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Thanks, here are details.
Canada Learning Bond
& i7 J$ N4 b+ \9 gThe Federal Government, in the 2004 Budget, introduced the Canada Learning
8 D9 v$ p* k2 \2 P/ JBond. The Bond is aimed at helping low-income families save for their children’s
7 Y- h- c; @& l0 \2 {, m l5 Epost-secondary education pursuits. Beginning in 2004, each child born to lowincome8 b0 d+ ~" Y4 I0 R" d
families, those earning $35,000 or less and who are also entitled to receive# `+ @+ r) K* {2 H' }7 t8 S* r2 }
the National Child Benefit, will receive a $500 Canada Learning Bond.
: v! f6 a) v1 {* r8 U! u0 YAssuming a child remains qualified for the Canada Learning Bond, the child will1 U2 ^+ ~' V! ?7 W
continue to receive $100.00 in each subsequent year in Canada Learning Bond
" s, O: _" }9 cinstallments. The Federal Government projects that the Canada Learning Bond will' o$ c' o. M( Z1 s( K6 q
carry a cost of up to $85 million this year and up to 120,000 children will benefit
" j. S: w( J1 Yfrom the program2. The government says a child living in a low-income household4 Q1 y8 g" |* ]
could receive up to $2,000 for their education.
; M3 j4 }0 U" NAdditionally, in terms of post-secondary education and low-income families, the* u2 ^5 `8 n; s
government has introduced a new one-time grant of up to $3,000 for first-year
+ x& W! g: |7 h$ Q( Vstudents whose family income hovers around $35,000 or less a year.
( N9 m/ E V1 ~( P9 P2 O7 `Alberta Centennial Education Savings Plan Act
) d8 H5 a: }* _3 `1 J$ h$ }1 lDuring the 2004 Spring Sitting, the Alberta Government introduced and
4 F/ m2 g7 ]; lsubsequently passed the Alberta Centennial Education Savings Plan Act. The
7 U6 Z! X1 O2 [program created by the Act is available only to residents of Alberta who have9 E" L/ b8 G2 i8 P7 @8 x4 j
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ r @$ r4 b' ` ^glance, seems quite simple in scope but it does have many intricate details that,
' n) @% G7 I }0 i9 `9 monce communicated, reveal a complicated program that relies on proactive parents3 r: D0 ~' T2 G: l9 x# j
to absorb the full benefit of the program.
8 s- I6 }7 i/ A" r4 RAlberta residents, who have a baby born on January 1, 2005, or after, will be
' q3 v) v) a* meligible for a $500.00 grant toward the baby’s established RESP. The grant will4 ^, P3 v$ Y% j% @2 S
only be awarded if a RESP is established within the first year of the baby’s birth
; J8 w9 I |& d(though Alberta Learning is looking to extend this deadline to two years or, albeit
# r; l* N4 K( {unlikely, extending the deadline until the baby has reached their first year of
* M2 D7 G! d aschooling). Should a year elapse and the parents do not arrange an RESP account,
. e" Q' S. `) V5 w3 i J' i4 [for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 W2 j" }, W: ~" n$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of( P+ f% K \6 ^5 v6 t
those grants will require parents to provide matching dollars to qualify. These! @6 V6 P. C# c9 G
grants are awarded with the same limitations and restrictions as the initial $500.00
1 n' m( D, V5 U4 r) W1 [6 G, qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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