The Canada Learning Bond is money that the Government of Canada deposits into a Registered Education Savings Plan (RESP) for a child’s education after high school. The total amount the Government deposits can be up to $2,000 – $500 for the first eligible year, and $100 each subsequent year your child is eligible.

An RESP is an education savings account set up with a financial institution like a bank, credit union or group plan dealer. The money in the RESP will grow tax free until it can be used for expenses related to your child’s studies in:

 – Apprenticeship Programs
 – Universities
 – Trade Schools
 – Colleges
 – CEGEPs

No. Through the Canada Learning Bond, the Government will add money to the RESP for an eligible child every year, even if you do not add any money.

From a child’s birth to age 18, a parent may open an RESP in the beneficiary’s name.

Between the ages of 18 and 21, your child may open their own RESP and apply for the CLB grant

For children over 21 years of age, you can not apply for the Canada Learning Bond.

No. Applying for and receiving the Canada Learning Bond will NOT affect any other benefits that you or an eligible child receives.

A subscriber has 35 years after the plan is first opened to use the funds before the RESP expires (unless otherwise specified in the terms for the plan).

https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings/resp/info.html#h3