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Thanks, here are details.
Canada Learning Bond9 K# o& l- r7 e6 L% k
The Federal Government, in the 2004 Budget, introduced the Canada Learning; N' S# d4 R r
Bond. The Bond is aimed at helping low-income families save for their children’s3 S* N0 B: W( Z& n
post-secondary education pursuits. Beginning in 2004, each child born to lowincome7 c8 q$ E) e$ y! W; z
families, those earning $35,000 or less and who are also entitled to receive2 G& c; F) \& f2 c/ m) {0 Z$ l
the National Child Benefit, will receive a $500 Canada Learning Bond.
( g- m. k* {6 O: c$ IAssuming a child remains qualified for the Canada Learning Bond, the child will9 K6 _4 G# S; F9 V- q
continue to receive $100.00 in each subsequent year in Canada Learning Bond0 h o+ G: V0 b) t1 }
installments. The Federal Government projects that the Canada Learning Bond will: b% r6 q& f6 l0 h3 W* l
carry a cost of up to $85 million this year and up to 120,000 children will benefit
! G6 K; w& G% s8 [' w) bfrom the program2. The government says a child living in a low-income household' @6 P1 K0 X3 v
could receive up to $2,000 for their education.
W' j6 _. R) U/ bAdditionally, in terms of post-secondary education and low-income families, the/ S6 J g5 I1 c, v& n
government has introduced a new one-time grant of up to $3,000 for first-year
: s) P: H) H( sstudents whose family income hovers around $35,000 or less a year.2 o- ^. _% a x# h. x2 k# y i
Alberta Centennial Education Savings Plan Act
6 y- D, R4 J% w- H3 _During the 2004 Spring Sitting, the Alberta Government introduced and/ Q$ o' I _* q! _7 \, T( `- _/ K
subsequently passed the Alberta Centennial Education Savings Plan Act. The0 e) g$ Y# C4 i; U
program created by the Act is available only to residents of Alberta who have
; ~. T) j. v. N9 h5 e0 _0 echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first9 n6 ]: e7 x+ i- @
glance, seems quite simple in scope but it does have many intricate details that,) t0 L B7 e8 H
once communicated, reveal a complicated program that relies on proactive parents
$ c$ N+ K7 @8 x+ L( X Lto absorb the full benefit of the program./ y! m, H# [: m% \2 v
Alberta residents, who have a baby born on January 1, 2005, or after, will be2 Y E" T" {5 F+ F; w2 U, t# P
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
6 Y& `/ Z, Q( E1 Gonly be awarded if a RESP is established within the first year of the baby’s birth" k3 x% y7 t6 m
(though Alberta Learning is looking to extend this deadline to two years or, albeit, [, [2 d8 m3 K( {
unlikely, extending the deadline until the baby has reached their first year of
* d; ?8 ~% _( @schooling). Should a year elapse and the parents do not arrange an RESP account,6 J% l: g% I/ f8 ^ K
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent& U; `- u) p' J4 G
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 `* R0 n6 Z1 o2 I* R; v8 fthose grants will require parents to provide matching dollars to qualify. These; v, _0 F, ~9 n) D( o
grants are awarded with the same limitations and restrictions as the initial $500.00 R% c! ?5 v- l
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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