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Thanks, here are details.
Canada Learning Bond1 `6 @, J8 k% Q* U
The Federal Government, in the 2004 Budget, introduced the Canada Learning2 e, r" i( x. m9 b5 M5 e
Bond. The Bond is aimed at helping low-income families save for their children’s
3 l6 E z9 ^ g0 a5 npost-secondary education pursuits. Beginning in 2004, each child born to lowincome3 k6 X# E# H; l p/ I
families, those earning $35,000 or less and who are also entitled to receive
9 l9 O" b; l5 i. Athe National Child Benefit, will receive a $500 Canada Learning Bond.: J$ {. D0 M7 _# u
Assuming a child remains qualified for the Canada Learning Bond, the child will0 ^$ _! i! c. `1 D! x
continue to receive $100.00 in each subsequent year in Canada Learning Bond
) w+ v( W9 x4 s7 v6 u5 Qinstallments. The Federal Government projects that the Canada Learning Bond will
1 f3 ? z1 u/ u% e4 o5 i$ qcarry a cost of up to $85 million this year and up to 120,000 children will benefit' i" ^1 F8 c! |" T4 E$ v) A
from the program2. The government says a child living in a low-income household+ p7 T% M) R; i( {
could receive up to $2,000 for their education.0 z/ m5 R8 X# X" J/ d0 g6 `
Additionally, in terms of post-secondary education and low-income families, the% n6 o3 ^& ?4 r
government has introduced a new one-time grant of up to $3,000 for first-year
2 `# u; }( z, ^* b/ mstudents whose family income hovers around $35,000 or less a year.
- X8 S. ?5 E2 x3 }# ~1 DAlberta Centennial Education Savings Plan Act
! S( H1 B! C& m \' C6 ?During the 2004 Spring Sitting, the Alberta Government introduced and
: p5 q @( D' {" d4 dsubsequently passed the Alberta Centennial Education Savings Plan Act. The
& c3 q4 X) X$ }9 e0 n% W7 @) fprogram created by the Act is available only to residents of Alberta who have
, j8 J" f0 f* r( j, J: hchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 `- E: u9 @/ P, Uglance, seems quite simple in scope but it does have many intricate details that, k" \/ N) {# x2 [6 I
once communicated, reveal a complicated program that relies on proactive parents) m4 E0 {8 a- I& v+ A' M
to absorb the full benefit of the program.9 g/ j2 _! w2 w! w
Alberta residents, who have a baby born on January 1, 2005, or after, will be
6 i9 h& j& O1 y8 n* weligible for a $500.00 grant toward the baby’s established RESP. The grant will( j+ Q4 z! g1 d# o
only be awarded if a RESP is established within the first year of the baby’s birth( x- Q& t8 U# q8 {/ S
(though Alberta Learning is looking to extend this deadline to two years or, albeit! B% p" }6 E& d
unlikely, extending the deadline until the baby has reached their first year of. V: \9 z- d7 ^% X7 ^
schooling). Should a year elapse and the parents do not arrange an RESP account,
2 E. r% @' A$ A: N( H! Zfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
+ \9 X, [" y/ f$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of1 P- r, a. O8 G \7 z
those grants will require parents to provide matching dollars to qualify. These
" z2 P, [( n+ @9 { P/ Qgrants are awarded with the same limitations and restrictions as the initial $500.00
3 Y* y2 p4 Y! G1 Y7 e8 P3 h& vgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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