Canada Learning Bond (CLB)
Employment and Social Development Canada (ESDC) provides an additional incentive of up to $2,000 to help modest-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 RESP.
The CLB is available for chidren from low-income famalies born in 2004 or later and provide an initial $500 for the first year the child is eligible, up to age 15, plus $100 for each additional year of eligibility, up to 15 years for a maximum of $2,000.
Children who are in care of a public primary caregiver of whom a special allowance under the Children's Special Allowance Act is paid, are also entitled to the CLB.
If the beneficiary does not pursue post-secondary education, the CLB is returned to the government.
For more information on the CLB, go to Canada Learning Bond or call 1-800-O-CANADA (1-800-622-6232).
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