What is the Canada Learning Bond (Registered Education Savings Program)?
Receive up to $2000 FREE MONEY for your child's education after high school - all you have to do it open an RESP.
The Government of Canada is offering free grants to families with children that were born 2004 or later and have been receiving the National Child Benefit.
Eligible families receive $500 upon enrolment per child and collect $100 per year until he or she turns 15, to a maximum of $2,000.
How do I open an RESP and receive the Government of Canada’s grants
There are two steps:
- Step 1 – Get a Social Insurance Number (SIN) for your child. It’s free. Call 1 800 O-Canada (1.800.622.6232) for more information or visit a Service Canada Centre near you.
- Step 2 – Contact the RESP provider of your choice that offers the Canada Learning Bond to open an RESP. Ask them what to bring (birth certificate and photo id).
Choose the RESP provider that best suits your needs and ask if they offer the Canada Learning Bond and the Canada Education Savings Grant, what types of RESPs they offer (family, individual or group) and the advantages and risk factors of each, what investment products they offer and the advantages and risk factors of each and what are their administration fees and penalties.