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Wealthsimple was founded on a single, really simple idea. Everyone should have access to tools that build wealth and achieve financial freedom. That means breaking down barriers, lowering fees, eliminating account minimums, and most importantly, making powerful financial tools easier and accessible for everyone.
But we also know that the most powerful financial tool a person can have isn’t really a financial tool at all. What do you think it is?
If you answered education, give yourself an A+.
Financial freedom really begins in the classroom. Over a lifetime, Canadian children who have a post-secondary education earn significantly more than peers who do not. On average, a child with a college degree will earn $394,000 more than their peers with a high school diploma over the next 40 years. Those with bachelor’s degrees will earn $745,800 more during the same time period.
But access to education is largely dependent on wealth – that means schooling can become a feedback loop that amplifies privilege. Here’s an example: 83% of Canadian families in the top 20% of overall income have savings set aside for post-secondary education. How does that compare to everyone else? Only 40% of those in the bottom 20% of income have the same.
Here’s another wrinkle. The Canadian government has generous grants and matching programs geared toward helping low-income families. One of these programs is the Canada Learning Bond (CLB), an education savings grant where you can receive up to $2,000 per child to help families living on a low income save for their children’s post-secondary education. But, billions of dollars in those grants go unused every year because people don’t know about them, or are intimidated by the process of applying for them. This is where we see an enormous opportunity to help level the playing field in Canada — and you can be part of it.
We’re proud to introduce the brand new Wealthsimple Giveback program. When you open or contribute to an RESP account with Wealthsimple, we’ll now donate our profits from managing your account directly to helping families in need save for their children’s post-secondary education. We do this in two ways. First, we’ll put money directly into CLB eligible families’ RESP accounts. Second, we help fund operations for the Wealthsimple Foundation – an independent, not-for-profit organization that helps families save for their children’s post-secondary education – which helps families know about and apply for CLBs across Canada.
So now when you open an RESP for a child with Wealthsimple, you’re helping another family save for their child’s future too. And a quick reminder: Wealthsimple already waives any management or monthly fees for families who are CLB-eligible.
Here’s how it works:
You open a Weathsimple RESP account for a child. As always, there is no minimum amount.
Start saving for your child’s education.
Profits we make from managing your RESP go to families in need and Wealthsimple Foundation.
The first step is easy. Get started by signing up for a Wealthsimple RESP. Your investment today in your child’s education will change the tomorrow of a child in need.
Heather Hudson is a Toronto-based freelance writer and contributor to the Toronto Star.