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Thanks, here are details.
Canada Learning Bond
! e; P! i: n( x5 IThe Federal Government, in the 2004 Budget, introduced the Canada Learning
% z4 G, q0 z) h5 i) \- K& K; u- ?: ZBond. The Bond is aimed at helping low-income families save for their children’s; o/ D; D) t) X
post-secondary education pursuits. Beginning in 2004, each child born to lowincome2 E# I7 I: h7 q4 z
families, those earning $35,000 or less and who are also entitled to receive
, ?5 W) k+ S. ?the National Child Benefit, will receive a $500 Canada Learning Bond.
7 {: s/ L6 b& _8 p8 v; cAssuming a child remains qualified for the Canada Learning Bond, the child will5 T0 ~, `, K2 C! E9 _
continue to receive $100.00 in each subsequent year in Canada Learning Bond
7 ], J, c: }. }$ c" Winstallments. The Federal Government projects that the Canada Learning Bond will7 B# c! ^- M; f0 g1 p4 d- e# u
carry a cost of up to $85 million this year and up to 120,000 children will benefit
l' ?; e7 G* V9 r: Nfrom the program2. The government says a child living in a low-income household2 r6 e, O& b* b5 l1 y7 A
could receive up to $2,000 for their education.+ W3 N) Z5 v; r
Additionally, in terms of post-secondary education and low-income families, the" Q2 M" Y: u! g* q
government has introduced a new one-time grant of up to $3,000 for first-year
2 W7 }5 q/ k6 m) b3 e9 @7 Vstudents whose family income hovers around $35,000 or less a year./ w( H% G/ _0 A
Alberta Centennial Education Savings Plan Act3 X! P. ?. V2 m+ D: W P
During the 2004 Spring Sitting, the Alberta Government introduced and9 q/ t& m) d8 _% a) o
subsequently passed the Alberta Centennial Education Savings Plan Act. The
' A0 p5 m1 X2 R; v3 |program created by the Act is available only to residents of Alberta who have
8 u4 ] _8 `: \children born after January 1, 2005 (Alberta’s Centennial). The program, at first
+ i: m5 h- l B4 ?/ d' cglance, seems quite simple in scope but it does have many intricate details that,
+ N/ O$ k: L" yonce communicated, reveal a complicated program that relies on proactive parents' R/ @* U/ s! N# ?, _
to absorb the full benefit of the program.
8 s0 B- w6 t$ O; u: p- H7 V) ^3 I) CAlberta residents, who have a baby born on January 1, 2005, or after, will be
8 d' I* j$ \ ?eligible for a $500.00 grant toward the baby’s established RESP. The grant will5 s7 o% ^/ H9 d# F) ?% s
only be awarded if a RESP is established within the first year of the baby’s birth
& j: x5 `, P- ^1 |6 R+ w, |! J(though Alberta Learning is looking to extend this deadline to two years or, albeit7 c5 r0 A1 i& a; x/ V2 [
unlikely, extending the deadline until the baby has reached their first year of
# @6 N, N+ I" u' e# Z* Kschooling). Should a year elapse and the parents do not arrange an RESP account,& ?! h) @8 u! P8 p/ F$ g
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
2 x) n: ~% y- ~( l, M9 L2 I* Q# ~$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 A; j# H4 f" Hthose grants will require parents to provide matching dollars to qualify. These( |2 o9 }6 o% }" T1 U
grants are awarded with the same limitations and restrictions as the initial $500.00, T: I! p$ ^( q- K! d. @5 r7 ?
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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