When you are ready to attend post-secondary education, you will withdraw funds from the Registered Education Savings Plan in your name. You will have access to the principal (the original amount put in) and the interest (extra money that accumulated through investments).
That is why it is important – but not necessary – to apply for the Canada Learning Bond as soon as possible – so any money put into the savings plan can accumulate interest. This translates to more free money!
Free money earns more free money!
The longer the money is in the savings plan, the more interest can be accumulated.
Even if you missed out on the opportunity to earn interest, don’t let that stop you from applying for the funds if you think you might qualify.
