Canada Learning Bond – After you’ve applied
6. After you’ve applied
An RESP can stay open for 35 years. This means the child can still use the Canada Learning Bond (as well as any Canada Education Savings Grant and provincial education savings incentives) in the RESP if they decide to delay their studies after high school until later in life.
If the child does not continue their education after high school and you choose to close the RESP:
- any amount you contributed to your RESP goes back to you
- the Canada Learning Bond is returned to the Government of Canada; and
- the Canada Education Savings Grant is returned to the Government of Canada, and any provincial education savings incentives will be returned to the provinces
Interest earned in the RESP can:
- be returned to you
- be rolled over into your or your spouse’s Registered Retirement Savings Plan
- be rolled over into the child's Registered Disability Savings Plan; or
- gifted to a designated educational institution
Ask your RESP provider for more information.
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