Watch for the Canada Learning Bond Letter
Nov 13, 2018
Between October 22 to November 13, the Government of Canada mailed over 160,000 letters to parents who are eligible to get the Canada Learning Bond for their child. The letter includes information on how you can open an RESP and apply for CLB.
What is the Canada Learning Bond?
To help low-income families get started with their education savings, the Government of Canada will make an initial deposit of $500 into an RESP. Additional contributions of $100 are automatically made to the RESP each year until the child turns 15 and no personal contributions to the RESP are required.
The Canada Learning Bond could add up to $2,000 to a child’s education savings – and yet only 36.5% of eligible children have received the benefit.* Watch for this letter – it’s an important message your child could benefit from:
Planning ahead for your child’s education is the key to being able to provide the opportunity to continue studies after high school. The CLB makes it easier to start saving when your child is young.
Young families are the most likely to qualify for the Canada Learning Bond as they are in the early years of their work life and thus may have lower household incomes. Learn more about the eligibility criteria for CLB
and to see whether this is a good time for you to apply.
*2017 Highlights from the Canada Education Savings Program