Canada Learning Bond - Automatic enrolment
Canada Learning Bond - Automatic enrolment
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Overview
As of April 2028, the Government of Canada will automatically open a Registered Education Savings Plan (RESP) to deposit the Canada Learning Bond (CLB) for children who meet the following requirements:
- born in 2024 or later
- have a valid Social Insurance Number (SIN)
- not already named as a beneficiary of an RESP by age 4
- family income or that of the primary care giver is at or below the specified income threshold for this benefit
To be eligible for automatic enrolment, a child's primary caregiver must also:
- have filed income tax returns
- be eligible to receive the Canada Child Benefit (CCB)
What to do if you get a notification about automatic enrolment
If you received a letter from the Government of Canada confirming your child(ren)'s eligibility for automatic enrolment to the CLB, you do not need to do anything right now. However, we encourage you to take advantage of this benefit as soon as possible, to help with future post-secondary education costs.
You can still open an RESP for your child through a financial institution of your choice and have the CLB deposited there. Remember, the CLB is only paid into one RESP account for each child or beneficiary, even if more than one plan has been opened.
How to opt-out of automatic enrolment
Starting in 2027, parents and caregivers can request to opt out. Before you decide, consider these points:
- No need to contribute: You and your child do not have to put money into the RESP to receive the CLB
- Account growth: Once the RESP is set up, the CLB money will grow on its own
- You can choose to manage the account and make contributions, which can qualify for the Canada Education Savings Grant
- Additional savings benefits may be available in British Columbia or Quebec
- Privacy: Your information and your child's information will not be shared with the RESP provider when the account is opened automatically
- Future access: If you do not use the account, it will stay open for your child
- When they turn 18, they can take control of it and use the funds for their post-secondary studies
Please note that Employment and Social Development Canada will not accept requests for opting out until 2027.
Also, starting in 2028, if your child is eligible to receive the CLB and is born earlier than January 1, 2024, you could request the Government of Canada to open an RESP for your child to receive the education savings benefit.
More details will follow, when available.
Contact us
If you need more information, please call us at 1-800-O-Canada (1-800-622-6232).