The Canada Learning Bond (CLB)

The Canada Learning Bond (CLB) has been established by the Government of Canada to encourage parents and family members to start saving early for their child's post-secondary education. The CLB is available for low-income families who have opened a Registered Education Savings Plan (RESP) for one or more children.

The lifetime CLB maximum is $2,000, with an initial payment of $500 in the first year of eligibility. This can provide a big boost to your child's educations savings, so if you think you may qualify, it's definitely worth looking into. You are not required to make a contribution to an RESP in order to receive the CLB. This is different from the CESG, which pays a 20% match on contributions made to an RESP, up to a maximum annual and lifetime limit. This means that if you do make contributions, you might be able to benefit from both the CESG and the CLB.

Canadian parents should consider opening an RESP account for their children. Even if you don't have much money to set aside, you might qualify for the CLB depending on your income level, without having to make a contribution.

Canada Learning Bond for 18 to 20 year olds

Not sure how to pay for the cost of education after high school? The Government of Canada can help. You could get up to $2,000 with the Canada Learning Bond for your education after high school. About two-thirds of those born in 2004 or after are eligible for at least $500. No contributions are necessary.