The Canada Learning Bond is free money from the Canadian Government that is added to a Registered Education Savings Plan (RESP) for children in income-eligible families.
Families who have net family adjusted income at certain levels are eligible.
Some people may have never heard the term Net Family Adjusted Income before. What does it mean?
Simply put, it means the income a family has after taxes and any universal child care benefit (UCCB) have been deducted. If the family has received registered disability savings plan (RDSP) money that is deducted as well. If the family has repaid any UCCB or RDSP amounts, these funds are also deducted from the family’s gross income.
Gross Income – taxes and other eligible deductions – UCCB – RDSP – any UCCB &/or RDSP repayments
If in doubt, visit a bank, credit union or financial services reseller to see if your children are eligible for the Canada Learning Bond.
