London – Ensuring every child has all the help they can get to pursue their education helps strengthen Canada’s economy and its competitiveness on the global stage. The Government of Canada offers parents different ways to make post-secondary education more affordable and attainable for their children.
For the past 20 years, the Canada Learning Bond has helped students from low-income families pursue 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 Bond.
The Minister of Employment, Workforce Development and Labour, Steven MacKinnon, announced that children born in or after 2024 who are eligible, will now be automatically enrolled to receive the Canada Learning Bond once they turn four years old if they have a valid SIN and do not already have their own RESP.
Parents and caregivers have started receiving letters from Employment and Social Development Canada providing information about automatic enrolment. More letters will go out later this year, informing them that the Government of Canada will open an RESP on their child’s behalf if they don’t already have one by the time they turn four years of age.
As a result of automatic enrolment, an additional 130,000 children will receive the Canada Learning Bond each year, beginning in 2028, to help pay for the cost of their studies after high school. The money can be used to help pay for an apprenticeship program, trade school, college or university. It can also be used to pay for expenses like rent, tuition, books, tools or transportation.
The Canada Learning Bond is retroactive. Eligible adults born in 2004 or later can receive the Bond until the day before they turn 21 by opening their own RESP. Starting in April 2028, the age limit to apply for the Bond will be extended from 20 to 30 years old to allow young adults to retroactively access the benefit for their post‑secondary education.
“The Canada Learning Bond goes directly to children as an investment in their future. Whether their child wants to attend an apprenticeship program, trade school, college or university, easier access to the Canada Learning Bond will help more low-income families get the support they need to start planning early for their child’s post-secondary journey and take advantage of interest that would allow their savings to grow substantially over time.” – Minister of Employment, Workforce Development and Labour, Steven MacKinnon