What Is The Canada Learning Bond And Why Do I Need It?

​What if I told you that you're missing out on receiving money for your child's education? You'd be asking how to get that money, right? Read on to find out what the Canada Learning Bond is and how you can receive it. 


What is the Canada Learning Bond?
The CLB is money that the Canadian government adds to a Registered Education Savings Plan (RESP). This money helps pay some of the costs of a child's full or part-time education after high school, including apprenticeship programs, CEGEPs, trade schools, college and universities. Better yet, you don't have to make any personal contributions to an RESP to receive it! 

The first year you receive the CLB, you'll be given $500. Every year after that until the child is 15, you'll receive $100 to a total of $2000. 

Who is eligible for the CLB?
The CLB is for lower-income families to assist in post-secondary educational costs. To be eligible, the child has to be;

• born after January 1st 2004.
• a resident of Canada 
• have a valid Social Insurance Number
• be named in an RESP

Depending on your income and how many children you have will determine your full qualifications to receive the Canada Learning Bond. 

Why should I apply? 
It's money for your child's future that isn't coming out of your pocket. In this economy, every little bit helps and you might as well make use of it. Statistics Canada reports that 8 out of 10 people who qualify to receive the CLB never apply. 

At Smart Choice Life, we believe we have a responsibility to help all people with their financial security. Assisting young families in applying for CLB is a great way to help people get the money they deserve. 

Contact us today for more information about the CLB and for assistance in applying.