The Canada Learning Bond (CLB) is a government initiative aimed at helping low-income families save money for their child’s post-secondary education. It is a grant provided by the Canadian government to encourage early savings for higher education expenses. The CLB is available to eligible children from low-income families born in 2004 or later.
The CLB provides an initial payment of $500 for the first year the child is eligible, plus $100 for each additional year of eligibility, up to age 15, for a maximum of $2,000. The money is deposited directly into a Registered Education Savings Plan (RESP). Personal contributions are not required to receive the CLB. Additionally, Employment and Social Development Canada (ESDC) will pay $25 into the RESP to cover the cost of opening an account.
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