Wednesday, August 24, 2016

CIES Receives RESP Grant from Momentum

CIES is pleased and thankful for a recently received grant for Register Education Savings Plan (RESP) and Canada Learning Bond work from Momentum.

Momentum exists because, despite all of Calgary’s prosperity, there are still people living in poverty in our city, many of whom work full-time hours. These Calgarians do not need a band-aid approach to crisis management; they need the tools to prevent such crises from happening. Momentum serves people who are ready to make a change and make it last.Through skills training, financial literacy education and business development support, Momentum helps people maximise their economic potential. The results are individuals and families with sustainable livelihoods, who are able to contribute to their community. Momentum conducts presentations at CIES several times a year and we count them as an invaluable partner in the services we provide our clients.

Since its inception, CIES is mandated to provide resource information and support to immigrants and low income earning individuals for their socioeconomic development.  In addition to other settlement and employment support for such individuals, CIES has offered formal financial literacy education since 2013 involving many stakeholders, including Momentum, to provide education to immigrants and other newcomers. CIES organised over 20 RESP education seminars geared towards the immigrants and low income earning Calgarians. The result is very encouraging as 90% people indicated that the program helped them to understand the financial basics and 80% people indicated that their confidence level has been increased  and CIES would like to continue providing education and helping them to open RESP.

As a result of the generous grant from Momentum, CIES will continue organising presentations on RESP in 2016/2017.  Additionally, clients will be supported through personal financial counseling on the importance of RESP for their children’s future education on an ongoing basis.  At least ten people will be provided RESP personal counseling every month and it is expected that 60% of them will open an RESP account for their kids. If required, clients will be accompanied by a CIES facilitator to the financial service providers to open RESP.  CIES clients will open at least 30 RESPs by the end of December 15, 2016.

RESP seminars will be conducted by CIES on Sept. 12 and October 17 of this year and November 16, 2017, For more information give us a call at 403-291-0002.

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