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Government Grants For Your Child's Education- The Canada Learning Bond


By savanna - Posted on 02 March 2011

The Canada Learning Bond is a program through the Government of Canada that will help put aside money for your child's education after high school.

So how exactly does the Canada Learning Bond work?

-the Canada Learning Bond is $500 offered through the Government of Canada to help families save for their child’s future education

-Your child may also receive $100 ever year, until they turn 15 for up to $2000 for future education savings!

-The Canada Learning bound is put directly into a registered education savings plan (RESP) account, and you don’t have to put any of your own money in to receive it

-The Government will also pay $25 for opening the first $500, to cover the cost of opening a RESP

Where can this money be used?

-This money can be used to pay for full or part-time studies in: apprenticeship programs, colleges, trade schools or universities!

Who is eligible for the Canada Learning Bond?

-Children born after December 31st, 2003 living in low income families

And -Individuals receiving the National Child Benefit Supplement under the Canada Child Tax Benefit (also called the family allowance)

So, how can you open an RESP and receive the Government of Canada’s Grants?

Step 1: Get a Social Insurance Number for your child (free of charge). Just call 1-800-622-6232 for more information, or visit a Service Canada Centre near you (in Victoria, visit 595 Pandora)

Step 2- Contact and RESP provider (this can be done through many of your local banks), that offers the Canada Learning Bond, and open an RESP

Remember to ask:

-if they offer a Canada Learning Bond, AND the Canada Education Savings Grant.

-ask what type of RESP’s are available (family, individual, or group), and ask about the advantages and disadvantages of each

Step 3- Open an RESP

-Complete a Canada Learning Bond application form with the help of your RESP provider

The CanLearn website also has a tonne of information on saving for your child’s education, as well as questions you may want to ask in the process and other education options and information:

http://www.canlearn.ca/eng/index.shtml