THE NORTHERN PROMISE

Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a special savings account for parents who want to save for their child's education after high school. Opening a free RESP account at the nearest financial institution can you give you access to many benefits.

No fee to open RESP account, multiple plans available, no limits to how much you can contribute then recieve CLB

Canada Learning Bond (CLB)

The Canada Learning Bond (CLB) is money that the Government adds to a Registered Education Savings Plan (RESP) for children from low-income families. This money helps to pay the costs of a child’s full- or part-time studies after high school.
After opening an RESP account you can request the CLB in three easy steps.

Open a no-cost RESP at a financial institution such as a bank, credit union, or certified financial planners and group plan dealers.
A bank account is not necessary to open an RESP

Connect with the financial institution you chose in Step 1 to complete the application process for Canada Learning Bond.
Will take 1-2 weeks

Once the application is approved, the CLB will be deposited in the RESP every year that the child is eligible.

Can take up to 2 months

How it works

$500 to start then a $100 per year up to $2000 infographic

Get started with a $500 government grant in the first year of eligibility

Then a $100 each year the child continues to be eligible.
(Up to and including the benefit year in which they turn 15)

The Government of Canada contributes up to $2,000 to an RESP.

All you need to start is:

Your or your child's Social Insurance Number (SIN)
Fill out and apply to receive your or your dependant's SIN.

Birth Certificates
Fill out and apply to receive your or your dependant's birth certificate.

Open RESP account
Connect with an RESP provider at a financial institute of your choice to open an RESP account, and then apply for CLB.