The Feds Are Reminding Students That They Can Get Up To $2,000 With The Canada Learning Bond
Some students can apply for it themselves if their parents didn't do it when they were kids! 💸
UBC students. Right: University of Ottawa campus.
The Canada Learning Bond is financial support that's available for post-secondary education and the federal government is reminding students that they can get up to $2,000 from it.
On March 10, 2022, the federal minister in charge of employment, workforce development and disability inclusion reiterated that young Canadians are eligible to get money from the government right now.
With the Canada Learning Bond, the government gives students money to help pay for their continuing studies and up to $2,000 is provided in a Registered Education Savings Plan (RESP) with no contribution required.
There is an initial payment of $500 into the RESP and $100 gets added for each subsequent benefit year of eligibility, up to the benefit year in which the student turns 15 years old, to a maximum of $2,000.
However, as of January 1, 2022, eligible individuals who didn't get the money as kids can apply for it themselves when they turn 18 years old, and up until the day before they turn 21 years old, as long as they were born in 2004 or later!
Canada Learning Bond eligibility is based on family income and recipients must be born on or after January 1, 2004, be a resident of Canada, have a valid Social Insurance Number and be named as a beneficiary to an RESP.
To get the money, eligible Canadians can apply for the Canada Learning Bond with their financial service provider by opening an RESP and requesting the bond.
Those who already have an RESP can check with their financial service provider to see if they're eligible.
According to Employment and Social Development Canada, more than 1 million eligible Canadians haven't claimed the money they can get with the Canada Learning Bond yet.
The money can be used to help pay the costs of full or part-time post-secondary education in various programs and schools, including trade schools, colleges, universities and more.
There are also more financial supports available to post-secondary students in this country since Canada Student Grants have been doubled and interest on federal student loans has been waived until 2023.