What is the Canada Learning Bond (CLB)?
The Canada Learning Bond (CLB) is a federal government benefit designed to help low-income families save for a child's post-secondary education. It is part of the Registered Education Savings Plan (RESP) and related benefits, administered by Employment and Social Development Canada.
Who is eligible?
Eligibility for the CLB is determined by the government, but based on available information, it targets children from low-income families. Specific income thresholds and age limits are not listed on the page cited here; please check with the official source at the time of application.
How to apply?
To apply for the CLB:
- Open an RESP: You need to open an RESP account for the child.
- Contact your financial institution: Ask your financial institution (the promoter) to apply for the CLB and the Canada Education Savings Grant (CESG) on your behalf.
- Receive the benefit: If the child is eligible, the benefits will be deposited into the RESP to cover education costs.
Note: The official page states that if you have questions about RESPs or benefits, you should contact your RESP promoter first, as they know the specifics of your account.
What expenses can it cover?
CLB funds can be used for eligible expenses related to post-secondary education, including:
- Rent
- Tuition
- Books
- Tools
- Transportation
Other related benefits
In addition to the CLB, you can also apply for the Canada Education Savings Grant (CESG) for your RESP. British Columbia and Quebec also offer provincial benefits.
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