Education Savings for your Child

Fact Sheet

• The Canada Learning Bond is money from the Government of Canada to help low-income families start saving early for their children's post-secondary education through special savings accounts known as Registered Education Savings Plans (RESPs)
• The Canada Learning Bond is available to families receiving the National Child Benefit Supplement and whose children were born after December 31, 2003.
• The initial grant of $500 is paid directly into a child's RESP. Additional payments of $100 will be made annually up to the age of 15, as long as the family continues to be eligible for the National Child Benefit Supplement.
• The Canada Learning Bond could add up to $2,000 to an RESP. Twenty-five dollars are added to the initial $500 payment to help cover the cost of opening an RESP.
• Families can apply for the Canada Learning Bond through their RESP provider: banks, credit unions, group plan dealers or through certified financial planners.
• The Canada Learning Bond is returned to the Government of Canada if a child does not pursue a post-secondary education. Earnings on the Canada Learning Bond and any contributions made into the RESP may be used by brothers or sisters, if they pursue an education after high school.
• As of 2008, approximately 850,000 children qualified for the Canada Learning Bond. An additional 120,000 newborns are expected to qualify each year.
• The number of children receiving the Canada Learning Bond has nearly doubled between 2007 and 2008, passing from 75,700 to 140,000.
• The Canada Learning Bond is administered by Human Resources and Skills Development Canada through the Canada Education Savings Program, an important component of the Government's commitment to make post-secondary education accessible to Canadian families.