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In Canada, students have the opportunity to receive financial aid from the government to pay for their post-secondary education. known as initiative Canada Learning Bond (CLB) and is intended for parents of children under the age of 18 and students between the ages of 18 and 20.
Through this initiative, The government deposits up to $2,000 into a Registered Education Savings Plan (RESP) for each eligible child.,
The CLB is a valuable resource for students, as it can help them cover the costs of post-secondary education including apprenticeships, CEGEPs, trade schools, colleges and universities. Whether you’re studying full-time or part-time, CLB can help you cover the cost of your training.
The federal government contributes $2,000 to the RESP for each eligible child. These contributions include $500 for their first year of eligibility and then an additional $100 each year until the child is 15 years old.
It is necessary to open RESP to get CLB, but it is not necessary to deposit money in the account, As such, the CLB is a unique opportunity for students in Canada who wish to reduce the cost of their post-secondary education. With this financial help, they can focus on their studies and make their future bright.
Who is eligible?
You may be eligible for CLB if:
- You were born on or after January 1, 2004,
- you were and are a resident of Canada, or,
- Your parent or former primary caregiver applied for CLB and had low adjusted income for at least one year before your 15th birthday.
The amount of money you can get from CLB will also depend on the number of children in your household before age 15 and your primary caregiver’s adjusted income.
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