If you have a child who was born after Dec. 31, 2003, you may be eligible for an additional $2,000 for your child’s Registered Education Savings Plan. The Canada Learning Bond is funded by the Government of Canada and you must apply in order to receive it. The bond gives you $500 to start an RESP and an additional $100 per year until your child turns 15 years old, up to the maximum of $2,000.
Many RESPs can be opened at either no cost or at a very low cost. If you qualify, consider opening an RESP and apply for the CLB to add free money to your child’s savings plan. But remember, if the child does not attend post-secondary school after high school, any grant money received from the government must be paid back.