Human Resources committee  The other thing is that you can provide support to those incentivized savings accounts as well, such as financial literacy, which you mentioned earlier. Financial literacy is actually a key component to these asset-building accounts as well. We have actually found that the matche

Human Resources committee  The Canada learning bond is a grant program, so there is a $500 initial kickstart into the account. Then there are contributions also made at specific points in the child's life as well. There's a total contribution grant, ultimately, that comes from the federal government to the

Human Resources committee  Absolutely. Having the incentives to save toward your future makes you feel different about your future. I would bet that everybody in this room has done that. That's what happens. At 50, it's possible to institute that. I've actually talked to friends around the dinner table abo

Human Resources committee  Absolutely. Richard, obviously, is the expert in that area, but I should say that there is political will to look at the situation. In terms of asset building and these specific projects, we have received a decision from the Canada Revenue Agency that has determined that the ma

Human Resources committee  John, you go ahead.

Human Resources committee  Absolutely, and I agree with you. But I think there needs to be incentive to allow Canadians to think more positively about their pensions, to actually actively participate in saving for their future, in putting that nest egg away. We need to change the thinking and actually have

Human Resources committee  The Canada learning bond. The Canada learning bond is actually a—

Human Resources committee  What we're looking at is the Canada learning bond. This is not unlike how the U.K. Treasury incentivizes the child trust fund in the U.K. Basically what this would be is a voucher that would be similar to the personalized statutory letter of entitlement that HRSDC recently sent

Human Resources committee  It's a voucher that they would take to the financial institution, which would allow them to open up a Canada learning bond and a registered education savings plan directly.

Human Resources committee  The letter would include a SIN application form with a stamped, self-addressed envelope. It should also direct parents who need additional help to a community-based organization that is funded to support parents through this process. HRSDC funds an outreach program now that does

Human Resources committee  Matched savings accounts are not unlike the RESP model. They are devised so low-income Canadians can set up savings accounts with the assistance of trained community-based organizations working directly with financial institutions to combat ID requirements. For people living in s

Human Resources committee  Learn$ave, the asset building project, or the independent living accounts project—actually, this is a concept that has been around for 15 years or so. It has been implemented in the United States and the U.K.

Human Resources committee  Thank you very much. On behalf of SEDI, I'm extremely pleased to be invited here to speak before you. We appreciate this opportunity to address an innovative area of socio-economic policy that has been used as a poverty alleviation strategy around the world and across this coun