $65.2 million in 2010 to $152.4 million in 2020).

At the end of 2020, the total number of children who had ever received the CLB represented 41.9% of the eligible population. This indicates a need for greater awareness and easier access to the bond.

The CLB take-up remains higher in urban areas compared to rural areas. Urban take-up increased from 22% in 2010 to 45% in 2020, while rural take-up increased from 13% in 2010 to 29% in 2020.

Barriers prevent potential beneficiaries from receiving the CLB, such as:

• awareness
• understanding
• the complexity of the Registered Education Savings Plan opening process

Recommendation

Explore options to simplify the process to access the CLB, and consider targeted strategies to increase CLB take-up among marginalized groups and populations in remote areas.

The full Evaluation of the Canada Education Savings Plan: Part 1 is now available.