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Thanks, here are details.
Canada Learning Bond. S9 J& n6 M% j# |: i- I' ^# y
The Federal Government, in the 2004 Budget, introduced the Canada Learning8 m( E2 o* _5 G" u/ B% _3 R
Bond. The Bond is aimed at helping low-income families save for their children’s
" C& |7 D/ {! u+ T! p1 Y) \5 Zpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
- `9 ?- Y) a$ |8 Q* hfamilies, those earning $35,000 or less and who are also entitled to receive( t7 e; y' p c' P4 k/ I
the National Child Benefit, will receive a $500 Canada Learning Bond.
# g' P [7 I0 n; a3 l( ZAssuming a child remains qualified for the Canada Learning Bond, the child will; j2 H5 o+ N n; P
continue to receive $100.00 in each subsequent year in Canada Learning Bond
3 x# c7 D% h3 ]0 F5 z& p$ y& b" C3 j2 @installments. The Federal Government projects that the Canada Learning Bond will. T8 q; Z; Y8 Y2 ^
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 v2 w. q0 [& m# ~8 z5 p* N8 A3 Ofrom the program2. The government says a child living in a low-income household; `; m$ x, H! Z' j) [
could receive up to $2,000 for their education.
' T' ] F8 t( W% C; J3 b4 vAdditionally, in terms of post-secondary education and low-income families, the
5 F$ ]5 ]' S! i- {; H7 p2 l' ~government has introduced a new one-time grant of up to $3,000 for first-year
6 m. t5 D" _3 |+ h, y7 cstudents whose family income hovers around $35,000 or less a year.
$ {4 B, ^" X: J+ |Alberta Centennial Education Savings Plan Act
+ j% Z, {2 e- x3 _During the 2004 Spring Sitting, the Alberta Government introduced and
A; V9 ]7 L2 S! U( {7 c4 X' w: Fsubsequently passed the Alberta Centennial Education Savings Plan Act. The2 Y4 c4 L1 |- K
program created by the Act is available only to residents of Alberta who have
8 t5 D" q, z0 x2 y$ x) X2 h, ^children born after January 1, 2005 (Alberta’s Centennial). The program, at first
* N9 c) E! O" P0 j) Aglance, seems quite simple in scope but it does have many intricate details that,
( _% B4 F& i$ s5 v5 v& nonce communicated, reveal a complicated program that relies on proactive parents
$ y& |& c+ U4 u2 l1 hto absorb the full benefit of the program.
& s* [* s& j9 tAlberta residents, who have a baby born on January 1, 2005, or after, will be% V; e: o7 [: w0 Q; J
eligible for a $500.00 grant toward the baby’s established RESP. The grant will* c# c6 h: ]0 W- e; L
only be awarded if a RESP is established within the first year of the baby’s birth
" j( {: R& K/ z |+ h(though Alberta Learning is looking to extend this deadline to two years or, albeit
: W" w( e8 S6 ? cunlikely, extending the deadline until the baby has reached their first year of
% D7 a% U0 I% r' T$ T3 {schooling). Should a year elapse and the parents do not arrange an RESP account,
6 D9 k# v4 x" Y# x$ I# Hfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent( j5 ], E" o, X+ `0 s2 `- m4 u
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
7 B4 ?& O$ r# ]* Z% B' athose grants will require parents to provide matching dollars to qualify. These
2 Y/ f2 V5 s1 t& U5 ngrants are awarded with the same limitations and restrictions as the initial $500.005 z0 P; P- H. A3 E. b
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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