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Thanks, here are details.
Canada Learning Bond
) a! ` q1 [. j Q7 E& d0 vThe Federal Government, in the 2004 Budget, introduced the Canada Learning
2 h1 ?% {4 a1 d6 y6 x5 v. GBond. The Bond is aimed at helping low-income families save for their children’s
' V) H1 m; k; b. b m. Upost-secondary education pursuits. Beginning in 2004, each child born to lowincome& h- G" v/ \6 T% S
families, those earning $35,000 or less and who are also entitled to receive
) P$ @/ F8 C( @; i" a5 y" t0 t5 Pthe National Child Benefit, will receive a $500 Canada Learning Bond.
: F% j: k7 F# L5 d* g5 lAssuming a child remains qualified for the Canada Learning Bond, the child will
' a0 }* @2 u9 Z9 Fcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
2 M/ F8 d" S7 K" z, P: x0 o- [installments. The Federal Government projects that the Canada Learning Bond will
) q0 E: E: ~8 L* p7 h# f0 L3 Kcarry a cost of up to $85 million this year and up to 120,000 children will benefit
' M4 S3 `+ z- J5 O* @3 kfrom the program2. The government says a child living in a low-income household2 n: o: @5 F/ S2 }& O0 Q
could receive up to $2,000 for their education.9 a/ ~( {% O! ?( p# o+ j
Additionally, in terms of post-secondary education and low-income families, the. v- N. N; f7 {& w# `
government has introduced a new one-time grant of up to $3,000 for first-year C/ h+ p. C/ l( I. ` H
students whose family income hovers around $35,000 or less a year.: K( M, s P# y }/ Q
Alberta Centennial Education Savings Plan Act
+ a* J- v0 x4 q; bDuring the 2004 Spring Sitting, the Alberta Government introduced and/ c- K% F7 ~1 \/ E1 K4 O+ }8 [
subsequently passed the Alberta Centennial Education Savings Plan Act. The
K5 M7 G7 T( s: f" D! ?' D! Vprogram created by the Act is available only to residents of Alberta who have
5 U& V, L8 H! m* n' a; P( wchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
4 G3 o5 c3 @" L( B$ o% h8 `4 J/ g$ aglance, seems quite simple in scope but it does have many intricate details that,
$ p9 }% u$ i: e& sonce communicated, reveal a complicated program that relies on proactive parents
. @' v! l+ `5 r+ @to absorb the full benefit of the program." z7 `+ _$ B7 C7 I1 D0 v6 p
Alberta residents, who have a baby born on January 1, 2005, or after, will be
% L7 g; H; D1 S. eeligible for a $500.00 grant toward the baby’s established RESP. The grant will" c3 d" G g6 G2 q
only be awarded if a RESP is established within the first year of the baby’s birth
- @# ?7 m3 N& c) l) m& K8 g(though Alberta Learning is looking to extend this deadline to two years or, albeit+ `0 E0 d# A$ M4 }, h' N
unlikely, extending the deadline until the baby has reached their first year of
4 G5 E8 G* n* v6 z% _5 S! bschooling). Should a year elapse and the parents do not arrange an RESP account,
# {; i8 d! |2 |8 A- xfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
) O2 d- I( g7 L0 z2 k. a# |$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
; ]/ Y/ Q7 m7 Sthose grants will require parents to provide matching dollars to qualify. These
* t4 C1 @ Q+ F" n# l1 l% H7 ~. f* P' Igrants are awarded with the same limitations and restrictions as the initial $500.00
& W1 q# D5 w" Kgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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