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Canada Learning Bond – Start Your Child’s Education Savings


The cost of education after high school in Canada is getting steeper, to date, the estimated full cost of a 4-year undergraduate degree from a Canadian university can cost to $30,000. As a parent, you want the best possible education for your child, as an option to help your child with their education, you can either borrow the money for their education, get the money from your retirement funds or investment in something like ki etfs, you can also re-mortgage your home or just let your child work to earn his own money or let him get a student loan…. He could even carry on working whilst he carries out his studies. However, most of this income may go towards repaying a student loan if this is the route he goes down, or towards his bills. If he is ever short of money, he could take out a title loan with somewhere like Qik Car Title Loans, (, or you as his parents could if he doesn’t have a car, so he has access to quick money should he need it. You can borrow up to the value of your car, which could prove to be beneficial for these repayments or for the current time. The other option you have when it comes to financing his education is to, as early as possible, get a head start in saving for your child or children’s education.

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The Government of Canada helps parents in getting a head start to save for their children’s education through some of its initiative including the Canada Learning Bond (CLB). CLB is available to children who were born after December 31, 2003 and whose families receive the National Child Benefit (NCB) Supplement. CLB is intended to help modest-income families start saving early for their child’s, or children’s, education after high school.

If your child is eligible for CLB, you will receive a one-time initial contribution of $500 to your child’s RESP with an additional $100 for each year of eligibility until age 15. Over time, this grant could add up as much as $2,000.00.

In order for a child to receive CLB, the child must have their own registered education savings plan (RESP) account with a licensed RESP provider where the Government can deposit the money. The parent/guardian and the child both need to have a Social Insurance Number to register an education savings plan. It is not necessary to put any of your money into the plan to get this money from the Government of Canada. When you open an RESP, the Government will deposit $500 right away.

There are over 1.5 million families in Canada who are eligible to CLB! Unfortunately, they are not getting it because they do not apply for it. This is why, I thought of writing this post to help call attention and to urge any readers who know someone who might qualify for the Canada Learning Bond to help them get it. These parents could be saving money and investing it into a bank account or premium bonds as oppose to living off of equity release during retirement!

12231163_1025191360871685_1500362828_nSmartSaver a non-profit community project that helps the government spread the word about CLB to eligible families, their goal is to make it easier for families to understand and access the government money that is available for education after high school. As part of their campaign, they are doing a weekly raffle draw for all qualified applications – they are giving a total of 9 weekly prizes ($1000 each week).

To know more about CLB and to start with your child’s education savings visit


About Momsiecle

Cristina, author of moved to Winnipeg, Manitoba in 2009. She is a B.S. Psychology graduate from the Philippines and is currently working in Canada’s largest retail company. She is also a Settlement E-Volunteer with English Online Inc., wherein she provides supportive counseling to newcomers in Canada. Cristina blogs about her adventures and misadventures as an immigrant working-mom in Canada

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