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Question:
What is the Canada Learning Bond?
Answer:
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:
- your child was born after December 31, 2003; and
- your monthly Canada Child Tax Benefit payment (commonly known as the "baby bonus" or "family allowance") includes the National Child Benefit Supplement. This supplement is usually paid to families whose net annual income is below $37,178*.
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.
Resource(s):
-
CanLearn
-
Education Savings
(Canadian Bankers Association) -
How to apply for the CCTB
-
RESP Providers
Human Resources and Skills Development Canada
P.O. Box 2090, Station D
Ottawa, ON K1P 6C6
Tel: 1-800-O Canada (1-800-622-6232) -
The Canada Education Savings Grant
(Human Resources and Skills Development Canada)
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Accounts | Registered Education Savings Plans (RESPs) |
| Investments | Registered Education Savings Plans (RESPs) |
Related Question(s):
- What's the difference between an Education Savings Plan (ESP) and a Registered Education Savings Plan (RESP)?
- What types of investment products are available within a Registered Education Savings Plan (RESP)?
- What is a Registered Education Savings Plan (RESP)?
- What do I need to open a Registered Education Savings Plan (RESP)?
- Is there a minimum amount of money I have to put into a Registered Education Savings Plan (RESP)?
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