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Thanks, here are details.
Canada Learning Bond
# }9 {. D" k$ ?% ?& b5 KThe Federal Government, in the 2004 Budget, introduced the Canada Learning# n/ P: ~ j2 B& B
Bond. The Bond is aimed at helping low-income families save for their children’s
; R9 G$ N+ _1 {9 }) x! tpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
8 C& W8 |' `6 K5 O# r# qfamilies, those earning $35,000 or less and who are also entitled to receive
, t( N6 {# Y2 x vthe National Child Benefit, will receive a $500 Canada Learning Bond.
- J5 r! `$ _+ S7 y$ a( nAssuming a child remains qualified for the Canada Learning Bond, the child will
" t( Y+ i0 B0 j- Pcontinue to receive $100.00 in each subsequent year in Canada Learning Bond- O. ^9 p0 w5 `( k2 k+ ^# E
installments. The Federal Government projects that the Canada Learning Bond will! j" p0 Y9 i4 e" L/ T9 j8 s
carry a cost of up to $85 million this year and up to 120,000 children will benefit3 w9 r* H2 g% R( a0 o' }2 s; M/ G
from the program2. The government says a child living in a low-income household/ H% l% t% M& q' V1 ?2 F
could receive up to $2,000 for their education.
. u0 n; U1 c7 O: }2 VAdditionally, in terms of post-secondary education and low-income families, the
; D5 T1 M' `. o1 ~government has introduced a new one-time grant of up to $3,000 for first-year
, L+ O0 D2 d# ]: W) F1 \students whose family income hovers around $35,000 or less a year.: p& N, v) q | P0 R" @1 f
Alberta Centennial Education Savings Plan Act- M. O9 f+ c( R; F! s; \
During the 2004 Spring Sitting, the Alberta Government introduced and# o# t7 W% {! u4 n. W+ G8 [5 r( L
subsequently passed the Alberta Centennial Education Savings Plan Act. The5 p6 r, \) F/ @
program created by the Act is available only to residents of Alberta who have
! U% j, E& H3 l* X, ]6 Ychildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ p4 o8 {4 k7 F" sglance, seems quite simple in scope but it does have many intricate details that,6 ^" A) a( |; w( }, d
once communicated, reveal a complicated program that relies on proactive parents
1 ?' x) K9 s3 e/ Z( v; T+ ]! Z) Bto absorb the full benefit of the program.
6 B1 r0 p) \1 ?& ?% NAlberta residents, who have a baby born on January 1, 2005, or after, will be% }4 G" x2 U: R
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
* o. K6 O% S; ?0 e' Q! J; Honly be awarded if a RESP is established within the first year of the baby’s birth3 w+ B4 y1 h7 _" b$ _& |
(though Alberta Learning is looking to extend this deadline to two years or, albeit
: [% R7 y5 t$ ?5 a! G7 f7 `& Funlikely, extending the deadline until the baby has reached their first year of
; O! \6 J. m7 ischooling). Should a year elapse and the parents do not arrange an RESP account,
' u2 M4 m7 k# J/ K+ w& _. }for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 b2 n6 _5 x# w$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
j! a1 [6 ?" N' T3 `those grants will require parents to provide matching dollars to qualify. These# Z% X& p0 U$ q0 I4 B# _
grants are awarded with the same limitations and restrictions as the initial $500.00
5 z' b9 n7 W. \ bgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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