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Canada Learning Bond (CLB)
Right for you if:
- You want to help saving for your child's post-secondary education
- You could use $500 to help get you started
- Jumpstart your education savings Get $500 to help you start saving towards your child's post-secondary education.
- Start saving now The CLB will contribute a maximum of $2,000 per child, starting with the initial $500.
- Get more CLB To receive retroactive CLB beneficiaries must be 21 or younger.
Eligibility Requirements to Recieve CLB
The child you are saving for must be a Canadian resident and have a valid Social Insurance Number (SIN).
A child qualifies to receive the initial $500 CLB if:
- They are born after January 1, 2004
- The child is a dependant of a primary caregiver who is entitled to the National Benefit Supplement
- The child is under the care of Public Trustee who receives Children's Special Allowance payments
Eligibility Requirements to Receive Additional CLB
Your child may qualify for 15 additional $100 CLB installments until they reach the age of 15, one for each year your family is eligible to receive the National Child Benefit supplement.
Just make a qualified Education Assistance Payment (EAP) withdrawal and you'll receive your CESG plus any income the grant has generated as part of the withdrawal.
Your RESP can stay open for up to 35 years. If the child you've been saving for decides not to attend school, your contributions are returned to you and the CESG can be used toward an eligible sibling's education or returned to the Government of Canada.
Ready to apply
- 1 The 2.00% annual interest rate will be applied from November 1, 2012 to January 31, 2013 to the excess of the daily balance in the Investment Cash portion of a Canadian dollar RESP over the closing balance in that account on October 31, 2012. For amounts not eligible for this offer, an interest rate of 0.15% will apply on Canadian dollar cash balances less than $5,000 and 0.25% on Canadian dollar cash balances $5,000 or greater.
Other conditions apply. Visit your branch for the full Terms and Conditions of this offer. Interest will be calculated daily and paid monthly. All rates are subject to change without notice.