How this calculator works
Enter the year the child was born, the amount contributed to an RESP each year and whether the child is eligible for the Canada Learning Bond. The bond pays $500 in the first year of eligibility and $100 in each later year until the child turns 15, to a maximum of $2,000. It is available only to children born in 2004 or later from a low-income family, and it does not depend on RESP contributions; the child needs an RESP for the money to be deposited. The page counts the years from the birth year to 2026 to show how much has been paid and how much remains. The grant comparison applies the basic Canada Education Savings Grant of 20% to the annual contribution, capped at $500 a year and $7,200 over the child's life, for the years from birth to age 17 and no later than 2026. Out of scope: the income test that decides bond eligibility, which is why it is an input; the additional grant of 10% or 20% for lower-income families; the $25 paid into the RESP when the first bond is deposited; catch-up contributions; and investment growth. The page assumes contributions are made every year from birth.
Formula
Bond entitlement = $500 + $100 x 15, or $2,000, for an eligible child born in 2004 or later. Bond paid by 2026 = $500 + $100 x (years from birth to the earlier of age 15 and 2026). Grant = min($7,200, min($500, 20% x annual contribution) x years from birth to the earlier of age 17 and 2026).
Worked example
A child born in 2020 who is eligible has a $2,000 bond entitlement. By 2026 the child has seven payment years, from 2020 to 2026, so $500 + 6 x $100, or $1,100, has been paid and $900 remains. Contributing $2,500 a year earns the full $500 grant each year, so the grant to 2026 is seven years x $500, or $3,500, and the bond and grant together come to $4,600.
Frequently asked questions
Do RESP contributions affect the Canada Learning Bond?
No. The bond depends on family income and the child's age, not on how much is contributed. An RESP must be opened for the money to be paid into, but a contribution is not required.
Who is eligible for the bond?
A child born in 2004 or later whose family adjusted net income is at or below the threshold that applies to the number of children. This page asks you to state eligibility rather than estimate the income test.
How does the grant compare with the bond?
The basic grant is 20% of contributions, up to $500 a year and $7,200 in total. Unlike the bond, it is paid only when money is contributed, so a family that contributes $2,500 a year receives the maximum annual grant.
When does the bond stop?
The last $100 payment is for the year the child turns 15. A child who becomes eligible later can receive the $500 and the $100 payments for the remaining years up to age 15, to the same $2,000 maximum.