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Thanks, here are details.
Canada Learning Bond
# `# L$ g' ], }( e7 e4 hThe Federal Government, in the 2004 Budget, introduced the Canada Learning8 w" G$ F% z6 y* R; W0 d: I
Bond. The Bond is aimed at helping low-income families save for their children’s
2 J9 D; o! B, [5 @5 ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome. l+ A' J. r' `/ L: T$ ]
families, those earning $35,000 or less and who are also entitled to receive
* s# J# @' D- t+ a* D; l: Y1 X& hthe National Child Benefit, will receive a $500 Canada Learning Bond.
1 H& c/ j( K5 ]/ h' b! AAssuming a child remains qualified for the Canada Learning Bond, the child will, [8 b. v) N1 q% A* y# U9 g$ w
continue to receive $100.00 in each subsequent year in Canada Learning Bond
4 y+ w5 b7 _5 J: {5 n/ winstallments. The Federal Government projects that the Canada Learning Bond will3 O% x9 ~, W# y2 h
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 o6 O7 b2 M% Q; r- Ofrom the program2. The government says a child living in a low-income household
) _% U, I. [+ D1 Y, E4 m* y% ]could receive up to $2,000 for their education.
/ t/ Q) {* J; QAdditionally, in terms of post-secondary education and low-income families, the
2 l" X. S& g3 ?; j; q" j4 K- Ugovernment has introduced a new one-time grant of up to $3,000 for first-year
& b1 f$ `- V1 \7 Zstudents whose family income hovers around $35,000 or less a year.& K! a9 p& j3 R$ f/ p* W
Alberta Centennial Education Savings Plan Act
. I7 ^4 y& I$ S7 xDuring the 2004 Spring Sitting, the Alberta Government introduced and
( H# L& F) y4 T- E/ _subsequently passed the Alberta Centennial Education Savings Plan Act. The
4 {! @, L6 @) {* Hprogram created by the Act is available only to residents of Alberta who have
I0 w8 ~* q% n% Echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 ^* S$ a5 T7 z0 E4 z0 @/ Bglance, seems quite simple in scope but it does have many intricate details that,) Y$ y6 }. t: m+ P j
once communicated, reveal a complicated program that relies on proactive parents/ D. C% Q' d& N! q! \4 M
to absorb the full benefit of the program.% u, n. S ]: \- A1 G! D% k' P
Alberta residents, who have a baby born on January 1, 2005, or after, will be
0 p5 n. y6 j) i* p6 J9 qeligible for a $500.00 grant toward the baby’s established RESP. The grant will: ]% j$ V F: O A" U7 m- N
only be awarded if a RESP is established within the first year of the baby’s birth
7 M$ i, W0 o$ t5 N( B- ]( y. ?" i/ j(though Alberta Learning is looking to extend this deadline to two years or, albeit
: c9 P) ^# [8 ~6 {) H$ {) x6 Wunlikely, extending the deadline until the baby has reached their first year of% J# l( B! ]3 ~
schooling). Should a year elapse and the parents do not arrange an RESP account,
9 T5 P$ `" _3 c4 a4 t0 \. Z1 Ifor the baby, then the baby will not receive the $500.00 grant, period. Subsequent, P5 Y8 J7 E$ g1 S2 L [8 P% N* O
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of3 `; e: i; J7 y4 \7 K6 W
those grants will require parents to provide matching dollars to qualify. These
% W7 x x! |" X: H6 ]! m* f; ?) vgrants are awarded with the same limitations and restrictions as the initial $500.006 T o# Z# v" K% @9 @1 z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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