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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:
More information about the Canada Learning Bond can be found at the Government of Canada Website