What is the Canada Learning Bond?

The Canada Learning Bond (CLB) is a type of financial benefit from the Canadian Government that offers your child free money towards their education after high school. You are eligible for the free Government money if you are in a lower-income bracket.

This is how the CLB works:

An initial $500 is put into an RESP account for eligible children when the account is opened.

The Government puts $100 more into the account each year the family is within the eligible lower-income bracket until they turn 15.

That means the Canadian Government will give you up to $2,000 for your child absolutely free!

There is no contribution required for your child to receive the CLB payments from the Government.

You can open the RESP and apply for the CLB at any point; it does not have to be opened when your child is born for them to receive the full benefit.

The CLB can only be used for post-secondary education. Your child must use the money for post-secondary education after high school or else the Government will take the CLB payments back.

For more information from the Canadian Government, please visit the CanLearn website.

Key Features to know about:

  • You do not need to put in any money for your child to receive the CLB payments from the Government.
  • You can open the RESP and apply for the CLB at any point after your child is born until they turn 15. When you receive the CLB the first time, you will also receive it for every previous year your child was eligible.
  • Your child can only use the CLB money for post-secondary education after high school or the Government will take the CLB payments back.

Is my child eligible for the Canada Learning Bond?

To be eligible, your child must meet the following criteria:

  1. Be born on or after January 1, 2004
  2. Be a Canadian resident
  3. Have a valid Social Insurance Number (SIN)
  4. Be named as a beneficiary to an RESP account that applied for the CLB
  5. Be under 21 years of age when the CLB is requested and
  6. Have a parent/primary caregiver who is entitled to the National Child Benefit Supplement (NCBS); or be a dependent of a public primary caregiver receiving payments under the CSAA

Eligibility requirements can also be found on the CanLearn Website.

How do I apply for an RESP?

To open an RESP, meet with a licensed provider

Learn about available providers Learn about what you need to open an RESP account

Frequently Asked Questions

Read a list of frequently asked questions here.

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