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Thanks, here are details.
Canada Learning Bond
9 V+ X, `+ r2 }7 lThe Federal Government, in the 2004 Budget, introduced the Canada Learning# q: E; ?, m: k! W; h5 S& @: w7 h
Bond. The Bond is aimed at helping low-income families save for their children’s, b+ M0 x4 `# ~
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
$ A, I. J: c4 w5 a+ mfamilies, those earning $35,000 or less and who are also entitled to receive
% n; `1 Y" i& X, Y' c1 Vthe National Child Benefit, will receive a $500 Canada Learning Bond.
, }& E- K, t" f. WAssuming a child remains qualified for the Canada Learning Bond, the child will
$ p, m# l; j* kcontinue to receive $100.00 in each subsequent year in Canada Learning Bond" U1 O9 B: G- w
installments. The Federal Government projects that the Canada Learning Bond will
5 R, E2 I3 F0 `& M6 O y& F( _carry a cost of up to $85 million this year and up to 120,000 children will benefit
5 ~ T1 m+ @% vfrom the program2. The government says a child living in a low-income household
?# u/ c# A) k `; C- z0 z4 \- Rcould receive up to $2,000 for their education.: F6 \5 }) h$ x; V- y
Additionally, in terms of post-secondary education and low-income families, the( d4 g2 q" g' _0 K+ t: X1 z
government has introduced a new one-time grant of up to $3,000 for first-year6 X. x5 K+ s% C# \3 b
students whose family income hovers around $35,000 or less a year.5 r' R% m5 B8 ~; n7 H
Alberta Centennial Education Savings Plan Act
& Q: u- U/ w1 h2 p. ZDuring the 2004 Spring Sitting, the Alberta Government introduced and# ^, d. w6 O6 h9 M i
subsequently passed the Alberta Centennial Education Savings Plan Act. The6 i3 e! O J" O6 _7 @9 S/ n4 r
program created by the Act is available only to residents of Alberta who have
& | K* M( t2 Gchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
- z( _& Y% `& x: x) Kglance, seems quite simple in scope but it does have many intricate details that,& A) M; b! L! V# X
once communicated, reveal a complicated program that relies on proactive parents
* K& n$ e1 d' c6 f4 cto absorb the full benefit of the program.5 H, j( R( @/ O) o* V
Alberta residents, who have a baby born on January 1, 2005, or after, will be
0 u6 L9 ~. @7 K5 {eligible for a $500.00 grant toward the baby’s established RESP. The grant will; |8 R6 I, z- c3 m
only be awarded if a RESP is established within the first year of the baby’s birth# F& O$ F& \2 o7 T
(though Alberta Learning is looking to extend this deadline to two years or, albeit! a3 d, z9 B* r
unlikely, extending the deadline until the baby has reached their first year of
4 H D9 Q& Y! K% U$ b* L2 x2 Ischooling). Should a year elapse and the parents do not arrange an RESP account,
8 g! c2 v8 D# ]) p$ qfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent' {5 ~) B( k# N. F1 z6 z
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
- ?% p. L1 ]3 b: P, dthose grants will require parents to provide matching dollars to qualify. These
3 W' E6 ] m7 z7 dgrants are awarded with the same limitations and restrictions as the initial $500.00
, N3 U2 O. J+ R. Cgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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