The Canada Learning Bond was established in 2004 to help income-eligible families start to save for their children’s post-secondary education by contributing up to $2,000 to a child’s Registered Education Savings Plan (RESP).
2022 marks the 18th year for the CLB. It is the first year that children (now youth) enrolled in the program can start to access the funds that have been put into their RESPs through the CLB. Students can use the money to pay for tuition, supplies and other expenses related to a post-secondary program.
What if you didn’t register your children for the Canada Learning Bond when they were young?
The Canada Learning Bond is retroactive so it’s never too late to apply. Youth born after January 1, 2004 who are entering post- secondary education in 2022 should check to see if their families had eligible income in any year since they were born. Applications can be made with any of the approved RESP promoters listed here until the student turns age 21.
Most of these financial institutions listed are in larger cities but don’t let that put you off, the local branches offer RESPs.
