The Canada Learning Bond (CLB) is free money that the Government of Canada gives to children who have a Registered Education Savings Plan (RESP) to help them get a head start on their post-secondary education.
The $500.00 bond is deposited directly into the RESP account of children who come from families that receive the National Child Benefit Supplement under the Canada Child Benefit program.
The money can be withdrawn after high school to help pay for either full- or part-time studies at a university, college, apprenticeship program, or trade school.
The Canada Learning Bond is for children who were born after December 31, 2003, and whose families receive the National Child Benefit Supplement. The Supplement is over and above the Canada Child Benefit and is usually given to those who come from lower-income families.
Through the program, you could actually receive a total of $2,000 for your child’s RESP. This includes the $500.00 Canada Learning Bond and an extra $100.00 annually until the calendar year in which the child turns 15—so long as you continue to receive the National Child Benefit Supplement.
The Canada Learning Bond can only be used for your child’s post-secondary education. If the child does not continue their education after high school, the Government will take the Canada Learning Bond back.
To actually get the Canada Learning Bond, you need to open an RESP account with a licensed RESP provider so the Government can deposit the money. Not all RESP providers offer the Canada Learning Bond.
There is no fee, but to register an education savings plan, both you and the child will need to have a valid Social Insurance Number.
Once the application is approved, the Canada Learning Bond is deposited directly into their RESP.
If you’re interested in opening an RESP or learning more about the Canada Learning Bond, contact an experienced Dealing Representative at Global RESP Corporation (GRESP) today. We specialize exclusively in RESPs and can help you apply for your Canada Learning Bond. We can also help you apply for any Canada Education Savings Grants.
As financial professionals, we at GRESP help Canadian families build financial stability and ensure their investment into an RESP is secure and growing. We also have the lowest administrative fees in the market and no minimum plan contributions.
To learn more about the Canada Learning Bond, talk to a Global RESP Corporation sales representative in your area. Or fill out a form and a Global RESP Corporation sales representative will contact you.
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