LearnSmart works to empower Canadian youth and young adults to open a Registered Education Savings Plan (RESP) and apply for the Canada Learning Bond (CLB). Open an RESP online in 10 minutes and access $500 up to $2000 of government funds to help pay for your post-secondary education.
A Registered Education Savings Plan (RESP) helps to save for future education after high school.
With an RESP, you could receive various government grants and Canada Learning Bond benefits. That’s extra funding for school that you’re entitled to that you can only access when you have an RESP account. If you start early, even if you start small, that money has a chance to compound and grow over time!
The Canada Learning Bond is a government benefit added to an RESP to help pay for your post-secondary education. A minimum of $500, up to $2000 per recipient. No contribution required! That means you don’t need to add any money into your RESP to receive your CLB payment!
Want to know more? Check out our answers to common questions:
Yes, there are two LearnSmart RESP Sign-Up Events.
Saturday September 9, 2023 from 1pm – 4pm
Centre for Newcomers
125, 565 – 36 Street NE
Calgary, AB T2A 6K3
Saturday September 16, 2023 from 11am – 2pm
South Asian Community Resource Fair
Gensis Centre – Comon Area
Thursday November 16, 2023 from 10am – 2pm
138 4 ave SE, #200
Calgary, T2G 4Z6
Phone: 403-263-4414 ext. 240
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.
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.
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.
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.
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:
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.
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
|Number of children||Adjusted income level|
|1 to 3||Less than or equal to $50,197|
|4||Less than $56,636|
|5||Less than $63,101|
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.
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.
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.
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.