Canada Learning Bond

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Definition: Canada Learning Bond

Canada Learning Bond (CLB) is a grant provided by the Canadian government to those citizens of Canada who are less privileged and have low income. These CLBs are provided to these families for paying for the expense of students pursuing higher education.

The eligibility criteria for CLBs are:

• The child should be born after December 31.

• The child should have a birth certificate.

• The child should have a Social Insurance Number.

• The child should be a beneficiary of RESP

• The child should reside in Canada

Following are the cover ups provided by the CLBs:

• $25 to help cover the cost of opening the RESP.

• $500 to add to the RESP now to help the child to start saving early.

• An extra $100 each year until the calendar year the child turns 15.

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