Canada is set to give more parents up to $2,000 to help pay for their child's education
Here's what you need to know about the plan to change the Canada Learning Bond!
Canadian money.
Changes to a government payment are set to allow more parents to receive up to $2,000 for their children.
That includes an easier way to get money from the Canada Learning Bond for parents and extended access to retroactive payments once a child turns 18.
On February 21, 2025, the federal government announced changes to the Canada Learning Bond that will put more money in the bank for parents and their children.
If you don't already know, the Canada Learning Bond — also called the CLB — helps pay for post-secondary education by providing up to $2,000 in a Registered Education Savings Plan (RESP).
No personal contributions to an RESP are required to receive the CLB.
However, parents had to open an RESP for their child to receive money from the bond or the child had to open it for themselves once they turned 18 years old.
Now, children born in or after 2024 who are eligible for this federal benefit will be automatically enrolled to receive the CLB once they turn four years old if they have a valid SIN and don't already have an RESP.
Letters from Employment and Social Development Canada with information about automatic enrolment have already been sent to some parents and caregivers.
More letters will go out later this year to let parents and guardians know that the government of Canada will open an RESP on their child's behalf if they don't already have one when they turn four.
It's expected that automatic enrollment will allow for an additional 130,000 children to receive the CLB each year starting in 2028.
CLB money is meant to help cover the cost of studies after high school.
It can be used to pay for an apprenticeship program, trade school, college or university and to pay for expenses like rent, tuition, books, tools or transportation.
Since the CLB is retroactive, you can receive money from it as an adult if your parents never got it for you as a child.
Eligible adults born in 2004 or later can get the CLB until the day before they turn 21 years old by opening their own RESP.
But starting in April 2028, the age limit to apply for the CLB yourself will be 30 years old so more young adults can retroactively access the benefit to help cover the costs of post‑secondary education.