Ads
keep this website free for you. TaxTips.ca does
not research or endorse any product or service appearing in
ads on this site.
Before making a major financial decision you
should consult a qualified professional.
The Canada Learning Bond is a Government of Canada
grant which is paid directly into a child's RESP, without the
requirement of contributions being made to the RESP. It is available to
low or modest-income families.
The initial CLB payment is $500. The child can
receive annual $100 CLB payments up to age 15, for each year in which the
family is entitled to the NCB supplement. The maximum CLB that can
be received by a child is $2,000.
Your RESP provider will apply for the CLB on your
behalf.
For more information, see the following government of Canada resources:
CESG and CLB Not
Payable to Non-Resident Beneficiary
Canada Education Savings Grant Regulations s. 10(3)
Note that if the beneficiary of the RESP is a
non-resident at the time of Educational
Assistance Payments, then the Canada Education Savings Grant (CESG) and
CLB portions of the RESP cannot be
paid. A beneficiary can be a student at a foreign educational
institution and still be considered a Canadian resident in some cases.
See our information on Canadian
residents.
Facebook
| Twitter
| See What’s New, stay
connected with TaxTips.ca by RSS or Email
The information on this site is not intended to be a
substitute for professional advice. Each person's situation differs, and
a professional advisor can assist you in using the information on this web
site to your best advantage.
Please see our legal
disclaimer regarding the use of information on our site, and our Privacy
Policy regarding information that may be collected from visitors to our
site.