The days are long, but the years are short.
Start saving for future education today with the Canada Learning Bond.
What is the Canada Learning Bond (CLB)?
The Canada Learning Bond (CLB) is a $500 – $2,000 per person benefit that the Canadian Government adds directly into a Registered Education Savings Plan (RESP) to help pay for full-time or part-time education after high school including college, university, trades school and apprenticeship programs.
✔️ Automatically apply. Ask your financial institution to apply for the CLB on your behalf when you open an RESP.
✔️ No minimum deposit. You do not need to make any account contributions to be eligible.
✔️ No strings attached. CLB will not impact any other benefits that you, or your family receive.
What’s a Registered Education Savings Plan (RESP)?
An RESP is an investment account for Canadian families designed to help save for future education.
✔️ Unlock the money you’re entitled to. An RESP gives you access to government grants such as the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). As a Canadian resident, you are entitled to this money.
✔️ Save smarter. Build good habits and start saving early for the future. You can invest in stocks, bonds, mutual funds, ETFs, and more so that your money can grow over time.
✔️ Grow money tax free. As long as the money stays in your account, you are not taxed on the money you make on your deposits. When a student withdraws the money to pay for costs related to school, they typically will not have to pay any tax.
Am I eligible for CLB?
|Parents||Young Adults (18 years and older)||Both|
|1. Have children born after 2003 with a valid SIN|
2. Have a household income of less than $50,107 with 1-3 children (More than three kids? Check here for more details)
|1. Born in 2003||1. Live in Canada and have a modest income|
2. Have valid Social Insurance Number (SIN)
How do I sign up?
You can get started with 3 easy steps:
Open a no-cost RESP and apply for the Canada Learning Bond.
Connect with the financial institution you chose in Step 1 to complete the application process.
Will take 1-2 weeks with in person or 15 minutes online
If eligible, receive the Canada Learning Bond into the RESP.
Can take up to 2 months
What if my child decides not to go to post-secondary education?
An RESP can stay open until a child turns 36, so you have some time to consider your options – but the sooner you open and start saving, the better!
If at any point the child decides school is not for them, you’ll be able to get back your original investment (aka the money you deposited into the account).
Any grants, like the CLB, will need to be repaid to the government.