This post is created in collaboration with the Government of Canada.
November 18-24 is Education Savings Week! This is a great opportunity to talk about saving early for a child’s education after high school. Whether it’s an apprenticeship program, trade school, college or university, post-secondary education can open up a world of opportunities for a child.
What is the Canada Learning Bond?
- The Canada Learning Bond is available for eligible children from low-income families born in 2004 or later and provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2,000.
- The Canada Learning Bond is deposited into a Registered Education Savings Plan (RESP). Personal contributions are not required to receive the Canada Learning Bond.
- The Canada Learning Bond can be used to help pay for tuition, books, tools, rent, or transportation in an apprenticeship program, a trade school, CEGEP, college, or university.
- Anyone can open an RESP and name a child as a beneficiary: a parent, grandparent, family friend, or foster parent.
- It is the primary caregiver (PCG) or, as of January 2018, their cohabiting spouse or common-law partner, who must request the CLB on behalf of an eligible child. The primary caregiver is the person eligible to receive the Canada Child Benefit.
- There are many different organizations that offer RESPs. A complete list of RESP Promoters can be found at canada.ca/list-resp-promoters.
- To open an RESP and request the Canada Learning Bond for an eligible child, make an appointment with an organization that offers RESPs. Bring the Social Insurance Numbers for both you and the child when opening an RESP and requesting the Canada Learning Bond.
For more information, visit the Canada Learning Bond page on the Government of Canada website.