The Canada Learning Bond provides up to $2,000 for children from income-eligible families.
Once you apply for the Canada Learning Bond, the Canadian government will assess your eligibility for each year. This means you only have to apply once for the CLB. The government will calculate any eligibility from previous years and every year until your children reach the age of 15.
Children will receive $500 in their Registered Education Savings Plan (RESP) for the first year of eligibility and then another $100 for each year of eligibility until each child reaches the age of 15. If there are any years that the family income exceeds eligibility, the government will skip that year.
This chart shows you how the Canada Learning Bond contributions work, assuming that the child is eligible every year.
Even if you aren’t sure if you qualify, ask your credit union, bank or financial planner/advisor to process the application. It’s free! You can even start the application on-line!
