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Thanks, here are details.
Canada Learning Bond7 \$ ~& l/ T! c
The Federal Government, in the 2004 Budget, introduced the Canada Learning6 I w. A- G9 N4 u+ |3 Z: H+ I
Bond. The Bond is aimed at helping low-income families save for their children’s! p4 _# P; k" @
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
8 h4 A6 O3 Y& u! [families, those earning $35,000 or less and who are also entitled to receive
$ \: c5 N' S- Q4 P. [: v rthe National Child Benefit, will receive a $500 Canada Learning Bond.
+ u y6 y9 d* C# \0 t" [( `0 RAssuming a child remains qualified for the Canada Learning Bond, the child will( I# C; {1 v+ Q& O" l6 n! ~
continue to receive $100.00 in each subsequent year in Canada Learning Bond* ^2 C* k( e5 G8 n
installments. The Federal Government projects that the Canada Learning Bond will$ [; B) V/ J+ \8 u
carry a cost of up to $85 million this year and up to 120,000 children will benefit- e) {% l: h. J1 F! `
from the program2. The government says a child living in a low-income household
$ l: _. u: b& u$ f [could receive up to $2,000 for their education.. f. e- X: ^5 j
Additionally, in terms of post-secondary education and low-income families, the
) Y9 r8 u7 [: f% u5 l/ Dgovernment has introduced a new one-time grant of up to $3,000 for first-year
% E0 B8 `0 j5 @- a* j4 ^& W: Nstudents whose family income hovers around $35,000 or less a year.
/ M& h: W: M6 KAlberta Centennial Education Savings Plan Act$ ~- r( D% F6 }7 y8 C: L
During the 2004 Spring Sitting, the Alberta Government introduced and7 u+ m" W0 m/ H1 D
subsequently passed the Alberta Centennial Education Savings Plan Act. The: O/ w! D! P8 _+ S
program created by the Act is available only to residents of Alberta who have" K" l; K5 T4 t2 M8 {% v
children born after January 1, 2005 (Alberta’s Centennial). The program, at first- V: C# V( Z9 F6 g
glance, seems quite simple in scope but it does have many intricate details that,
3 R8 r( ^, S% ], U& Yonce communicated, reveal a complicated program that relies on proactive parents# R% w9 u: z- C2 u; t' K0 M
to absorb the full benefit of the program.% S1 Q; }& _8 l, I. n ^
Alberta residents, who have a baby born on January 1, 2005, or after, will be/ S/ F- s; `9 m$ b( m
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
3 c+ J+ r/ `7 Y3 h) [$ Ponly be awarded if a RESP is established within the first year of the baby’s birth! o% D8 G( L4 g: m
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ Y- ]' F; x% T# m" ^4 x
unlikely, extending the deadline until the baby has reached their first year of. f6 S) A" h% T2 Z& c7 ^) {+ L+ j! C$ p
schooling). Should a year elapse and the parents do not arrange an RESP account,
" d) l* x3 w# }$ t3 H# O; jfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent. [' \2 U1 I \4 c7 `
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of$ Z1 _( d) b& n5 g, {
those grants will require parents to provide matching dollars to qualify. These0 B" K. C3 ]* h; _' Y2 m+ x. \
grants are awarded with the same limitations and restrictions as the initial $500.005 l; p/ ~! V% J) V2 N' z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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