Canada Learning Bond

Employment and Social Development Canada (ESDC) provide an additional incentive of up to $2,000 to help low-income families start saving early for their child's education after high school (post-secondary education).

The Canada Learning Bond (CLB) money will be deposited directly into the child's registered education savings plan (RESP).

The CLB is available for eligible children from low-income families born in 2004 or later and provides an initial payment of $500 for the first year the child is eligible, plus $100 for each additional year of eligibility, up to age 15, for a maximum of $2,000. Personal contributions are not required to receive the CLB. To help cover the cost of opening a RESP, ESDC will pay $25 into the RESP to which the initial CLB of $500 is deposited in recognition of a one-time incidental expense that may be associated with opening the RESP account.

Children who are in care of a public primary caregiver for whom a special allowance under the Children's Special Allowance Act is paid, are also entitled to the CLB.

Youth who meet the minimum age requirement to open a RESP in their province of residence can be their own subscriber of a RESP and request the CLB for themselves.

The beneficiary must be under the age of 21 at the time of application.

If the beneficiary does not pursue post-secondary education, the CLB is returned to the government.

For more information on the CLB, call 1-800-O-CANADA (1-800-622-6232).