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Thanks, here are details.
Canada Learning Bond0 e' N' v4 [& X" b' y) W
The Federal Government, in the 2004 Budget, introduced the Canada Learning" O0 Q2 S. ~* D0 k P
Bond. The Bond is aimed at helping low-income families save for their children’s
: y3 Z) W1 r7 P/ F0 {3 a% Bpost-secondary education pursuits. Beginning in 2004, each child born to lowincome$ @5 C& K) i7 T
families, those earning $35,000 or less and who are also entitled to receive. g+ J+ ?! E- R* ]& q
the National Child Benefit, will receive a $500 Canada Learning Bond.# @* E& j# n! Y3 _+ y% ~( X7 ^# V
Assuming a child remains qualified for the Canada Learning Bond, the child will2 `& |% U0 u& W; b: o
continue to receive $100.00 in each subsequent year in Canada Learning Bond
/ T% |0 r7 m Y" ]8 b/ q$ Ainstallments. The Federal Government projects that the Canada Learning Bond will& |/ i# t7 e$ [+ j5 ^. S; d
carry a cost of up to $85 million this year and up to 120,000 children will benefit
& b- i; d) e/ j7 E: n2 ofrom the program2. The government says a child living in a low-income household. Q1 Q3 f* ^4 ~0 o6 v$ H2 L
could receive up to $2,000 for their education.
' ^- E) |7 q: [Additionally, in terms of post-secondary education and low-income families, the
1 ~. C: m2 B2 z) S2 \government has introduced a new one-time grant of up to $3,000 for first-year
: a) N; t6 Y0 Hstudents whose family income hovers around $35,000 or less a year.& z* ]8 u) e9 g5 `0 E, x* Y @
Alberta Centennial Education Savings Plan Act7 h3 ]4 `3 [$ t- F; g) z
During the 2004 Spring Sitting, the Alberta Government introduced and
U7 w; `. [) b, usubsequently passed the Alberta Centennial Education Savings Plan Act. The
/ L! t6 z. \$ v4 @, {" w& Wprogram created by the Act is available only to residents of Alberta who have C5 Z" _) A& j$ f8 V; D2 s) U: v2 j
children born after January 1, 2005 (Alberta’s Centennial). The program, at first/ q7 u. l1 A/ K& S) F
glance, seems quite simple in scope but it does have many intricate details that,
- c$ \) r+ H* o3 ^once communicated, reveal a complicated program that relies on proactive parents/ q, E) u4 q$ T7 e
to absorb the full benefit of the program.3 S! C) p* T: z4 G+ H
Alberta residents, who have a baby born on January 1, 2005, or after, will be5 o( N0 |& E- V7 |
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
2 A, q- L: ^/ `2 f4 Yonly be awarded if a RESP is established within the first year of the baby’s birth
; h- X1 ^4 N- g4 ~2 B1 M(though Alberta Learning is looking to extend this deadline to two years or, albeit
- f9 D8 @4 G- V: F7 H% Punlikely, extending the deadline until the baby has reached their first year of7 r' t, t: G7 B1 h0 O" o5 O
schooling). Should a year elapse and the parents do not arrange an RESP account,9 ]( a. @% ^8 h
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 o6 _; F% g# f/ h w$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of( Z4 q/ y" w1 g3 q! ~% a3 |( g5 C% T
those grants will require parents to provide matching dollars to qualify. These+ z9 e+ W0 g% H* ?$ v
grants are awarded with the same limitations and restrictions as the initial $500.00" K* L3 g- }3 c
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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