You can get up to $2,000 in free education money…REALLY! It’s called the Canada Learning Bond! The Canada Learning Bond is $500 offered by the Government of Canada to help start saving now for your child’s education after high school. Plus, your child could get $100 every year until he or she turns 15 years old, to a maximum of $2,000!
Is your child eligible to get the Canada Learning Bond?
The answer is YES if:
- Your child was born on or after January 1, 2004,
- AND your family receives the National Child Benefit Supplement as part of the Canada Child Tax Benefit.
How Do I Get My Child’s Canada Learning Bond?
To get the Canada Learning Bond, you have to open an RESP account with a licensed RESP provider, this can be a bank, credit union, or a scholarship dealer. Career Trek can help you decide what is the best option for you.
What’s the Catch?
The Canada Learning Bond can only be used for post-secondary education. If your child does not continue their education after high school, the Government will take the Canada Learning Bond back. However, accounts can remain open for up to 36 years. This means your child does not have to attend post-secondary right after high school. RESPs are very flexible and can be used for part-time or full-time study at college, universities or training programs.
Even if your child doesn’t qualify for the Canada Learning Bond, you can still get money from the Government for your child’s education with the Canada Education Savings Grant.
What is the Canada Education Savings Grant?
The Canada Education Savings Grant (CESG) is money that the Government of Canada deposits into your child’s RESP. The amount could be up to $600 per year, depending on how much you contribute to your child’s RESP and your net family income.
The CESG has two parts:
- The Basic CESG – Provides 20% on every dollar you save to a maximum of $500 every year and is available to anyone who has an RESP.
- The Additional CESG – Is depended on your income and will provide an extra 10%-20% on the first $500 you save every year.
- The lifetime maximum of the CESG and the Additional CESG is $7,200.
If you would like more information on RESPs, the Canada Learning Bond or the Canada Education Savings Grant please feel free to chat with Career Trek’s Education Savings Coordinator through the contact methods at the bottom of this page, or visit:
Have a question? Please contact:
Danielle Hollinger, Education Savings Coordinator
T: 204-944-1800 ext. 154