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Thanks, here are details.
Canada Learning Bond
; D' D, ~0 M& X6 E! FThe Federal Government, in the 2004 Budget, introduced the Canada Learning
3 Z& f6 `8 v. R) R5 o6 _Bond. The Bond is aimed at helping low-income families save for their children’s$ ~* V* {3 ]0 T N# f
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
. D5 a% ]6 v( Efamilies, those earning $35,000 or less and who are also entitled to receive
- _9 |% y) p% J. n& Wthe National Child Benefit, will receive a $500 Canada Learning Bond.
- Y% m( p' ?7 P5 wAssuming a child remains qualified for the Canada Learning Bond, the child will
3 I4 i& H# n5 Wcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
: c6 V2 l6 O$ M* P# dinstallments. The Federal Government projects that the Canada Learning Bond will# g1 U5 I) I; C) r8 w
carry a cost of up to $85 million this year and up to 120,000 children will benefit, Q$ V% K/ e) K+ j* N
from the program2. The government says a child living in a low-income household( {' w5 [( A) g+ T. a3 E" ]% S% y4 x8 b
could receive up to $2,000 for their education.' g, f+ Z r7 _( `2 `$ {( ^
Additionally, in terms of post-secondary education and low-income families, the
$ G+ k% h" ?2 F! x9 G4 Mgovernment has introduced a new one-time grant of up to $3,000 for first-year
/ C: y1 s4 @0 Y1 Rstudents whose family income hovers around $35,000 or less a year.
3 [5 u4 ^! k. v# JAlberta Centennial Education Savings Plan Act; U* B0 {, l$ [ D) q" i) a
During the 2004 Spring Sitting, the Alberta Government introduced and! G$ A, s$ p e$ w4 F: F; {
subsequently passed the Alberta Centennial Education Savings Plan Act. The
0 d: j- \5 g2 z1 [4 j9 Q0 ^program created by the Act is available only to residents of Alberta who have
0 }: ]: F* l" D) k& cchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first$ l- a8 z5 E; x
glance, seems quite simple in scope but it does have many intricate details that,( j0 T, `2 l! W+ Z" J1 ]
once communicated, reveal a complicated program that relies on proactive parents! q) U9 P5 o$ _) i
to absorb the full benefit of the program.
( a4 V) L) W# a- c. f0 i, C. a' x eAlberta residents, who have a baby born on January 1, 2005, or after, will be
L' t; L8 W: `4 Xeligible for a $500.00 grant toward the baby’s established RESP. The grant will
. U% u" h _" R; Q; L$ Gonly be awarded if a RESP is established within the first year of the baby’s birth# A, ]1 I! X/ o- k4 j' M; I
(though Alberta Learning is looking to extend this deadline to two years or, albeit
$ \$ _* R& Y5 ?/ Y# E$ tunlikely, extending the deadline until the baby has reached their first year of; W# A7 s) }/ i( r9 v- H
schooling). Should a year elapse and the parents do not arrange an RESP account,, q& h" c3 k5 m& u# g
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent2 F4 D9 H& N J0 G+ d
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of# `2 _$ B% C D5 Z& H2 [
those grants will require parents to provide matching dollars to qualify. These6 c3 M# f, y" }7 l
grants are awarded with the same limitations and restrictions as the initial $500.001 i1 O: _2 g9 U2 S
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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