Canadian Learning Bond
It is never too early to start planning for your children’s future, especially setting their road for success. The Canada Learning Bond (CLB) is money that the Government of Canada deposits into a Registered Education Savings Plan (RESP); preparing your child’s next chapter after high school.
With no personal contribution required the Canada Learning Bond provides up to $2,000 in a RESP for children from low‑income families. Eligibility includes $500 in the first year and $100 each for the following year, until the child turns 15 in the calendar year.
An RESP is an education savings account that can be set up with a financial institution such as a bank or a credit union, or through a group plan dealer. The money in the RESP will grow tax free until it can be used for expenses related to the following studies:
- Apprenticeship Programs
- CEGEPs (Collège d’enseignement général et professionnel / General and Vocational College)
- Colleges / Trade schools; or Universities Download the Tax Time Worksheet
More information about the Canada Learning Bond can be found at the Government of Canada Website