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Thanks, here are details.
Canada Learning Bond
; s3 Y0 v* ?1 D( s" t+ ?5 eThe Federal Government, in the 2004 Budget, introduced the Canada Learning, Q" s+ X. b/ T" c" {8 ^
Bond. The Bond is aimed at helping low-income families save for their children’s
9 F7 p2 q; @% C3 G8 R2 @, H% m, m) C7 Qpost-secondary education pursuits. Beginning in 2004, each child born to lowincome) \/ n2 {# m: A0 T5 r' X( d
families, those earning $35,000 or less and who are also entitled to receive
! i' P; f6 O' A- V# E B! {the National Child Benefit, will receive a $500 Canada Learning Bond., `* Z ^6 u! {) s% S
Assuming a child remains qualified for the Canada Learning Bond, the child will. k3 T) C- y& j9 {
continue to receive $100.00 in each subsequent year in Canada Learning Bond
6 a/ {9 T$ D* [! P* Xinstallments. The Federal Government projects that the Canada Learning Bond will
9 [9 d! J$ w* d' r4 Z4 \carry a cost of up to $85 million this year and up to 120,000 children will benefit9 e6 w- z( L3 [- l% K: k
from the program2. The government says a child living in a low-income household
* l8 I% @8 v* \# b. e! f8 `could receive up to $2,000 for their education.
" Z; H9 t( F9 B( O7 l6 \Additionally, in terms of post-secondary education and low-income families, the* [2 Z* k7 j y' \/ s1 l9 {
government has introduced a new one-time grant of up to $3,000 for first-year
8 Q. b8 v$ q) e1 d+ |8 W4 vstudents whose family income hovers around $35,000 or less a year.4 |6 P2 z# ?3 }" T
Alberta Centennial Education Savings Plan Act6 B" h: A6 u+ y6 C
During the 2004 Spring Sitting, the Alberta Government introduced and
8 S' X0 a* L! m; |subsequently passed the Alberta Centennial Education Savings Plan Act. The
) M: l$ o9 G; H; u! g7 d. f3 w! Tprogram created by the Act is available only to residents of Alberta who have ~) S: L: v8 p/ R3 s! `- L0 i
children born after January 1, 2005 (Alberta’s Centennial). The program, at first1 r) c1 _% a7 s+ R
glance, seems quite simple in scope but it does have many intricate details that,
% I3 X0 d2 Z. a! U- ]once communicated, reveal a complicated program that relies on proactive parents
+ v: C6 L) G2 W5 Dto absorb the full benefit of the program.
1 S n7 y# M$ x1 S9 |Alberta residents, who have a baby born on January 1, 2005, or after, will be
) }$ V$ E- g! X. C" t7 z! Ueligible for a $500.00 grant toward the baby’s established RESP. The grant will
& p/ R6 C9 ?* F* B; @2 h6 T( Monly be awarded if a RESP is established within the first year of the baby’s birth
9 a* G. f* I. u' M(though Alberta Learning is looking to extend this deadline to two years or, albeit
/ @2 U- t8 D! L& x: runlikely, extending the deadline until the baby has reached their first year of
- A- m o/ J' G5 D! [5 aschooling). Should a year elapse and the parents do not arrange an RESP account,1 b6 B! K& h1 h$ G- |
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- Q) }6 M3 r/ X- G; u$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
~; e3 _* R! o5 |6 M$ b3 Y, Z$ Hthose grants will require parents to provide matching dollars to qualify. These
! u* f" D8 J; Zgrants are awarded with the same limitations and restrictions as the initial $500.00& U" w) @# Z! r: D6 M. J$ m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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