RESP will be opened automatically in 2028
-Government of Canada will automatically open RESP for eligible children
April 23, 2025
Global Korean Post
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The Government of Canada offers parents different ways to make post-secondary education more affordable and attainable for their children.
For the past 20 years, the Canada Learning Bond has helped students from low-income families pursue post-secondary education by providing up to $2,000 in a Registered Education Savings Plan (RESP). No personal contributions to a RESP are required to receive the Bond.
Beginning in April 2028, the Government of Canada will automatically open a Registered Education Savings Plan (RESP) to receive the CLB for an eligible child children born in or after 2024 once they turn four years old if they have a valid SIN and do not already have their own RESP.
Parents and caregivers have started receiving letters from Employment and Social Development Canada providing information about automatic enrolment. More letters will go out later this year, informing them that the Government of Canada will open a RESP on their child’s behalf if they don’t already have one by the time they turn four years of age.
As a result of automatic enrolment, an additional 130,000 children will receive the Canada Learning Bond each year, beginning in 2028, to help pay for the cost of their studies after high school. The money can be used to help pay for an apprenticeship program, trade school, college or university. It can also be used to pay for expenses like rent, tuition, books, tools or transportation.
The Canada Learning Bond is retroactive. Eligible adults born in 2004 or later can receive the Bond until the day before they turn 21 by opening their own RESP. Starting in April 2028, the age limit to apply for the Bond will be extended from 20 to 30 years old to allow young adults to retroactively access the benefit for their post‑secondary education.
