What is the Canada Learning Bond (CLB)?
The Canada Learning Bond (CLB) is an annual sum of money that the government will deposit to a Registered Education Savings Plan (RESP) for eligible families.
In most cases you would receive a letter from the government if your child is eligible to receive the CLB, but you can also check the government's eligibility criteria here to see if you qualify.
Each eligible child can receive up to $500 the first year they are eligible, and $100 each subsequent year they are eligible (until they turn 15) to a lifetime maximum of $2,000.
How do I apply?
Your first step is to open an RESP account! If you'd like to open an RESP with Wealthsimple, you can follow the steps listed here.
When opening your RESP with Wealthsimple you'll be asked to indicate whether you'd like to apply for the CLB (as well as other grants) at the very bottom of the page by checking off a box. So long as this box is selected we'll automatically apply for the CLB on your behalf, once the RESP is finished being opened! Note that you are not required to make a deposit to your RESP in order to receive the CLB, unlike the Canadian Education Savings Grant (CESG).
Already have an RESP open and want to check if you applied?
You can verify this by looking at your RESP account opening agreements. Navigate to the "My Documents" page of your profile, once there on the right-hand side you will see a box titled "My account agreements". If you click the arrow next to your RESP a dropdown of documents will appear. One of these should be titled "Government Grant Application(s)". Section 4 will illustrate if you indicated you'd like to apply for A-CESG and/or the CLB. If you see an X next to "I DO NOT want to apply for the CLB in this RESP" this means we haven't applied for this on your behalf. If you'd like to change this so you can apply for the CLB, just submit a request and we'd be happy to help.
Do I need to re-apply every year for the CLB?
Nope! Once we receive your initial application for the CLB we'll apply every year automatically for you. Keep in mind that in order to receive the CLB each year you need to meet the requirements each year - so some years you might qualify and receive the CLB, other years you may not.
Can I receive both the CLB and CESG?
Yes! You are not required to make a deposit to your RESP account in order to receive the CLB, but for any contributions (deposits) you do choose to make will be eligible to receive a 20% match from the government. You can read more on the CESG and the limitations associated here.
Can I catch up on previous years' CLB?
Yes. For every year that you met the eligibility requirements from the government and filed your taxes, the government will track and accumulate these amounts to be distributed once you open an RESP. This means your child could be 15 years old and receive all $2,000 from the government!