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Thanks, here are details.
Canada Learning Bond: I/ a3 d: I# C' Q1 ?/ o2 Q
The Federal Government, in the 2004 Budget, introduced the Canada Learning' @7 Y" S( h4 O, k4 r
Bond. The Bond is aimed at helping low-income families save for their children’s" d, Z- {0 P8 \" L
post-secondary education pursuits. Beginning in 2004, each child born to lowincome3 [: l, T6 _8 J8 [" Y& N+ b" N
families, those earning $35,000 or less and who are also entitled to receive' }6 m9 \' h; [6 w
the National Child Benefit, will receive a $500 Canada Learning Bond.
: j X5 m- V' @1 F" z4 O+ o7 j" ]- DAssuming a child remains qualified for the Canada Learning Bond, the child will! D R: q, A: W$ a+ x8 E4 ~6 C
continue to receive $100.00 in each subsequent year in Canada Learning Bond6 X! ?& x7 R! v5 i, l
installments. The Federal Government projects that the Canada Learning Bond will
: W- f. p7 w3 Lcarry a cost of up to $85 million this year and up to 120,000 children will benefit
+ h; l0 Z$ C/ X9 ]( M6 O( yfrom the program2. The government says a child living in a low-income household
) I" n- ]9 }) t Zcould receive up to $2,000 for their education.
$ U8 v# T# i4 l7 l7 CAdditionally, in terms of post-secondary education and low-income families, the
% @* c" W. l' j) }" bgovernment has introduced a new one-time grant of up to $3,000 for first-year9 Z0 I6 [$ v% W( s, D! ~8 y) l
students whose family income hovers around $35,000 or less a year.% F. f0 X9 d" e$ H
Alberta Centennial Education Savings Plan Act. N' [& S$ P; @0 t
During the 2004 Spring Sitting, the Alberta Government introduced and) ^; l% F W6 U! \: M T
subsequently passed the Alberta Centennial Education Savings Plan Act. The: y- n1 r7 b% r. a N6 R5 X
program created by the Act is available only to residents of Alberta who have
: K9 \ I( K( nchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
2 s' ~1 m! i# U2 iglance, seems quite simple in scope but it does have many intricate details that,4 p4 [" P$ Z$ Q5 i [
once communicated, reveal a complicated program that relies on proactive parents0 e1 }0 ?* y2 l9 E
to absorb the full benefit of the program.$ m. _3 K4 f/ @3 v9 ]
Alberta residents, who have a baby born on January 1, 2005, or after, will be
9 n0 h$ G+ u6 ~9 ~! Q" b: {eligible for a $500.00 grant toward the baby’s established RESP. The grant will* p4 r( F, h" H% J
only be awarded if a RESP is established within the first year of the baby’s birth
9 g* v5 b) R& `2 g, I+ h0 ](though Alberta Learning is looking to extend this deadline to two years or, albeit) }7 L% i' n& B9 j0 C3 l+ q
unlikely, extending the deadline until the baby has reached their first year of
3 B0 O2 V3 H* c/ Y0 R; t) ?& tschooling). Should a year elapse and the parents do not arrange an RESP account,$ m+ q" j2 | s: r7 x
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- X7 U$ C( Q7 Y7 _$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of. S: X& y7 o- E) J8 c
those grants will require parents to provide matching dollars to qualify. These; J9 G' `5 B P
grants are awarded with the same limitations and restrictions as the initial $500.000 E- {% n7 r& |( O: c2 }* X
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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