Saving for your child's post-secondary education can be a daunting task, and there are several options available to help you achieve this goal. Here is a comparison of the Canada Learning Bond (CLB) with other education savings options:
Ultimately, the best education savings option for you will depend on your individual circumstances and financial goals. It's important to carefully consider all of your options and do your research before making a decision.
The Canada Learning Bond (CLB) is a government-funded program that provides money to families to help them save for their child's post-secondary education. To be eligible for the CLB, a child must be born after December 31, 2003 and must be a resident of Canada, and the family must meet certain income requirements.
The CLB provides an initial $500 to eligible families, plus an additional $100 per year up to age 15, for a maximum of $2,000. The money is deposited into a Registered Education Savings Plan (RESP) for the child, which can be used to pay for post-secondary education expenses such as tuition, books, and housing. Families can also receive additional grants, such as the Canada Education Savings Grant, when they make contributions to the RESP.
Here are some reasons to sign up for CLB:
Connect with us to assist you with collecting all documents needed to open an RESP account and request CLB government education funding.