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Thanks, here are details.
Canada Learning Bond {4 Y+ N9 c1 E, W8 R
The Federal Government, in the 2004 Budget, introduced the Canada Learning* G( M* e2 z3 d6 ?& S7 D1 H
Bond. The Bond is aimed at helping low-income families save for their children’s
2 |* b( T- D3 Q( Cpost-secondary education pursuits. Beginning in 2004, each child born to lowincome0 Q1 B: d _- e4 G" X
families, those earning $35,000 or less and who are also entitled to receive
: c* U9 @# h! Ethe National Child Benefit, will receive a $500 Canada Learning Bond.
4 S( Z+ a8 z }" YAssuming a child remains qualified for the Canada Learning Bond, the child will* ^# i5 `' }; q2 F
continue to receive $100.00 in each subsequent year in Canada Learning Bond
. S9 T, j9 x) P/ i9 zinstallments. The Federal Government projects that the Canada Learning Bond will2 O+ D* R3 E# d' K3 E* G @+ g6 i* g
carry a cost of up to $85 million this year and up to 120,000 children will benefit
. \& I" B; J8 o* t2 ~8 Hfrom the program2. The government says a child living in a low-income household
9 t* [/ c" P# H0 x: t7 @7 n3 |could receive up to $2,000 for their education.
7 g: c- N, X' e! N X; qAdditionally, in terms of post-secondary education and low-income families, the+ m/ t+ F3 Q% x- p2 V
government has introduced a new one-time grant of up to $3,000 for first-year9 U2 Q2 m* ~0 L' j
students whose family income hovers around $35,000 or less a year.% K% U( \. O |. s
Alberta Centennial Education Savings Plan Act* ]6 A# m) \4 ^: L
During the 2004 Spring Sitting, the Alberta Government introduced and
( J' l" ]4 E. H: ?subsequently passed the Alberta Centennial Education Savings Plan Act. The
& G( T7 s5 B0 Y( W' f8 K) Hprogram created by the Act is available only to residents of Alberta who have
* m {7 a: V6 N1 D% bchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
; n: k' z; W/ M! b" u( kglance, seems quite simple in scope but it does have many intricate details that,' E+ M; J+ W; |
once communicated, reveal a complicated program that relies on proactive parents/ n0 B0 U/ c/ T/ V
to absorb the full benefit of the program.4 U0 u- W0 u$ W
Alberta residents, who have a baby born on January 1, 2005, or after, will be
, ]' N* o. W0 t3 g# O; g' zeligible for a $500.00 grant toward the baby’s established RESP. The grant will
5 _' Y5 f) R0 C; p }8 konly be awarded if a RESP is established within the first year of the baby’s birth
E. p$ B! ~, l(though Alberta Learning is looking to extend this deadline to two years or, albeit
9 Q# u! y( |) w! O. q% uunlikely, extending the deadline until the baby has reached their first year of. V; m7 [5 D. |+ j5 S! }
schooling). Should a year elapse and the parents do not arrange an RESP account,
- k5 ~. G) D+ @8 efor the baby, then the baby will not receive the $500.00 grant, period. Subsequent( V9 D' |, P0 K$ W
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; |0 R9 d5 Q' t% Y2 @5 t; v
those grants will require parents to provide matching dollars to qualify. These0 C) D" q2 K: \4 b: X# ]6 d
grants are awarded with the same limitations and restrictions as the initial $500.00
7 c( @8 d' f! i X: qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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