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Thanks, here are details.
Canada Learning Bond. u* O$ ]: {% L
The Federal Government, in the 2004 Budget, introduced the Canada Learning
2 x# h' s' m" G" J- UBond. The Bond is aimed at helping low-income families save for their children’s
" ~: X' ~% w. G1 A- S8 c* Ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome. ^) Z) s% W5 D5 l+ n
families, those earning $35,000 or less and who are also entitled to receive7 W' x+ O- a6 s) t
the National Child Benefit, will receive a $500 Canada Learning Bond.
1 @6 _. T' v2 n" K6 s5 C2 d; KAssuming a child remains qualified for the Canada Learning Bond, the child will+ H0 F# G; s O1 m
continue to receive $100.00 in each subsequent year in Canada Learning Bond8 X0 _1 W! @" ?/ V; y
installments. The Federal Government projects that the Canada Learning Bond will
$ G8 q+ n* [5 J/ vcarry a cost of up to $85 million this year and up to 120,000 children will benefit; M9 o5 ^ }( `8 w+ g3 S2 K6 }
from the program2. The government says a child living in a low-income household/ M* l- O$ ~% f* @) `( C; X+ C
could receive up to $2,000 for their education.
- e3 F' i7 \- |) }Additionally, in terms of post-secondary education and low-income families, the( a+ Z% \0 Y/ |7 `. K) \
government has introduced a new one-time grant of up to $3,000 for first-year
# @& ?4 f* O* ]9 C5 A6 B tstudents whose family income hovers around $35,000 or less a year.
% k9 n E# `, Z Z7 v: O$ m. GAlberta Centennial Education Savings Plan Act/ {4 c/ z$ s. \3 |" `
During the 2004 Spring Sitting, the Alberta Government introduced and6 w. v' _0 K) n0 v
subsequently passed the Alberta Centennial Education Savings Plan Act. The
' @3 W' K+ b* ]7 l9 ~. cprogram created by the Act is available only to residents of Alberta who have
0 a2 `/ M# W* y/ F, ^: A5 m( m2 dchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first* s2 q7 p& y4 }+ J( ^
glance, seems quite simple in scope but it does have many intricate details that,
9 n; R. A& I$ ^) xonce communicated, reveal a complicated program that relies on proactive parents
8 M5 j- H, d# u3 E. tto absorb the full benefit of the program.$ \; A0 G; u, f* s6 T2 q' s
Alberta residents, who have a baby born on January 1, 2005, or after, will be8 A* R* B) t3 L$ L! N, O) y
eligible for a $500.00 grant toward the baby’s established RESP. The grant will, g+ W- P. Q. b3 ]3 B) C, y- b
only be awarded if a RESP is established within the first year of the baby’s birth3 n z- o2 l9 S& M) t8 m5 I4 ^
(though Alberta Learning is looking to extend this deadline to two years or, albeit
/ _4 B6 v! D! G3 ~9 A ~, `unlikely, extending the deadline until the baby has reached their first year of
5 u; ^7 |3 C' |/ x$ K% u; wschooling). Should a year elapse and the parents do not arrange an RESP account,
3 q: m- ?; \- d1 Jfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
% T- L6 [/ `. d/ R/ ]5 v$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of2 M8 M( O: M6 q7 @ Y e
those grants will require parents to provide matching dollars to qualify. These
1 Z' v6 A8 b% K! i' h4 y2 I sgrants are awarded with the same limitations and restrictions as the initial $500.00
r2 T4 a6 l* O' |" `8 [grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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