Canada Learning Bond 2024 – $2000 Additional Incentive for Low-income Families, check in details

In 2024, Canada's ESDC will increase the Canada Learning Bond by up to $2000 for eligible low-income families, aiding early education savings through RESP contributions.

Written byPraveen Singh

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Canada Learning Bond 2024: The ESDC is offering an additional amount of up to $2000 to provide financial assistance to families with low income. It will help them start saving the amount early for the education of the child after the completion of high school. The full form of ESDC is Employment and Social Development Canada. The money from the Canada Learning Bond is offered directly to the RESP i.e. Registered Education Savings Plan of the child.

Individuals who are interested in the program should apply for it before ensuring the eligibility criteria. In case, any eligible beneficiary does not apply for post-secondary education, the amount of the Canada Learning Bond is returned to the government. In the following article, readers will get information regarding the $2000 Additional Incentive for Low-income Families eligibility criteria, benefit amount and others.

Canada Learning Bond 2024 - $2000 Additional Incentive for Low-income Families, check in details

Canada Learning Bond 2024

The officials are providing the Canada Learning Bond to eligible children who belong to low-income families and were born in 2004 or later. The CLB provides a payment of $500 for the first year in which the child is eligible, Along with it, $100 will be provided for each additional year of eligibility until the children reach the age of 15 for a maximum of $2,000.

Please note that no personal contribution is needed to get the benefits of the Learning Bond. ESDC will pay $25 into RESP to cover the costs of opening the RESP. Under this, $500 will be provided in recognition of a single incidental expense which will be associated with creating the RESP account. Please note that beneficiaries should be less than 21 years old at the time of application.

Children who are the public primary caregivers for whom a special allowance under the Children’s Special Allowance Act is offered will get the benefits of the Canada Learning Bond. Young citizens who fulfill the requirements of minimum age can become subscribers of RESP and also request the CLB for themselves.

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Eligibility Criteria Required for the Canada Learning Bond

The following section includes detailed information regarding the eligibility criteria which must be fulfilled to get the benefits of the $2000 Additional CLB. The benefits will not provided to individuals who are not fulfilling the conditions. Below are the required eligibility conditions:

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  • Applicants should be a resident of Canada
  • Individuals must have a Social Insurance Number (SIN)
  • Applicants must be named as a beneficiary in an RESP
  • Beneficiaries must have been born on or after 1st January 2004
  • Applicants must be from a family with a low income.
  • The primary caregiver of the beneficiary must:
    • Individuals must have filed income tax returns for each year they wish to get the CLB
    • Individuals must be eligible to receive the Canada Child Benefit (CCB)

Please note that individuals will not have to make any contribution to the RESP to get the benefits of the Canada Learning Bond. The eligibility criteria for the CLB are based on the primary caregiver’s adjusted family income. It is a retroactive payment. The amount of CLB is accumulated every year of eligibility until 31 December of the year in which the applicant turned 15.

The primary caregiver can get the benefits of the CLB for an eligible child till the day before they become 18 years old. Once, the children turn 18 years old, they become subscribers to their RESP and get CLB for themselves until they turn 21 years old. Individuals who are in care for whom a Children’s Special Allowance is payable can also get the benefits from the Learning Bond.

Adjusted Family Income for the $2000 Additional CLB

The Canada Learning Bound will be provided to beneficiaries whose adjusted family income meets the required income eligibility amount as mentioned by the officials. Please note that the required eligibility for income applies between 1st July 2023 to 30th June 2024. There might be changes in the required family income after 30th June 2024. We will update the changes on this page as soon as it is released officially. Below is the table showing detailed information on the adjusted Family Income Requirement:

Number of childrenAdjusted Income Level
1 to 3Less than or equal to $53,359
4Less than $60,205
5Less than $67,079

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Frequently Asked Questions

How much will a family with more than five children get under the Canada Learning Bond?
The officials have not mentioned the amount which families with more than 5 children will get under the CLB program. However, the officials have stated that these families should call 1 800 O‑Canada (1-800-622-6232) to get more guidance.

How to apply for the Canada Learning Bond?
Individuals who are interested and eligible will have to fill out a certain application form. The application form can be downloaded through this link. Fill out the same application form carefully, attach the printed copy of the necessary documents and submit the same to the concerned authority to get the benefits of CLB.

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