Education for your child after high school will be very expensive. Happily, help is available. The Canada Learning Bond (CLB) is money that the Government of Canada deposits directly into a child's Registered Education Savings Plan (RESP) account to help parents get a head start on saving for their child's education after high school.
After high school, your child can withdraw the money to help pay for either full-time or part-time studies: in an apprenticeship program at a CEGEP, at a trade school, at a college or at a university.
The money you get for your child could include: $25 to help cover the cost of opening the RESP; $500 to add to the RESP now, to help you start saving early; and an extra $100 each year until the calendar year he or she turns 15, as long as you continue to receive the National Child Benefit Supplement.
You do not have to put any of your own money into the RESP. Ask your RESP provider to apply for the bond, which the Government of Canada deposits directly into a child's RESP account. However, if you choose to contribute to your child's RESP account, your child will qualify for the Canada Education Savings Grant (CESG). The basic CESG provides 20 cents on every dollar you contribute, up to a maximum of $500 on an annual contribution of $2,500. This grant is available up until the end of the calendar year in which the child turns 17.