Canada Learning Bond: Who Qualifies and What You Get
Learn if your child qualifies for up to $2,000 in government funds to help pay for their post-secondary education.
The Canada Learning Bond is a government payment designed to help children from lower-income families save for their future education costs.
Who it's for
This program is specifically intended for children from low-income families. To be eligible for these funds, the child must have been born in 2004 or later.
What you get
The benefit provides up to $2,000 in funding. These funds are intended to assist with the various costs associated with post-secondary education.
What it costs you
There is no direct monetary fee to apply for this benefit, but there is a specific administrative requirement to access the money. You must have a Registered Education Savings Plan (RESP) opened for the child. This plan must be established before the child reaches the age of 21.
The catch to know
The most common issue is that many eligible students miss out on this support entirely. Because the funds must be tied to a specific type of account, many people forget to claim the money before the age limit is reached.
How to apply
- Verify that the child was born in 2004 or later and meets the low-income family criteria.
- Contact a financial institution to open a Registered Education Savings Plan (RESP) for the child.
- Ensure the RESP is fully set up and active well before the child turns 21.
- Check the official portal for specific instructions on claiming the bond: https://www.canada.ca/en/employment-social-development/services/learning-bond.html