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Thanks, here are details.
Canada Learning Bond4 e8 J2 x+ \) l1 i8 G
The Federal Government, in the 2004 Budget, introduced the Canada Learning, `' @- B: A% `6 O, l; ^: J. G6 ?
Bond. The Bond is aimed at helping low-income families save for their children’s7 o7 Y6 ~0 y+ I- l: b$ u
post-secondary education pursuits. Beginning in 2004, each child born to lowincome/ m$ J" c! H q* d
families, those earning $35,000 or less and who are also entitled to receive
( A) O/ [1 H% x. Sthe National Child Benefit, will receive a $500 Canada Learning Bond.
" @ m7 @: L8 f8 W$ d4 zAssuming a child remains qualified for the Canada Learning Bond, the child will
/ D" O' ]7 G9 H- Hcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
: L y6 C. F; Cinstallments. The Federal Government projects that the Canada Learning Bond will
9 X, a. {7 J9 T$ y+ {3 H$ Fcarry a cost of up to $85 million this year and up to 120,000 children will benefit! A. G7 I" \- S
from the program2. The government says a child living in a low-income household
u! X: X: D+ P, i- lcould receive up to $2,000 for their education./ z, m( S2 b! L" u
Additionally, in terms of post-secondary education and low-income families, the
z, {9 t3 F- U; N$ Y0 Y. Ugovernment has introduced a new one-time grant of up to $3,000 for first-year
G8 \- N$ U" K$ n( H |students whose family income hovers around $35,000 or less a year.# {5 K% k3 K$ J6 ~( L2 }
Alberta Centennial Education Savings Plan Act
6 g! u6 S1 Y- y: d" ?During the 2004 Spring Sitting, the Alberta Government introduced and
5 d3 d" d( y! J2 M1 usubsequently passed the Alberta Centennial Education Savings Plan Act. The' B( z2 E- G% N3 Z
program created by the Act is available only to residents of Alberta who have$ E7 H0 a5 ^0 A+ X q) n; `/ h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first* e) Q0 q$ Y3 C* r* \
glance, seems quite simple in scope but it does have many intricate details that,
2 o( @* K+ E- H Lonce communicated, reveal a complicated program that relies on proactive parents1 U. M2 ?5 R7 |* K/ R( ?
to absorb the full benefit of the program.1 I% W/ g; c" O9 Z0 o$ m
Alberta residents, who have a baby born on January 1, 2005, or after, will be
5 D/ J6 x* V! |# i8 Feligible for a $500.00 grant toward the baby’s established RESP. The grant will' h+ [3 T+ X, h# @- t J
only be awarded if a RESP is established within the first year of the baby’s birth
, _) g; C; Y. {3 _(though Alberta Learning is looking to extend this deadline to two years or, albeit
0 V2 g* G) H- J3 n) v5 cunlikely, extending the deadline until the baby has reached their first year of; F3 y: J3 s+ o& G
schooling). Should a year elapse and the parents do not arrange an RESP account,0 E9 U7 o) Y2 F5 L7 H
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 g% G+ g' u( F- r. R/ ?# u$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of/ H( \7 R+ ^* O: u, }
those grants will require parents to provide matching dollars to qualify. These! T6 n- \" z2 a- G+ _
grants are awarded with the same limitations and restrictions as the initial $500.00
9 c; B: Y* ?0 c; X, E) ngrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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