In today’s ever-changing labour market, post-secondary education has never been more important. Most jobs require some form of training, whether an apprenticeship, trade school, college, university, or CEGEP. That is why the Government of Canada is taking action to ensure young people have the financial supports they need to access higher learning opportunities so they can join the workforce.
Approximately 1.6 million eligible Canadians have yet to claim the Canada Learning Bond
March 10, 2022 Nanaimo, British Columbia Employment and Social Development Canada
In today’s ever-changing labour market, post-secondary education has never been more important. Most jobs require some form of training, whether an apprenticeship, trade school, college, university, or CEGEP. That is why the Government of Canada is taking action to ensure young people have the financial supports they need to access higher learning opportunities so they can join the workforce.
Today, Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, met with Dr. Deborah Saucier, President of Vancouver Island University (VIU), as well as some VIU students, to discuss the many ways in which the Government of Canada is supporting students in their post-secondary studies
As of January 1, 2022, eligible Individuals who were born in 2004 or later but who did not receive the CLB as children can apply for it themselves when they turn 18, until the day before they turn 21. Approximately two-thirds of children born in 2004 or later are eligible for at least $500 through the CLB, up to $2,000 per eligible child.
The CLB provides up to $2,000 in Registered Education Savings Plan (RESP), with no contribution required from the individual. Eligible Canadians can apply for the CLB with their financial service provider by opening an RESP and requesting the Bond. Those who already have an RESP are encouraged to check with their financial service provider to see if they may be eligible for the CLB.
The CLB is among a host of learning, job-creation, and skills development supports offered by the Government of Canada. Those supports are part of the Government of Canada’s ongoing effort to make it easier for young Canadians to access post-secondary education and training options that will lead to good, well-paying jobs.
“To build the workforce we need, and to give everyone a fair shot at participating in it, education has to be accessible and affordable to all Canadians. That is why the Government is committed to ensuring that all Canadians are aware of and able to access the financial support they are entitled to. The Canada Learning Bond is now available to more students than ever before, and I encourage all young Canadians to learn more about the Bond and find out whether they are eligible for up to $2,000 to pursue the education, the career, and the future they want.”
– Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough
In Nanaimo, British Columbia, there are approximately 5,000 Canadians who are eligible for the CLB, but have not yet claimed it.
The CLB can be used to help pay the costs of full- or part-time studies in various programs and schools, including apprenticeship programs, trade schools, colleges, universities, and CEGEPs.
Students may also qualify for grants and loans through the Canada Student Financial Assistance (CSFA) Program. Budget 2021 temporarily doubled Canada Student Grant amounts, allowing students to receive up to $6,000 per year until July 2023 – more if they have dependants or a disability. Over 580,000 students are expected to benefit from the doubling of Canada Student Grant amounts each year until 2023.
In addition, interest has been waived on Canada Student Loans and Canada Apprentice Loans from April 1, 2021, to March 31, 2023, to help students manage their debt during the economic recovery. This measure will provide interest relief to 1.4 million Canada Student Loan borrowers.
Jane Deeks
Director of Communications
Office of the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough
Jane.deeks@hrsdc-rhdcc.gc.ca
