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Thanks, here are details.
Canada Learning Bond2 q9 h, `' G, t
The Federal Government, in the 2004 Budget, introduced the Canada Learning0 z; e9 d. B7 N0 R
Bond. The Bond is aimed at helping low-income families save for their children’s2 e4 p; f5 ~; N/ I5 L
post-secondary education pursuits. Beginning in 2004, each child born to lowincome3 V) S j! `6 g; K
families, those earning $35,000 or less and who are also entitled to receive6 O3 ?. n+ ~+ N0 H- w& ~( q9 ?
the National Child Benefit, will receive a $500 Canada Learning Bond.8 q! b8 c' [& k/ y9 m' a
Assuming a child remains qualified for the Canada Learning Bond, the child will5 C. @8 u4 n/ e2 s; [8 x1 J9 z% c
continue to receive $100.00 in each subsequent year in Canada Learning Bond* R5 b3 c( F" E% }* f9 w
installments. The Federal Government projects that the Canada Learning Bond will1 @2 n+ ]+ j2 g" D# N
carry a cost of up to $85 million this year and up to 120,000 children will benefit
" }" _7 i1 U" a4 r& yfrom the program2. The government says a child living in a low-income household$ Z u/ G, c$ |; a( }
could receive up to $2,000 for their education.8 Q0 j9 A }0 U$ z
Additionally, in terms of post-secondary education and low-income families, the/ I1 f9 f$ a, Q. [: y# s2 x; u
government has introduced a new one-time grant of up to $3,000 for first-year# q! ]5 M' w8 z1 v
students whose family income hovers around $35,000 or less a year.
' e' `+ f" I& r2 o* L0 sAlberta Centennial Education Savings Plan Act
G& h! J+ c. j1 F6 m2 g8 M& iDuring the 2004 Spring Sitting, the Alberta Government introduced and$ ]1 {( m3 z/ k' K7 G' ^8 J U4 c
subsequently passed the Alberta Centennial Education Savings Plan Act. The' o X' p) m+ f3 c; C' ]) e
program created by the Act is available only to residents of Alberta who have
) p# ~0 u& Z! Q3 H: g8 \children born after January 1, 2005 (Alberta’s Centennial). The program, at first
! T& Z2 n9 U7 V) Zglance, seems quite simple in scope but it does have many intricate details that,0 }* G! W+ I- r2 B' Z3 ^
once communicated, reveal a complicated program that relies on proactive parents
8 V) p1 }& J) _$ L$ a i4 eto absorb the full benefit of the program.
: e- S b% ^9 W# |1 X, zAlberta residents, who have a baby born on January 1, 2005, or after, will be0 D q2 ]6 O( Q9 r
eligible for a $500.00 grant toward the baby’s established RESP. The grant will! M0 |# S, j1 w5 e
only be awarded if a RESP is established within the first year of the baby’s birth- B8 \( G7 y* p" U7 _6 h% P. o7 K
(though Alberta Learning is looking to extend this deadline to two years or, albeit4 P+ P, n0 b3 m+ l2 C. E$ c0 R1 T
unlikely, extending the deadline until the baby has reached their first year of
$ b) g+ ?$ R2 @schooling). Should a year elapse and the parents do not arrange an RESP account,
g' a) u! a6 P& I1 Y6 @' T) k3 Yfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent* V' m; q% m9 A/ b8 s% k
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
9 p- E) U1 X) s/ Q5 p5 I; W- ?those grants will require parents to provide matching dollars to qualify. These: X4 W2 @3 r- N4 E: i& _
grants are awarded with the same limitations and restrictions as the initial $500.00
; p$ T- {/ v! Z+ ]( M1 J" c* [* W0 lgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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