The Canada Learning Bond
The Canada Learning Bond (CLB) is money that the Government of Canada deposits directly into a child's Registered Education Savings Plan (RESP) account to help get a head start on saving for their education after high school.
IS MY CHILD ELIGIBLE?
Born on or after January 1st, 2004
Has a valid Social Insurance Number
Is a resident/citizen of Canada
Does your family income fall within the guidelines - https://www.canada.ca/en/employment-social-development/services/learning-bond/eligibility.html
The Primary Care Giver has to apply for the Canada Learning Bond on behalf of the child.
Sign Up in 2 Steps
Fill out the application by clicking the button below - it only takes 10 minutes!
You will have the opportunity to book an appointment with your bank through the SmartSaver App!
Set a time to meet with a representative from your bank to finish setting up the account
Bring your child’s Social Insurance Number
Bring your Social Insurance Number and 2 pieces of photo ID
Got to your bank to open a no fee, no contribution required RESP
That’s it. It’s that simple!
Education Savings Week
November 18-22, 2019
More information about this year’s events coming soon!
Frequently Asked Questions
WHAT IS THE CANADA LEARNING BOND?
The Canada Learning Bond is money that the Government of Canada deposits into a Registered Education Savings Plan (RESP) for a child's education after high school. The total amount the Government deposits can be up to $2,000 - $500 for the first eligible year, and $100 each subsequent year your child is eligible.
WHAT IS AN RESP?
An RESP is an education savings account set up with a financial institution like a bank, credit union or group plan dealer. The money in the RESP will grow tax free until it can be used for expenses related to your child’s studies in:
DO I HAVE TO PUT IN ANY MONEY TO BE ELIGIBLE?
No. Through the Canada Learning Bond, the Government will add money to the RESP for an eligible child every year, even if you do not add any money.
WHEN DO I NEED TO APPLY FOR THE CANADA LEARNING BOND?
From a child’s birth to age 18, a parent may open an RESP in the beneficiary’s name.
Between the ages of 18 and 21, your child may open their own RESP and apply for the CLB grant
For children over 21 years of age, you can not apply for the Canada Learning Bond.
WILL THE CANADA LEARNING BOND AFFECT MY social assistance, OTHER BENEFITS, or TAX CREDITS?
No. Applying for and receiving the Canada Learning Bond will NOT affect any other benefits that you or an eligible child receives.
HOW LONG DO I HAVE TO USE THe Canada Learning Bond funds?
35 year of age. Your child will have 35 years to use any money they receive through the Canada Learning Bond.
Applying for ID
How do I get a Social Insurance Number?
Bring proof of permanent residency/citizenship to a Service Canada location (120 Wellington St W, Chatham) - its quick, easy, and you get the SIN immediately
What is proof of permanent residency/citizenship?
These document need to be original - photocopies are not accepted.
Examples of proof of citizenship are:
Examples of proof of permanent residency:
Permanent resident card
I need proof of permanent residency/citizenship
You can order a Birth Certificate (Ontario) online by clicking HERE
You can find information on how to apply for a Canadian Passport HERE
You can find information on how to apply for a Permanent Resident Card HERE
NEW - NEWBORN REGISTRATION SERVICE
If you are registering a newborn with Service Ontario online, you can choose the “5 in 1” option. This will automatically send only basic and required information to your bank - they will contact you to set up an appointment to open an RESP account for your child.
Online Newborn Registration can be found HERE.