The Canada Learning Bond (CLB) is money that the Government of Canada adds to a Registered Education Savings Plan (RESP) for children whose families have low income. This money can be used to pay for full-time or part-time studies after high school at any designated educational institution including university, college, apprenticeships, and trade.
Your child could get $500 for the first year and $100 every year they are eligible until they turns 15 years old, to a maximum of $2,000.
The CLB will not affect other Government of Canada benefits.
Your child may be eligible if:
- your family has low income
- they are born on or after January 1, 2004
- they are a resident of Canada
- they have a valid Social Insurance Number
- they are named in an RESP
- be a primary caregiver or a cohabiting spouse/common-law partner
- have applied for the Canada Child Benefit
Apply for the CLB
- Open an RESP.
- Make sure your RESP provider offers the CLB because not all providers handle the CLB.
- You do not need to put money into the RESP in order to get the CLB.
- Ask the RESP provider to help you complete the application form for a CLB.
- File your income tax and benefit returns every year.
- The primary caregiver and cohabiting spouse/common-law partner must keep their returns up-to-date.
- The Government will use this to re-assess eligibility for the CLB every year.
- Once your application is approved, the CLB will be deposited directly into your child's RESP every year that they are eligible.