Human Resources and Skills Development Canada (HRSDC) 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 CLB money will be deposited directly into the child's RESP.
For families entitled to the National Child Benefit (NCB) supplement for their child, the CLB will provide an initial $500 to children born on or after January 1, 2004. To help cover the cost of opening an RESP for the child, HRSDC will pay an extra $25 with the first $500 bond. Thereafter, the CLB will also pay an additional $100 annually for up to 15 years for each year the family is entitled to the NCB supplement for the child.
The NCB supplement is included in the Canada Child Tax Benefit (CCTB).
Children who are in care of a public primary caregiver of whom receive a special allowance under the Children's Special Allowance Act, are also entitled to the Canada learning bond.
If the beneficiary does not pursue post-secondary education, the CLB is returned to the government.
For more information on the CLB, go to the Human Resources and Skills Development Canada page Canada Learning Bond or call 1-800-O-CANADA (1-800-622-6232).