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Each child born on or after January 1, 2004, is eligible to receive an initial CLB in the amount of $500, which will be deposited directly into the child's Registered Education Savings Plan (RESP), provided one of the following requirements are met:
- the child's family qualifies for the National Child Benefit (NCB) Supplement, or
- the child is under the care of a Public Trustee and a Children's Special Allowance (CSA) is paid in respect of the child.
In addition, this beneficiary may also qualify for 15 additional $100 CLB installments (until the age of 15), one for each year the family continues to be eligible to receive the NCB Supplement or for which the child remains in care. The maximum CLB amount for one child is $2,000.
You may apply for the CLB at your local Scotiabank branch. For each beneficiary that you set out as eligible on the application for CLB, we will apply for the CLB on your behalf. Any CLB received by Scotiabank will be paid into your Scotia RESP and invested on a pro-rata basis according to your current asset mix.
What You Need
In order to be eligible to receive the CLB, the beneficiary must meet the following conditions:
- Be a Canadian resident
- Have a valid Social Insurance Number (SIN)
Special Considerations
For an RESP to be eligible for CLB payments, the plan must be:
- An Individual Plan; or
- A Family Plan in which all beneficiaries are siblings. The CLB cannot be shared amongst the other beneficiaries of the plan, only the CLB earnings may be shared.
Eligibility
A child qualifies to receive CLB under the following conditions:
- Born on or after January 1, 2004; AND
- Dependant of a primary caregiver (PCG) who is entitled to the NCB Supplement OR be under the care of a Public Trustee who receives payments under CSA
Transferring the CLB
CLB transfers are beneficiary-specific, so in addition to the Income Tax Act (ITA) requirements, CLB can only be transferred providing:
- Receiving plan is an Individual Plan for the same beneficiary; or
- Receiving plan is a Family Plan that holds beneficiary and only siblings of that beneficiary
Timelines to Apply for CLB
CLB accumulates for each year of eligibility, regardless of whether an RESP has been opened in the child's name. NOTE: A child must be under 21 years of age to request CLB payments.
RESP Maximum Contribution Amount
The maximum lifetime contribution allowed per beneficiary is $50,000. The CLB is not included in calculating lifetime contributions.
Once the RESP is opened and the CLB has been requested, all accumulated CLB can be paid to the eligible beneficiary.
Maximum CLB
The maximum lifetime amount of CLB benefits is $2,000.
Using the CLB
The CLB and any income that the CLB generates will be paid out to the beneficiary when making a qualified Education Assistance Payment (EAP) withdrawal for use at an eligible post-secondary institution. You can obtain a published list of approved educational institutions and courses from your Provincial Ministry of Education or your local tax services office.
Additional information about the CLB is available on the Government of Canada website.
To find out more
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