What is a Canada Learning Bond?
A Canada Learning Bond offers money to Canadian families to help them start saving for college.
How Does a Canada Learning Bond Work?
In general, under the program, the Canadian government gives families $500 in the form of a bond to start saving for college. The child can also get an additional $100 per year until he or she turns 15. The bond is held in a Registered Educational Savings Plan (RESP), which banks and credit unions offer in Canada.
Children born after December 31, 2003, are eligible for the program and the family receives the National Child Benefit Supplement.
Why Does a Canada Learning Bond Matter?
The maximum benefit from a Canada Learning Bond is $2,000. Money from the Canada Learning Bond program can be used to pay for full-time or part-time study in colleges, trade schools or apprentice programs.
