The Canada Learning Bond (CLB) is money from the Government of Canada to help pay for post-secondary education. It provides an initial payment of $500 in an RESP and $100 for each subsequent benefit year of eligibility, up to the benefit year in which the beneficiary turns 15, to a maximum of $2,000. Contributions are not required to receive the CLB. The CLB is retroactive until the age of 21. You can request it for an eligible child and they can still receive the entire amount that they would have been eligible for had it been requested from birth, up to $2,000. Eligibility for the CLB is based on family income and the number of children you have.  For example, for 2021, a family with up to three children would be eligible if their adjusted net family income was less than $49,020.  This amount is adjusted upward for families with more than three children. In addition, recipients must:

• be born on or after January 1, 2004;
• be a resident of Canada;
• have a valid Social Insurance Number; and
• be named as a beneficiary to a Registered Education Savings Plan.

The child’s primary caregiver (PCG) or the spouse or common-law partner of the PCG, can request the CLB on behalf of an eligible child. The PCG is the person who is eligible to receive the Canada Child Benefit in the child’s name. Children in care for whom the Children’s Special Allowance is paid qualify for the CLB.