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What is the Canada Learning Bond?
The Canada Learning Bond (CLB) is a Government of Canada grant to help modest-income families start saving early for their child's, or children's, education after high school.
You can qualify for a Canada Learning Bond if:
To find out if your family is eligible for the National Child Benefit Supplement, you must first apply to the Canada Revenue Agency for the Canada Child Tax Benefit (CCTB). The application form, plus additional information, is available from the Canada Revenue Agency. Since a child is only eligible for the Canada Learning Bond if his or her family is already receiving the National Child Benefit Supplement, it is important for you to complete the CCTB application form.
For families that qualify, the Government makes a one-time payment of $500 into
a child's Registered Education Savings Plan (RESP). Families that receive the Canada
Learning Bond also get extra payments of $100 a year for up to
15 years, as long as they are receiving the National Child Benefit Supplement. The Government also adds $25 to the first $500 bond, to help cover the cost of opening an RESP.
Your RESP provider may charge you a fee to open and maintain your RESP account. When you apply for an RESP, make sure you ask the provider about any fees that you will have to pay.
You do not need to make a contribution to an RESP to receive the Canada Learning Bond. The Government of Canada will deposit the CLB into a child's RESP, even if there is no money in the plan.
* This amount is updated annually, based on the rate of inflation.
|Accounts||Registered Education Savings Plans (RESPs)|
|Investments||Registered Education Savings Plans (RESPs)|