Happy portrait of grandmother, mother and daughter at home

Have You Heard….About the Canada Learning Bond?

As a parent and a grand-parent, we never stop trying to assist our children and grand-children by providing our support in both a physical and financial role.  We use our years of wisdom to remind our children of how quickly the years go by, and how planning for the future of their children today will add up to better schooling opportunities and choices for them down the road.  Each generation has the ability to learn more and go further in this life, and a great place to start this in motion is with the ….. CANADA LEARNING BOND!

“Grandchildren are the dots that connect the lines from generation to generation”    ~ Lois Wyse

How can the Canada Learning Bond work for me?
Receive up to $2000 for your child’s education after high school – all you have to do is open a Registered Education Savings Plan (RESP) and mention the Canada Learning Bond.

You don’t have to put any of your money into the plan. When you open an RESP, the Government of Canada will deposit $500 right away and could deposit up to an additional $1500 by the time your child is 15.

That’s up to $2000!

Starting an RESP is easy as 1-2-3!

1. Go to www.smartsaver.org/startmyresp/
Complete application in about 10 minutes

2. Your financial institution will call you with an appointment
Appointment date and time

3. Visit your Financial Institution and bring
Parent/guardian’s SIN number
Child’s SIN number
2 photo ID’s for yourself
(at least 1 government ID)

Am I eligible?
If your child was born on or after
January 1, 2004 AND your family received the National Child Benefit Supplement, you can receive the Canada Learning Bond. The National Child Benefit Supplement may be part of your Child Tax Credit.

How do I sign my child up?
Start a Registered Education Savings Plan (RESP) account with a licenced provider where the government can deposit the money. Visit your bank or financial advisor and ask for a NO CONTRIBUTION REQUIRED RESP for the Canada Learning Bond. You and your child will both need a Social Insurance Number (or SIN #). You may need additional items such as a birth certificate or photo ID. As your RESP Provider what to bring.

Need a SIN#? Call Service Canada at 1.800.622.6232 to ask how you can get one!

What if my child doesn’t continue education after high school?
Your child has 36 years to use the RESP and if it is not used, any money received from the government is given back.

Do I have to use my own money?
No. If you DO choose to put money in, you will get additional grant money through the Canada Education Savings Grant (CESG). Get more information from your bank or financial advisor when you sign up for an RESP!

Will this affect other benefits?
No. Having a Canada Learning Bond does not affect other government benefits such as Ontario Works, housing subsidy, and childcare subsidy.

What People Are Saying About the Canada Learning Bond

“The Canada Learning Bond is not too good to be true,” assures Kate. She encourages parents who are uncertain that they can “overcome their fears about applying because it’s easier than people think.”

“All you have to do is go to a bank or credit union with your and your child’s Social Insurance Numbers (SIN), fill out an application while you are there, and the bank does the rest.”

~ Kate (two parent family with one child)
Chatham, Ontario

“In my generation, grandchildren were gifted with long duration Canada Savings Bonds, for their futures. This is the digital age version for grandparents to continue a long standing tradition. Even has ‘make sense’ Government participation. Good investment for all our futures.”

~ Peter Brull
Chatham, Ontario

“Canada Learning Bonds are a fabulous opportunity for families! The sooner you start, the more you can save! Don’t miss out!”

~ Kelly Emery
Director, Children’s Services

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