OCBE - Ontario Child Benefit Equivalent Fund

On June 26, 2008, the Minister of Children and Youth Services announced that the Provincial Government will provide new funding to Children’s Aid Societies for children and youth in care which will be equivalent to the Ontario Child Benefit.

Activities Fund:

Through the Activities Fund component of OCBE, children and youth in care between the ages of 0 and 17 will have greater access to recreational, educational, cultural, and social activities.

Savings Fund:

When a youth turns 15 years old, money is deposited into a Savings Fund which can only be accessed when the youth turns 18 years of age. These funds are to assist with the transition from care to independent living and can be used to pay last month’s rent, to purchase furniture, or for tuition in post-secondary school. To gain access to the Savings Fund, each youth must first complete Financial Literacy Training.

For more information visit:
Ministry of Children and Youth Services – Ontario Child Benefit Equivalent (OCBE) Pooled Fund

 

 

Ontario Child Benefit Equivalent (OCBe) Fund

  • Fund was established July 2007.
  • Fund came into effect Nov 14 2008.
  • The fund is to be designated to a separate bank account and is to be
  • accessed for youth 0-17 to access recreational, educational, cultural, and social opportunities. (Activities fund).
  • CAS’s to move a portion of the fund into a separate account for CW youth ages 15-17 (Savings Fund).
  • The Savings program is to help youth develop financial skills, and to set them up for independent living.
  • Both funds are to assist youth with higher educational achievement, higher resiliency, social skills, relationship development and a smoother transition into adulthood.
  • Youth must have been in care for a minimum of 12 consecutive months. The CAS shall help youth acquire financial skills relevant to independent living, establish a bank account for the youth, develop a plan with the youth.

 

OCBE - Ontario Child Benefit Equivalent Fund

On June 26, 2008, the Minister of Children and Youth Services announced that the Provincial Government will provide new funding to Children’s Aid Societies for children and youth in care which will be equivalent to the Ontario Child Benefit.

Activities Fund:

Through the Activities Fund component of OCBE, children and youth in care between the ages of 0 and 17 will have greater access to recreational, educational, cultural, and social activities.

Savings Fund:

When a youth turns 15 years old, money is deposited into a Savings Fund which can only be accessed when the youth turns 18 years of age. These funds are to assist with the transition from care to independent living and can be used to pay last month’s rent, to purchase furniture, or for tuition in post-secondary school. To gain access to the Savings Fund, each youth must first complete Financial Literacy Training.

For more information visit:
Ministry of Children and Youth Services – Ontario Child Benefit Equivalent (OCBE) Pooled Fund

 

 

Ontario Child Benefit Equivalent (OCBe) Fund

  • Fund was established July 2007.
  • Fund came into effect Nov 14 2008.
  • The fund is to be designated to a separate bank account and is to be
  • accessed for youth 0-17 to access recreational, educational, cultural, and social opportunities. (Activities fund).
  • CAS’s to move a portion of the fund into a separate account for CW youth ages 15-17 (Savings Fund).
  • The Savings program is to help youth develop financial skills, and to set them up for independent living.
  • Both funds are to assist youth with higher educational achievement, higher resiliency, social skills, relationship development and a smoother transition into adulthood.
  • Youth must have been in care for a minimum of 12 consecutive months. The CAS shall help youth acquire financial skills relevant to independent living, establish a bank account for the youth, develop a plan with the youth.