Ottawa to open education savings accounts for all low income kids starting in 2028 [Video]

A financial incentive aimed at helping low-income Canadians save for their children’s post-secondary education is getting a facelift, aimed at shoring up the nation’s future workforce by reducing economic barriers to college and university.

Since it was launched in 2004, the federal government estimates it has disbursed roughly $2 billion to nearly two million students through the Canada Learning Bond (CLB).

The grant is open to low-income children born in or after 2004, with the government depositing up to $2,000 into a child’s registered education savings plan, or RESP, up to age 15.

While many students have benefited, Ottawa estimates roughly 2.7 million more have missed out because an RESP was never opened for them by a parent or guardian.

As a result, the government says it will start opening RESPs automatically for eligible children born in or after 2024 who don’t have one — a change expected in 2028.

“An investment in our youth, that’s an investment in …