Recently, the Government of Canada issued a reminder for eligible families not to forget to apply for the Canada Learning Bond (CLB), which can provide up to CAD 2,000.
The Federal Minister responsible for Employment and Workforce Development reiterated that some young people in Canada are now eligible to receive government grants.
This is a federal government initiative that increases grant funding for children from low-income families into Registered Education Savings Plans (RESPs). Through the Canada Learning Bond, the government provides financial assistance to students to help cover their educational expenses, contributing up to CAD 2,000 to the RESP without requiring contributions or repayments.
At the beginning of 2022, the Government of Canada updated the CLB so that students aged 18 to 20 can receive financial support. The Department of Employment and Social Development Canada issued a reminder on January 19 of this year that students who turn 18 in 2022 or older can apply.
It is reported that for eligible families, each child in the household can receive up to CAD 2,000. In the first year after the application is approved, the relevant account can receive CAD 500, and thereafter CAD 100 each year until the child turns 15, totaling up to CAD 2,000. More importantly, these benefits do not require complicated procedures; simply open a dedicated savings account after confirming eligibility!
So, who is eligible to receive this? The eligibility criteria for applying for the CLB are as follows:
l The child must be a resident of Canada, born on or after January 1, 2004;
l Must have a valid Social Insurance Number (SIN);
l Must be a beneficiary of the RESP;
l The child must come from a low-income family. Parents are eligible if the family's annual net income is below CAD 49,020. This benchmark figure varies each year and also differs based on the number of children.
So, how is the standard for low-income families defined? The standard for low-income families refers to the federal website; if a family has 1-3 children, the family's annual income cannot exceed CAD 49,020, and for a family of four, the income cannot exceed CAD 55,311. The more children there are, the higher the annual income standard will be, as detailed in the following image:
According to data from the Department of Employment and Social Development Canada, over 1 million eligible Canadians have yet to claim the funds available through the Canada Learning Bond.
As is well known, Canada, as a traditional immigration country, has always attracted numerous investors to immigrate and settle here due to its superior social welfare, high quality of life, strong social inclusiveness, and leading educational quality. Canada's welfare system is comprehensive, truly achieving "the elderly are cared for, the sick are treated, and the young are nurtured."
During the pandemic, Canada's welfare support for citizens and residents has never ceased, with substantial pandemic benefits providing various forms of support to Canadians, ensuring that they can navigate difficult times well. Every new immigrant, upon arrival, can enjoy Canadian social welfare while also being eligible for other welfare support based on conditions, making life in Canada both comfortable and secure.
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