Free Education Money
Your child’s higher education is important to you, but you may not know how you’ll be able to afford it. Start your child’s education savings with free money from the Government of Canada. Apply for the Canada Learning Bond. If your child was born on January 1, 2004 or after, and you qualify for the National Child Benefit Supplement, you could get your child up to $2,000.
The Canada Learning Bond is a contribution that’s paid right into an eligible child’s Registered Education Savings Plan (RESP), even if you don’t contribute any money yourself.
How Do I Get the Canada Learning Bond for My Child?
To get the Canada Learning Bond you have to open an RESP account with a licensed RESP provider so that the Government can deposit the money. You and your child both need to have a Social Insurance Number to register an education savings plan.
Here’s how to get started:
- Go to SmartSAVER.org to start your application online. You will need you and your child’s SIN.
- Visit your bank and ask to open an RESP.
What’s the Catch?
The Canada Learning Bond can only be used for post-secondary education. If your child does not continue education after high school, the Government will take the Canada Learning Bond back.
Even if your child doesn’t qualify for the Canada Learning Bond, you can still get money from the Government for your child’s education. Find out about the Canada Education Savings Grant.