Canada Learning Bond

[megan_starr23]

In the june 27th issue of the toronto Star there was an interesting article on Canadian Learning Bond. The Bond is for families considered low income (41,000 net annually). For families that qualify, the Government will make a one-time payment of $500 into a child’s RESP. Families that receive the Canada Learning Bond will also get extra payments of $100 to a Max of 2000 a year. I am not sure of all the details but I plan to go to the bank this week and figure it all out. According to the article the parents need not contribute money, this is not a you put in some the government matchs or gives a %.

[ashedfc]

True, All you need to do is open an RESP account, & if your child is born after 1st jan 2004, than you qualify for the Canada Learning Bond initial $500 + $25 for account opening (so a total of $525 amount first year) & thereafter $100 per year for 15yrs (family income limits required)..

To get this money you don't have to deposit a single penny. This money is absolutely free..
If your banker is giving problem than let me know, I can get the process completed..

[kuldip sharma]

In the june 27th issue of the toronto Star there was an interesting article on Canadian Learning Bond. The Bond is for families considered low income (41,000 net annually). For families that qualify, the Government will make a one-time payment of $500 into a child’s RESP. Families that receive the Canada Learning Bond will also get extra payments of $100 to a Max of 2000 a year. I am not sure of all the details but I plan to go to the bank this week and figure it all out. According to the article the parents need not contribute money, this is not a you put in some the government matchs or gives a %.

Those who qualify for National child tax benifit also qualify for CLB. CLB is $500 first time , when some one open the account and then $100.00 every year till child reach age 15. If you open RESP account with any institution, Institution apply for CLB to govt. every year, if child qualify for that specific year, will get CLB if dosnt qualify wont get. But institution keep on applying every year till child reach age 15. You dont need to contribute any $$ to get CLB. However its always better to have some money for child's higher education. Govt. gives 20% of your contribution upto $7200 max. irrespective of your income and up to 20% additional grant depending upon your income.

[megan_starr23]

Thanks so much for the info!

True, All you need to do is open an RESP account, & if your child is born after 1st jan 2004, than you qualify for the Canada Learning Bond initial $500 + $25 for account opening (so a total of $525 amount first year) & thereafter $100 per year for 15yrs (family income limits required)..

To get this money you don't have to deposit a single penny. This money is absolutely free..
If your banker is giving problem than let me know, I can get the process completed..

[nadiabreckon]

I think it's pretty lame that you have to be "low-income" in order to qualify...not all families fall below that range, yet can't always afford to pay for their child's tuition by the time they are 18...but for those who qualify, take advantage of it!