Canada Learning Bond: No RESP contributions required

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What you need to know about the Canada Learning Bond (CLB)

The CLB is a grant that the federal government deposits directly into an RESP every year if the child is eligible, even if the parents don’t add any money.

How much is the CLB?

• The first year: $500 (plus $25 to help cover the costs of opening the RESP)
• The following years: $100 for each year that the child is eligible – until the calendar year in which they turn 15
• Lifetime maximum: $2,000 per beneficiary

Who is eligible for the CLB?

Any child born on or after January 1, 2004 if they are a Canadian resident and have a valid Social Insurance Number. Canadians 18-20 can apply for their own CLB. They will be eligible for the entire amount they would have received had it been requested from birth.

In 2021, 4.1 million children were eligible for the Canada Learning Bond, but only about 42.6% or 1.7 million actually received it.*

 

Is there a maximum income level?

Eligibility for the Canada Learning Bond is based, in part, on the number of qualified children and the adjusted income of the primary caregiver.^†

Eligibility thresholds^†† (July 1, 2022 to June 30, 2023)

How do I apply for the CLB?

• Ensure your tax returns are up to date
• Open an RESP with the child named as a beneficiary – make sure the RESP provider can handle the CLB as not all do
• Apply for the CLB – it must be the primary caregiver or their partner who applies 

Once the application is approved, the appropriate amount will be deposited directly into that RESP every year that the child is eligible to receive it.

Reasons for not receiving grant/bond monies on contributions to an RESP

Review your RESP statement transactions carefully to confirm government grant(s)/bond amounts received. Even if all the eligibility criteria has been met for the grant/bond in question, there are a number of reasons you may not have been paid the full amount owing on your contributions. These include:

• Missing/incomplete grant/bond application form(s)
• Missing/invalid beneficiary, subscriber and/or primary caregiver information or cases where this information does not match government records
• Lifetime grant/bond or contribution limits have been exceeded
• Grant/bond was paid to another RESP in the name of the same beneficiary
• Annual contribution limit was exceeded for contributions made before 2007
• Additional CESG, CLB, additional QESI, SAGES, and BCTESG are refused because not all beneficiaries in a Family RESP are siblings
• Additional CESG is denied because a beneficiary has been tainted by a contribution withdrawal made for non-educational purposes
• System/filing or administrative/processing errors

Notify us immediately if you notice that you have not been paid the full grant/bond amount expected. Please note that if the error is not corrected within 3 years of the contribution date, the government will not pay the grant/bond money owing on the contribution in question.

More information on RESPs and grant/bond eligibility criteria can be found at Student Financial Assistance.

For more information on RESPs, visit AGF.com/RESP or contact your financial advisor.