What is the CLB grant in the first year of an RESP?

What is the CLB grant in the first year of an RESP?

• A. $100
• B. $500
• C. $250
• D. $0

Answer: (B)

The Canada Learning Bond provides an initial grant of $500 in the first year of an RESP for families that qualify. This government bond is designed to help low-income families start saving for a child’s post-secondary education, and it doesn’t require the subscriber to contribute to receive this amount. If the family remains eligible in subsequent years, an additional $100 is added for each eligible year, up to a maximum of 15 years, for a total possible CLB of $2,000 per child. Therefore, the first-year CLB grant is $500.

The Canada Learning Bond provides an initial grant of $500 in the first year of an RESP for families that qualify. This government bond is designed to help low-income families start saving for a child’s post-secondary education, and it doesn’t require the subscriber to contribute to receive this amount. If the family remains eligible in subsequent years, an additional $100 is added for each eligible year, up to a maximum of 15 years, for a total possible CLB of $2,000 per child. Therefore, the first-year CLB grant is $500.