Backgrounder: Canada Learning Bond

The Canada Learning Bond (CLB) is money that the Government of Canada deposits directly in Registered Education Savings Plans for children from low-income families, born in 2004 or later, to help pay for their post-secondary education. The CLB provides an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2,000. Personal contributions are not required to receive the CLB.

To be eligible for the CLB, a child must be from a low-income family and:

• be born on or after January 1, 2004;
• be a resident of Canada;have a valid Social Insurance Number (SIN); and
• be named as a beneficiary to an RESP.

The child’s primary caregiver (PCG) and, effective January 2018, the spouse or common-law partner of the PCG, can request the CLB on behalf of an eligible child. The PCG is the person who is eligible to receive the Canada Child Benefit in the child’s name. The child’s PCG must have applied for the Canada Child Benefit for the child through the Canada Revenue Agency and must continue to file income tax returns, allowing eligibility to be validated. Children in care qualify for the CLB.