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Thanks, here are details.
Canada Learning Bond' h( k1 T7 ?; R3 \
The Federal Government, in the 2004 Budget, introduced the Canada Learning9 n% L1 i3 _" h/ @$ n: e8 o# G
Bond. The Bond is aimed at helping low-income families save for their children’s
2 `! R, t* j' s# K8 t* opost-secondary education pursuits. Beginning in 2004, each child born to lowincome" o1 W4 P0 c4 ^ p8 j
families, those earning $35,000 or less and who are also entitled to receive% n% [" X& C, D1 S4 v6 u; q6 g) t
the National Child Benefit, will receive a $500 Canada Learning Bond.$ W: T1 i: \& l3 O; b0 M$ @8 {
Assuming a child remains qualified for the Canada Learning Bond, the child will. Q& S* B. M! V' j! X3 |9 z) U! I4 c
continue to receive $100.00 in each subsequent year in Canada Learning Bond! R' A% }' q, A; y
installments. The Federal Government projects that the Canada Learning Bond will; b; S. l6 |: ^0 h0 Y5 Q5 A
carry a cost of up to $85 million this year and up to 120,000 children will benefit
/ |- T* g/ J8 X6 v' x/ w, vfrom the program2. The government says a child living in a low-income household. i) d; H* |- O. a
could receive up to $2,000 for their education. k! e5 }9 ]& ^; n
Additionally, in terms of post-secondary education and low-income families, the
' S% W, c+ g! \government has introduced a new one-time grant of up to $3,000 for first-year3 {; G" `8 g8 M! \4 C
students whose family income hovers around $35,000 or less a year.7 M/ _" M1 k, K- [
Alberta Centennial Education Savings Plan Act$ Q! D# ~7 V+ ~
During the 2004 Spring Sitting, the Alberta Government introduced and
|: J& R+ ~. d. [# p* F! a* ^* ssubsequently passed the Alberta Centennial Education Savings Plan Act. The* `) a+ N- E; z. \
program created by the Act is available only to residents of Alberta who have0 u' s/ \' x5 u
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
- w) _6 P( z: J, @, W( @glance, seems quite simple in scope but it does have many intricate details that,
* [& N ?4 q' J: sonce communicated, reveal a complicated program that relies on proactive parents: ^$ M2 p% H) U6 v3 _
to absorb the full benefit of the program.; A9 o( H$ G9 F( H
Alberta residents, who have a baby born on January 1, 2005, or after, will be
/ \1 T3 s& p7 ~, k5 U" deligible for a $500.00 grant toward the baby’s established RESP. The grant will% ~8 M5 C, \6 [) }
only be awarded if a RESP is established within the first year of the baby’s birth1 Z. \% T/ V. q4 q) O. p9 g( @
(though Alberta Learning is looking to extend this deadline to two years or, albeit) @5 o/ G0 W( H# v8 f: a
unlikely, extending the deadline until the baby has reached their first year of1 T" m; ^& h {& P6 C
schooling). Should a year elapse and the parents do not arrange an RESP account,0 O( C8 \, g$ s
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent1 ~, i ^/ ?- s+ `( F7 O
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of0 a# i3 F1 u, r
those grants will require parents to provide matching dollars to qualify. These$ y3 N. u0 H- K& C* q
grants are awarded with the same limitations and restrictions as the initial $500.00: {3 J5 r: ~: h; Z3 g2 C% m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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