Did you know that once your set up a Registered Education Savings Plan (RESP) for your child or children with the Canada Learning Bond (CLB), you can add money to the RESP?
The CLB is a grant of between $500 and $2,000 that is put into the RESP that you set up for your child. The RESP can be set up at a Bank, Credit Union, with an authorized RESP seller (usually a financial planner) or online. With the Canada Learning Bond, there is no requirement for the parents to pay a fee or make any contributions.
Additional money can be added to the RESP at any time. Plus, additional money is added to the RESP by the Canadian Government. The amount contributed to the RESP depends on the family income. You can learn more about this grant at this Government of Canada website.
THEN…all the money in the RESP accumulates interest! When your child is ready to attend post secondary education there will be funds available to help them with the costs of education!
Don’t delay, the sooner you apply for these grants, the longer they have to accumulate interest.
