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Thanks, here are details.
Canada Learning Bond7 x# p" F/ r9 D+ `. }
The Federal Government, in the 2004 Budget, introduced the Canada Learning$ S" T* z2 M( S* X V1 h: N" y4 a
Bond. The Bond is aimed at helping low-income families save for their children’s
9 g, U% C& D3 L+ [& m/ f) w: Lpost-secondary education pursuits. Beginning in 2004, each child born to lowincome: Z3 L7 C4 }6 h
families, those earning $35,000 or less and who are also entitled to receive
% |2 M9 N) V6 q- Mthe National Child Benefit, will receive a $500 Canada Learning Bond.
4 e( @& X' v2 mAssuming a child remains qualified for the Canada Learning Bond, the child will
3 F1 M0 `! X2 Z8 Dcontinue to receive $100.00 in each subsequent year in Canada Learning Bond9 _- e# P1 k& H
installments. The Federal Government projects that the Canada Learning Bond will
) M, S2 c6 I' |% D# M. e6 R% Hcarry a cost of up to $85 million this year and up to 120,000 children will benefit8 J# X7 n2 w& P- o5 D/ m
from the program2. The government says a child living in a low-income household
) _0 r, q3 _) n8 I2 Mcould receive up to $2,000 for their education.
, ?6 `) `) h1 j3 PAdditionally, in terms of post-secondary education and low-income families, the
& s' [+ L3 j- E& q* d/ a& igovernment has introduced a new one-time grant of up to $3,000 for first-year+ w1 L' T9 W# P C. a5 j& i1 a
students whose family income hovers around $35,000 or less a year.
- w* E) n8 g( m# K2 | j' R4 hAlberta Centennial Education Savings Plan Act
! p: C, h' j7 t9 F0 [/ L( W! E( cDuring the 2004 Spring Sitting, the Alberta Government introduced and
; h. d& G9 h+ l/ k- s4 u: d, f( {subsequently passed the Alberta Centennial Education Savings Plan Act. The
7 q, r" y: D+ H' I, x9 zprogram created by the Act is available only to residents of Alberta who have/ _- d+ m0 U# ?$ z7 a: H# m
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
& \8 d$ e8 O3 S6 \glance, seems quite simple in scope but it does have many intricate details that,
* T# h$ D. k4 L+ Konce communicated, reveal a complicated program that relies on proactive parents
! ?7 }4 \; S8 h( B0 c, L, q% \to absorb the full benefit of the program.# I" ]" e6 p; ^# F8 t
Alberta residents, who have a baby born on January 1, 2005, or after, will be7 k: U8 t9 z- a9 v e
eligible for a $500.00 grant toward the baby’s established RESP. The grant will: I/ }' M% b$ a
only be awarded if a RESP is established within the first year of the baby’s birth
/ P' d3 [7 t2 R [(though Alberta Learning is looking to extend this deadline to two years or, albeit' @3 T( e# V; w* ]! G
unlikely, extending the deadline until the baby has reached their first year of
2 I* j$ \' u, C; T( Pschooling). Should a year elapse and the parents do not arrange an RESP account,* C; I* Q+ Z( ?# r1 f
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent& D; Z- H1 k( r
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
- D% N" ?& e; b/ qthose grants will require parents to provide matching dollars to qualify. These
+ H9 x! t6 d2 ?( qgrants are awarded with the same limitations and restrictions as the initial $500.00
& k' f2 l2 V, m9 l% e3 mgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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