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Thanks, here are details.
Canada Learning Bond' n" o3 J+ P6 c4 d) X
The Federal Government, in the 2004 Budget, introduced the Canada Learning
. C( ]5 P p9 F6 `9 h: [% pBond. The Bond is aimed at helping low-income families save for their children’s2 O$ N% `# r. Z
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
0 |% {* f3 G6 C7 {families, those earning $35,000 or less and who are also entitled to receive7 b( v1 O0 b: g7 C3 ~& h
the National Child Benefit, will receive a $500 Canada Learning Bond.9 S$ ^ d; e: B; p& D6 J8 h$ C
Assuming a child remains qualified for the Canada Learning Bond, the child will9 a1 [1 N! J$ Q9 W1 G0 Z' j
continue to receive $100.00 in each subsequent year in Canada Learning Bond p8 U$ D; Y* K: ^
installments. The Federal Government projects that the Canada Learning Bond will. N' X+ X6 H, t6 {/ G* A
carry a cost of up to $85 million this year and up to 120,000 children will benefit
/ \9 I4 R; v+ R' h8 P2 T4 W' {from the program2. The government says a child living in a low-income household
" F% j! I+ w: l& n7 ]5 ?( bcould receive up to $2,000 for their education." J4 b# j7 ]1 H: |, B9 B3 H
Additionally, in terms of post-secondary education and low-income families, the
$ r" ]8 g6 z2 n& a3 a9 Sgovernment has introduced a new one-time grant of up to $3,000 for first-year
- O% H ]2 m! cstudents whose family income hovers around $35,000 or less a year.0 F9 n! ^8 }7 X5 h
Alberta Centennial Education Savings Plan Act+ |: {' ^' v8 d- o% E$ d
During the 2004 Spring Sitting, the Alberta Government introduced and# S$ Y0 b% ~0 k' D, N/ M* P
subsequently passed the Alberta Centennial Education Savings Plan Act. The
+ I+ g2 I9 g- Lprogram created by the Act is available only to residents of Alberta who have
6 B$ p( e5 @4 j9 b0 e( Qchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
2 F3 R/ r: U! x, |# dglance, seems quite simple in scope but it does have many intricate details that,8 F( Q! u7 \! d; l" u. J
once communicated, reveal a complicated program that relies on proactive parents) _( d2 g8 D3 u; o) V$ j: I& A* l. {
to absorb the full benefit of the program.% U0 {. y: I& z. E6 |
Alberta residents, who have a baby born on January 1, 2005, or after, will be
8 b7 \% t0 O. E( Peligible for a $500.00 grant toward the baby’s established RESP. The grant will
) J0 K2 h2 f5 ]- w3 r: h2 ~only be awarded if a RESP is established within the first year of the baby’s birth) f8 V1 G( Q% `, W: }1 `
(though Alberta Learning is looking to extend this deadline to two years or, albeit4 m3 E- R: B5 Z
unlikely, extending the deadline until the baby has reached their first year of
7 V* G$ F/ j6 i& K) [- C/ @8 r2 z# hschooling). Should a year elapse and the parents do not arrange an RESP account,
5 R b3 G/ |) _" T8 Xfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
; ]7 j. f& v7 A7 h$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
, U( A% F: U# H. B5 b8 y8 Mthose grants will require parents to provide matching dollars to qualify. These5 E6 Z) b+ T- S" v! n) j
grants are awarded with the same limitations and restrictions as the initial $500.00
3 [. Q' z+ P8 m, l X0 P, z3 pgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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