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The CLB Grant 101

Written by: Kaleido

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RESP

November 19, 2018

What exactly is the CLB?

Canada Learning Bond or CLB is a grant offered by the federal government for low-income families who wish to save for their children’s post-secondary education.

To receive the CLB for their children, all parents need to do is open a registered education savings plan (RESP), an investment vehicle that truly pays off for all families.

Unfortunately, too few families know about the CLB and a lot of money is being left on the table for eligible children. In 2017, only 36.5% percent of eligible children across Canada received this grant (these numbers were 41.9% and 25.9% for Quebec and New Brunswick, respectively), simply due to lack of information.¹

Are you among the 64% of Canadians who aren’t pocketing money that’s theirs for the taking?

How much can I get from the CLB?

This grant can reach $2,000. The total amount to which a child is entitled is determined based on the adjusted net family income of his or her primary caregiver (more details further in the article).

An initial sum of $500 is deposited to the RESP at plan opening and an additional $100 is paid each year of eligibility until the child’s 15^th birthday.

Can I receive the CLB without having to invest in an RESP?

Absolutely! Kaleido offers eligible families the option to open an RESP solely to receive CLB amounts. There is no sales charge to open this plan and no obligation to invest a single penny.

Is my child eligible for the CLB?

The following conditions must be met to receive the CLB. Your child is eligible for the CLB if he or she:

is born after December 31, 2003
is a resident of Canada
has a valid Social Insurance Number (SIN)
is named in an RESP
is from a family who is financially eligible

If you don’t have your child's social insurance number (SIN) yet, simply apply to Service Canada.

If I receive the CLB, will I continue to receive my other government benefits?

Rest assured, the CLB (like all other education savings grants) has no impact on other benefits you receive from the Government of Canada.

What does it mean to be financially eligible for the CLB?

Since July 2017, eligibility for the CLB has been calculated based on the adjusted family net income of the child’s primary caregiver and the number of eligible children in a family. The primary caregiver refers to the person eligible for the Canada Child Benefit (CCB).

Families with three or fewer children could qualify for the CLB if their adjusted family net income is equal to or less than the lowest income tax bracket.

In the case of families with more than three children, a more complicated formula applies, but here is a straightforward table of the CLB eligibility criteria for 2023-2024:

Number of Children	Adjusted Net Family Income
1 to 3	Less than or equal to $53,359
4	Less than $60,205
5	Less than $67,079
6	Less than $73,953
7	Less than $80,827
8	Less than $87,701
9	Less than $94,574
10	Less than $101,448
11	Less than $108,322
12	Less than $115,196
13	Less than $122,070
14	Less than $128,944
15	Less than $135,818
16	Less than $142,692