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Thanks, here are details.
Canada Learning Bond5 Q5 e$ x9 ]! |, R
The Federal Government, in the 2004 Budget, introduced the Canada Learning
. i' y) u; u! z% s' Q4 x+ EBond. The Bond is aimed at helping low-income families save for their children’s
. C C* ] ^$ ?( b0 c3 ypost-secondary education pursuits. Beginning in 2004, each child born to lowincome4 d% ^3 W3 V% r' e
families, those earning $35,000 or less and who are also entitled to receive6 ~4 K8 N% W, v; Y' X
the National Child Benefit, will receive a $500 Canada Learning Bond.
0 p' L8 R5 x8 w' j1 SAssuming a child remains qualified for the Canada Learning Bond, the child will8 n1 ?8 {8 H9 H
continue to receive $100.00 in each subsequent year in Canada Learning Bond
4 k& m+ D4 B8 f! j8 h+ M( B- Binstallments. The Federal Government projects that the Canada Learning Bond will$ y4 y0 J- t. h/ x D. o8 }
carry a cost of up to $85 million this year and up to 120,000 children will benefit
% t9 T- u0 W& a8 a, j" Ffrom the program2. The government says a child living in a low-income household* F, H+ A# ?( O8 d S* W9 c |
could receive up to $2,000 for their education.
" i1 {0 H, t6 _) V; IAdditionally, in terms of post-secondary education and low-income families, the3 t. o7 r! m% q D
government has introduced a new one-time grant of up to $3,000 for first-year7 ?7 _. ~) S2 ^: J) W, ]* y) C
students whose family income hovers around $35,000 or less a year.) t" j0 y) m7 D
Alberta Centennial Education Savings Plan Act
' c; ^3 l9 ~; \! E6 \ l/ H! cDuring the 2004 Spring Sitting, the Alberta Government introduced and- T4 e) A; P, u
subsequently passed the Alberta Centennial Education Savings Plan Act. The
8 N3 B1 ?9 z( V$ ^4 @program created by the Act is available only to residents of Alberta who have5 a3 [4 b, C0 }7 f- [
children born after January 1, 2005 (Alberta’s Centennial). The program, at first+ J. J0 j8 W1 q( y" U q& N, b
glance, seems quite simple in scope but it does have many intricate details that,
- `# K+ m. N( ionce communicated, reveal a complicated program that relies on proactive parents* n$ `- W' F& }8 N$ C
to absorb the full benefit of the program.
0 C" X$ d6 [! E9 QAlberta residents, who have a baby born on January 1, 2005, or after, will be$ s( `0 Y: Q6 ~. r/ r) C$ P2 A
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
; i2 r6 S1 p" h3 }" bonly be awarded if a RESP is established within the first year of the baby’s birth
: [) ?, M1 o% r; W6 d% V/ _(though Alberta Learning is looking to extend this deadline to two years or, albeit
4 S9 I, Z5 a$ ^9 }- Qunlikely, extending the deadline until the baby has reached their first year of
. l6 q+ p% ^/ w3 R v2 Q4 M5 i8 bschooling). Should a year elapse and the parents do not arrange an RESP account,
7 Q! H7 u0 m9 c( y- E9 j9 dfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent( ~+ S3 O+ M1 @9 e1 _5 |
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
3 @( X! d0 y$ ?% o/ @0 pthose grants will require parents to provide matching dollars to qualify. These& H' Z9 C$ R- o; M! i2 Q0 |3 ~8 Z
grants are awarded with the same limitations and restrictions as the initial $500.00
* c- q+ a+ h/ b2 x3 tgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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