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Thanks, here are details.
Canada Learning Bond9 n% p5 T: w9 U& L$ b! i# [$ G
The Federal Government, in the 2004 Budget, introduced the Canada Learning
! u; x: ]* N6 s% N6 ~Bond. The Bond is aimed at helping low-income families save for their children’s: l& H( U) w. {3 r: |& D
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
, Z6 ~ p* c, E3 Q: j7 f4 g$ \families, those earning $35,000 or less and who are also entitled to receive
! `) J# T- W& ] p6 Mthe National Child Benefit, will receive a $500 Canada Learning Bond.
* Q" U5 u; j$ l* E- oAssuming a child remains qualified for the Canada Learning Bond, the child will
_: b) H& U$ ]/ Q3 a+ A) n7 i6 ncontinue to receive $100.00 in each subsequent year in Canada Learning Bond/ [+ o$ M" R: n: w% \/ ?
installments. The Federal Government projects that the Canada Learning Bond will0 ~" n: V8 }& W5 G5 J& B$ Y' q
carry a cost of up to $85 million this year and up to 120,000 children will benefit9 X7 D0 \9 b& i) x, c: u$ p: w( z
from the program2. The government says a child living in a low-income household p( R- f% }, I& b ^& n
could receive up to $2,000 for their education.
! U6 w( G5 R- i% ]! uAdditionally, in terms of post-secondary education and low-income families, the: V$ A" Y5 S- x4 j& ?
government has introduced a new one-time grant of up to $3,000 for first-year
! E1 Y1 O( f, N6 vstudents whose family income hovers around $35,000 or less a year.
& S* s6 L7 W' D: n% EAlberta Centennial Education Savings Plan Act: y& W7 |6 d4 k2 \( g Z
During the 2004 Spring Sitting, the Alberta Government introduced and
2 O4 D, h+ o& C9 |! X4 dsubsequently passed the Alberta Centennial Education Savings Plan Act. The4 s* z2 o5 r% |, l+ T7 m
program created by the Act is available only to residents of Alberta who have d$ @6 Q5 W# x# M- p
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
( I1 c0 h' w6 u, `4 U9 @glance, seems quite simple in scope but it does have many intricate details that,
$ w4 b. t( Q( X' Z& Sonce communicated, reveal a complicated program that relies on proactive parents3 e9 O5 }; c; P9 P
to absorb the full benefit of the program." Q( n6 z* F' V: X& R) K
Alberta residents, who have a baby born on January 1, 2005, or after, will be0 a3 l0 f9 j& p. p9 P: c* A" K
eligible for a $500.00 grant toward the baby’s established RESP. The grant will' i2 w+ f3 j5 y7 `, @
only be awarded if a RESP is established within the first year of the baby’s birth6 Y" }* `! [" R; ]8 P# B; S c; I6 |5 @
(though Alberta Learning is looking to extend this deadline to two years or, albeit) n2 h/ s2 R+ j ]- I; v
unlikely, extending the deadline until the baby has reached their first year of Q4 y4 A* h, h% I
schooling). Should a year elapse and the parents do not arrange an RESP account,
, g3 }4 Z4 N( Z [for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
6 S5 P- E' f' l3 X$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
1 s: F. E0 Y& F: `% r0 n; r# h2 W, Athose grants will require parents to provide matching dollars to qualify. These
. ?! m8 I" ^6 I( `3 Q$ Q+ o9 C* b! E4 l8 Hgrants are awarded with the same limitations and restrictions as the initial $500.00
+ h& i& g7 }6 u- N; ]- s2 w( rgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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