To obtain the Canada Learning Bond (CLB), the free Government money for your child’s future education, you need to open a Registered Education Savings Plan (RESP). An RESP is a special savings account that you can use to save and grow your money for your child's education.

---

What are the different types of accounts I can open to obtain the CLB?

If you open an RESP with a bank, there are three main types of accounts:

1. RESP Savings Account
2. GIC (Guaranteed Investment Certificate)
3. Mutual Funds (A collection of stocks and bonds)

Not all RESP accounts are the same. The type of RESP that is best for you and your child depends on whether or not you want to add any of your own money immediately to the account.

You do not have to pay or put in any money to receive this free Government grant.

Here is how the different accounts work:

In summary:

You don’t have to make a decision now, but it’s helpful to have an idea of what kind of account would suit you.

What do I need to sign up?

To open your child’s RESP account you will need to:

1. Make sure you have the required identification
2. Make an appointment with a registered provider to set up the account

Move to the next step to learn how

Return to top of page