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Thanks, here are details.
Canada Learning Bond
$ |& B( p( t9 Y( G( ^. P1 nThe Federal Government, in the 2004 Budget, introduced the Canada Learning
" p; w5 ]: L0 l3 e: jBond. The Bond is aimed at helping low-income families save for their children’s
# {3 P- c! |' Bpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
& Z; l% r$ g$ @: C, Sfamilies, those earning $35,000 or less and who are also entitled to receive9 e' ~. {% u. y7 W/ d! W
the National Child Benefit, will receive a $500 Canada Learning Bond.
8 U# [6 c1 I" K/ ?/ G) GAssuming a child remains qualified for the Canada Learning Bond, the child will* i% W8 D; b9 \) F6 z' E7 A [
continue to receive $100.00 in each subsequent year in Canada Learning Bond
! ^9 M' o& e( e8 ~, c3 ` [2 |; @installments. The Federal Government projects that the Canada Learning Bond will
0 N B- A. o4 i$ l$ }carry a cost of up to $85 million this year and up to 120,000 children will benefit8 k+ q4 W) e, n. I
from the program2. The government says a child living in a low-income household9 M/ g# Y5 `7 q& L7 @3 y, r
could receive up to $2,000 for their education.
/ P& m# i+ h; B( Z1 ?4 pAdditionally, in terms of post-secondary education and low-income families, the$ p& }3 e* E1 Z7 q0 e1 ^
government has introduced a new one-time grant of up to $3,000 for first-year
9 ~" {( _8 [/ a* m/ u- k( Vstudents whose family income hovers around $35,000 or less a year.8 E: }% w/ V) ?- T% h# T2 Q( g
Alberta Centennial Education Savings Plan Act
$ f( a, B( u' m& j8 _1 sDuring the 2004 Spring Sitting, the Alberta Government introduced and) f8 H9 W. |) {& i [+ n
subsequently passed the Alberta Centennial Education Savings Plan Act. The, _3 I1 u- w7 C$ J5 ? S' E
program created by the Act is available only to residents of Alberta who have
7 G5 @9 {0 [1 U7 @" ~: |+ v7 mchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first" K, Q" I( g; h, y: M2 S
glance, seems quite simple in scope but it does have many intricate details that,
% A% f! y" P5 o0 F2 oonce communicated, reveal a complicated program that relies on proactive parents" ^! f' f( S9 t O
to absorb the full benefit of the program.+ K3 z% d; }3 ?. \0 u- l" v
Alberta residents, who have a baby born on January 1, 2005, or after, will be
/ B- A" A+ V% R4 w8 Peligible for a $500.00 grant toward the baby’s established RESP. The grant will
% U% Q$ W$ K1 U4 ?5 honly be awarded if a RESP is established within the first year of the baby’s birth
X* s; E+ b; d7 ?: S(though Alberta Learning is looking to extend this deadline to two years or, albeit- z$ h: j$ K8 Z. v: ~( |& Z
unlikely, extending the deadline until the baby has reached their first year of
# O: n6 `1 U. H* P" Bschooling). Should a year elapse and the parents do not arrange an RESP account,
2 H( s+ ^8 R, y3 M# `) M5 ]7 Bfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
* o+ C; N: J* k$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
3 D5 e8 {- X2 Othose grants will require parents to provide matching dollars to qualify. These
1 Y5 I7 b; j; j! w, ? ~grants are awarded with the same limitations and restrictions as the initial $500.00 p- m/ c p+ G/ ^" d" F( l
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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