Get up to $2,000 to Help Pay for Post-Secondary Education
Young people have been among the hardest hit by the economic impacts of COVID-19, and many of them are worried about their future. In today’s ever-changing labour market, post-secondary education has never been more important.
Unfortunately, for many Canadians, the prospect of saving for education after high school might feel like a big commitment, especially during the pandemic. That is why the Government is committed to supporting young Canadians as they go through school, by offering a host of learning supports, job creation and skills development programs. The Canada Learning Bond (CLB) is one of these supports and provides up to $2,000 toward a Registered Education Savings Plan (RESP), with no contribution required.
How It Works:
The CLB provides an initial payment of $500 in an RESP and $100 for each subsequent benefit year of eligibility, up to the benefit year in which the beneficiary turns 15, to a maximum of $2,000. Contributions are not required to receive the CLB.
The CLB is retroactive until the age of 21. You can request it for an eligible child and they can still receive the entire amount that they would have been eligible for had it been requested from birth, up to $2,000.
Eligibility for the CLB is based on family income and the number of children you have. For example, for 2021, a family with up to three children would be eligible if their adjusted net family income was less than $49,020. This amount is adjusted upward for families with more than three children. In addition, recipients must:
be born on or after January 1, 2004;
be a resident of Canada;
have a valid Social Insurance Number; and
be named as a beneficiary to an RESP.
Who Is Eligible for the CLB:
The CLB is retroactive. It can be requested on behalf of an eligible child, and the child can still receive the entire amount that they would have been eligible for had it been requested from birth.
Beginning in January 2022, individuals who were eligible for the CLB as children but did not receive it can apply for it themselves when they reach the age of 18. They will have until the day before they turn 21 to apply.
To build the workforce we need, and to give everyone a fair shot at participating in it, education has to be accessible and affordable to all Canadians. I’m pleased to see that the Canada Learning Bond is now available to even more students and encourage everyone to check their eligibility and to apply.
Further resources on how to open an RESP and get the Canada Learning Bond are available here.
