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Thanks, here are details.
Canada Learning Bond
# e' y; H3 R- V/ N8 M8 ]The Federal Government, in the 2004 Budget, introduced the Canada Learning) V" K( o2 x8 d: F2 @3 q$ ^
Bond. The Bond is aimed at helping low-income families save for their children’s
$ A+ c6 z8 I4 \( _$ I* H1 @! @" Dpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
2 W1 l+ h! n, G' ^1 T5 Kfamilies, those earning $35,000 or less and who are also entitled to receive, {+ B% o# w# E" O X) M1 ]
the National Child Benefit, will receive a $500 Canada Learning Bond.0 i9 N6 t1 S" O5 W6 v2 v
Assuming a child remains qualified for the Canada Learning Bond, the child will$ ^. V2 D+ G: L: N# n6 ]. k) p, ]
continue to receive $100.00 in each subsequent year in Canada Learning Bond$ ~2 Z$ J$ C( m5 n6 w' [3 g2 b- F
installments. The Federal Government projects that the Canada Learning Bond will. O3 N5 ?) @ v& G' G
carry a cost of up to $85 million this year and up to 120,000 children will benefit" h# ]/ A( V8 a$ ?/ V# U% G
from the program2. The government says a child living in a low-income household4 W: R( j. T l
could receive up to $2,000 for their education.
! d5 _' w& v( m( eAdditionally, in terms of post-secondary education and low-income families, the7 M. M6 n; Z: a/ m- d7 J+ }, _
government has introduced a new one-time grant of up to $3,000 for first-year! e# k6 ?" o! d9 w
students whose family income hovers around $35,000 or less a year.* F8 v: a% R6 o+ A! H
Alberta Centennial Education Savings Plan Act
" G: U0 b% G) S; Q& w2 g7 l1 jDuring the 2004 Spring Sitting, the Alberta Government introduced and
7 _: ?! W4 h- B) M( E( W6 Ssubsequently passed the Alberta Centennial Education Savings Plan Act. The
: L8 U7 |, k3 kprogram created by the Act is available only to residents of Alberta who have) b3 I* q/ Z5 W3 w( E, r) E" y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first, ~: V$ w& ~" ]
glance, seems quite simple in scope but it does have many intricate details that,
6 J' y' j: I' X) j- {3 zonce communicated, reveal a complicated program that relies on proactive parents' W5 ~4 O& S8 y. ?8 M' c, A6 N1 z5 M" z {
to absorb the full benefit of the program.$ t9 q8 J i, A5 ]: U6 {
Alberta residents, who have a baby born on January 1, 2005, or after, will be
4 j& u; w( } K$ W- ^2 Feligible for a $500.00 grant toward the baby’s established RESP. The grant will
7 ?! x0 [+ g9 T6 I8 W. c8 T) Ronly be awarded if a RESP is established within the first year of the baby’s birth
0 |! f1 u3 e/ T E$ I5 L8 O7 X(though Alberta Learning is looking to extend this deadline to two years or, albeit
' \9 L/ O) b2 r- zunlikely, extending the deadline until the baby has reached their first year of
/ @2 A, Y8 U, O" e" wschooling). Should a year elapse and the parents do not arrange an RESP account,
- F _: w1 a! N( mfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
) q& a0 {3 T+ V$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
- x7 q4 q# O8 m7 K+ m8 P% C& [: ^those grants will require parents to provide matching dollars to qualify. These" }& f7 F5 N4 t8 w8 h4 S
grants are awarded with the same limitations and restrictions as the initial $500.005 E7 W- e" U4 Y" w, L; [ p9 s
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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