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 Canada Learning Bond (CLB) will provide an initial $500 to children in modest income families, born on or after January 1, 2004. To help cover the cost of opening an RESP for the child, Employment and Social Development Canada (ESDC) will pay an extra $25 with the first $500 bond. The Canada Learning Bond (CLB) also includes an additional payment of $100 for each previous and subsequent 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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