Registered Education Savings Plans (RESPs) and the Canada Learning Bond

What is an RESP?

It is a savings account registered with the Government of Canada that earns interest tax-free AND has money from the government put into it for a child’s after high school education.

Why do I need it? Every child in a low-income family in Canada can get up to $2,000 from the government for their after-high school education.

This is called the Canada Learning Bond (CLB), which you need to open an RESP to get. There is no requirement for the person who opened the RESP to put their own money into the account to get the CLB.

Suppose you decide to put some of your money into the RESP to save the child’s future. In that case, the government will match some of your contributions with the Canada Education Savings Grant (CESG) and the Additional Canada Education Savings Grant (ACESG), meaning even more money from the government for the child’s education.

There are rare cases where Canadian citizens do not have a SIN. This could be because no one ever applied for it on your behalf after birth, or you haven’t used it in many years, and it has gone dormant.

In this case, you will need to follow the steps below.

Apply for a new SIN:

Step 1: Gather Documentation:

• Birth certificate and,

• Government-issued photo ID and,

• Proof of address which could be one of the following:–Utility bill–Bank statement–Employment contract–Lease agreement

• If the name has changed, provide a supporting document which could be one of the following:–Marriage certificate–Divorce certificate–Legal change of name certificate–Adoption order–Notarial certificate

☐Step 2: Apply. • In person at a Service Canada location

OR • Online at sin-nas.canada.ca and select your language

By mail. Download form online: catalogue.servicecanada.gc.ca – click on Forms Catalogue then scroll down and click on Social Insurance Number

OR • Call 1 (866) 274-6627 to have a form sent to you.

For more information, please click here: choose-resp-brochure-EN