Frequently Asked Questions

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Unlock Your Earning Potential!

Post-secondary graduates earn more than those who did not continue their studies past high school.

Post-secondary school graduates earn higher salaries. Adults with a bachelor’s degree earn an average of $1.2 million more during their careers than median for workers with a high school diploma.

Get hired

A college or university education makes it easier to get hired. Having a college certificate or diploma increases your chances of finding employment.
Education significantly increases a person’s likelihood of transitioning from unemployment to employment, relative to those who did not attend post-secondary school.

If you open an RESP but choose not to attend post-secondary education, you have options.

Wait

An RESP can be left open for up to 36 years. That means that you have time to decide if post-secondary education is right for you. Don’t forget that RESPs can support many post-secondary education programs including some trade and business schools, and apprenticeships. Leave your RESP open in case you decide to pursue post-secondary education a little bit later.

Close your RESP account

Closing your RESP account doesn’t have to be a headache! Just remember that while you can withdraw any contributions you’ve made over the years with no tax consequence, you must return CESG and CLB benefits to the Government of Canada. As for any investment growth, this portion will be taxed at your marginal tax rate, plus an additional 20%. How to close your Wealthsimple RESP. 

Empower someone else to use the RESP

If attending post-secondary school is not right for you, you can name another beneficiary (like a sibling,) to use the If available money for their education costs.

Note that there are some rules associated with changing an RESP beneficiary. To learn more, click here.

No. LearnSmart is a free program.

If you meet these criteria, you can apply for the CLB yourself:

• Born on or after January 1st, 2004
• Currently a resident of Canada
• Have a valid Social Insurance Number (Social Insurance Number)

• Qualify as low-income (less than $50,197/year) for at least 1 year in Canada between the age of 0-15 years old.
  • For a family with 4 children, low-income is less than $56,636.00
  • For a family with 5 children, low-income is less than $63,101.00

No. If you did not qualify as low-income for at least 1 year while a resident of Canada between the ages of 0-15, you cannot apply for the CLB.

CLB funds can be used for school related expenses, like tuition, rent, and textbooks.

• The CLB is a savings tool for a specific child or young adult.
• The CLB consists of 2 payments:
  • An initial payment of $500 for the first year the young adult is eligible; and
  • Subsequent CLB payments of $100 for each year that the young adult is eligible.
  • The CLB is payable up to and including the year in which the child turns 15.
  • The maximum lifetime CLB limit is $2,000.
  • The amount a CLB beneficiary receives is dependent on how many years the beneficiary meets the eligibility criteria.

• As of January 1, 2022 a person can apply to open their own RESP.
• This person is both the subscriber and beneficiary (they may apply for the CLB and may receive the funds themselves) and therefore applies for the CLB on their own behalf.

No, to apply as a beneficiary and recipient of the CLB, it must opened by those who are born in 2004 or later.

Yes, LearnSmart can assist you with opening an RESP for your child or young adult under the age of 15. Please click any of the partner portals below to open an RESP with Wealthsimple Foundation and apply for the CLB.

Table 1: Adjusted family income and eligibility for the CLB

For families with more than 5 children, call 1 800 O‑Canada (1-800-622-6232).

A valid SIN number is required to apply for the CLB. If you do not have one, you can apply for a SIN number below.

CLICK HERE TO APPLY FOR A SIN

If you apply online and everything is in order, your application will be processed within 5 business days from the date your application was received. If it has been more than 10 days since you applied online, and you have not received a letter by mail, please contact the SIN Program.

If your online or mailed-in application did not meet the requirements, you will get a letter containing guidance on what is required to obtain a SIN.

You can get further support here.

These LearnSmart Sign-Up Events are opportunities to open an RESP and apply for the CLB with support from LearnSmart partner agencies.

You may have heard about these sign-up events in a letter from Employment and Social Development Canada.

Learn more about Momentum here.

Learn more about the Wealthsimple Foundation here.

Your bank:

• Must help you to apply for the CLB should you inquire
• Does not need a letter from the Canada Revenue Agency to open an RESP or apply for the CLB
• Can’t charge you an application fee for opening the CLB because this cost is covered by the Government of Canada
• Will probably open an RESP at no cost. Most banks do not charge for this.
• Should know that people born on or after 2004 can retroactively apply to receive their CLB funds as an applicant and a beneficiary. If they don’t know, ask them to call the Canada Education Savings Plan hotline at 1-888-276-3624.
• Knows that you must apply for the CLB before you turn 21.

It typically takes up to 65 days for the Federal Government to deposit the money into the RESP account after the application has been submitted by the financial institution.

No, you will not be notified if your children are not eligible for the CLB. Families can also call the Canada Education Savings Program hotline at 1-888-276-3624 to inquire.