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Thanks, here are details.
Canada Learning Bond5 x+ ~, p# J- Q6 ?/ C! r
The Federal Government, in the 2004 Budget, introduced the Canada Learning' V" j2 }: t" e5 W$ J: @; `+ [' S
Bond. The Bond is aimed at helping low-income families save for their children’s
2 u! E9 E! `$ M7 i: npost-secondary education pursuits. Beginning in 2004, each child born to lowincome
& M1 l! H( c) efamilies, those earning $35,000 or less and who are also entitled to receive( e1 {( Z5 @! d B6 E" K
the National Child Benefit, will receive a $500 Canada Learning Bond.
4 x- _& w$ ?: l6 d; w! U) o1 F7 IAssuming a child remains qualified for the Canada Learning Bond, the child will
/ X/ Z2 _! v6 B3 I! _continue to receive $100.00 in each subsequent year in Canada Learning Bond
/ m( t! f) [. q" [# Pinstallments. The Federal Government projects that the Canada Learning Bond will
6 g3 x9 M! Q. ~5 B5 J$ \carry a cost of up to $85 million this year and up to 120,000 children will benefit
9 I- V. Y- b" n( }0 K5 t7 Lfrom the program2. The government says a child living in a low-income household8 \# K) `3 c. P" M2 z
could receive up to $2,000 for their education.
4 Z+ G& \6 w, l! ~& \Additionally, in terms of post-secondary education and low-income families, the
. @' i! S3 q3 l1 D0 ngovernment has introduced a new one-time grant of up to $3,000 for first-year
& [7 ~+ \0 o0 y7 K/ u$ q: ustudents whose family income hovers around $35,000 or less a year.
* o y- W3 x1 {1 H5 s- ^0 C GAlberta Centennial Education Savings Plan Act" ^, w3 j0 q, e, }9 o5 p
During the 2004 Spring Sitting, the Alberta Government introduced and o" U7 J+ y W$ |: R
subsequently passed the Alberta Centennial Education Savings Plan Act. The
! q: @4 X% p" D' ]' a7 Gprogram created by the Act is available only to residents of Alberta who have* X `8 u3 d- l# J) W1 }! _
children born after January 1, 2005 (Alberta’s Centennial). The program, at first/ U/ c, ~, [' Z ^
glance, seems quite simple in scope but it does have many intricate details that,0 J4 e: C- B: o. X0 ^4 b
once communicated, reveal a complicated program that relies on proactive parents& F( I9 g# a9 Z4 }9 l/ b8 q) u
to absorb the full benefit of the program.2 ]0 |$ i# I: E% y
Alberta residents, who have a baby born on January 1, 2005, or after, will be; G% k8 x/ C3 n! J! Q
eligible for a $500.00 grant toward the baby’s established RESP. The grant will3 F* ^9 S2 ^/ m+ b7 T
only be awarded if a RESP is established within the first year of the baby’s birth
/ i, X, ^! f1 g' T, d9 u(though Alberta Learning is looking to extend this deadline to two years or, albeit" i8 Q5 q, D4 p
unlikely, extending the deadline until the baby has reached their first year of: B- d! @4 \6 R1 i
schooling). Should a year elapse and the parents do not arrange an RESP account,2 W, s, D! r0 E* i6 H* o
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
7 c* H* Z8 Y0 ^* Z7 \3 c$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of! b4 X5 F: g8 G- n5 E' L& \
those grants will require parents to provide matching dollars to qualify. These& |4 R9 }2 u: u( q& h
grants are awarded with the same limitations and restrictions as the initial $500.00
! O a# O! n6 G( g+ \8 T. ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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