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Thanks, here are details.
Canada Learning Bond7 \& [2 t& |7 h w; ?
The Federal Government, in the 2004 Budget, introduced the Canada Learning( Q2 Y" Y7 R8 o1 @; w
Bond. The Bond is aimed at helping low-income families save for their children’s4 n6 B/ G# Z( c% Q" ?, {
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
, I% H: |/ C# `8 t9 @7 ufamilies, those earning $35,000 or less and who are also entitled to receive
0 w2 _2 I. [7 @" V) ithe National Child Benefit, will receive a $500 Canada Learning Bond.& k6 Y+ e7 `: A. u' L$ L- C5 M
Assuming a child remains qualified for the Canada Learning Bond, the child will; O4 ^% z1 j9 Y( A" O
continue to receive $100.00 in each subsequent year in Canada Learning Bond
& }/ t) |0 M* R7 @/ G( Iinstallments. The Federal Government projects that the Canada Learning Bond will8 Q d6 B% {& `4 d+ y1 g% ?
carry a cost of up to $85 million this year and up to 120,000 children will benefit
# g5 W2 K3 K& |' b% {from the program2. The government says a child living in a low-income household# r4 Q! [- |5 c2 g& Q4 V/ q
could receive up to $2,000 for their education.8 V/ L$ e/ I: \' g! H* z' o
Additionally, in terms of post-secondary education and low-income families, the
: H/ g% s P& ~# R2 Ggovernment has introduced a new one-time grant of up to $3,000 for first-year
# [- c* y- q! F/ p, r$ l/ Tstudents whose family income hovers around $35,000 or less a year.2 ?& l9 E3 { i6 E1 L( u
Alberta Centennial Education Savings Plan Act0 b/ v- F* w6 j0 s( I% H$ U* u! n+ |
During the 2004 Spring Sitting, the Alberta Government introduced and
6 K6 v/ Y$ g& w rsubsequently passed the Alberta Centennial Education Savings Plan Act. The
0 E; `" n$ Z# a0 x1 a2 p+ A3 `- Uprogram created by the Act is available only to residents of Alberta who have9 s8 I/ d- @! N9 P3 k" E+ S
children born after January 1, 2005 (Alberta’s Centennial). The program, at first) j3 j) S/ F7 P& B a$ m% b
glance, seems quite simple in scope but it does have many intricate details that,! |& ?2 [! a+ v
once communicated, reveal a complicated program that relies on proactive parents& y% `. [) R7 c
to absorb the full benefit of the program.
6 F& a Z$ |# `2 z: I, @Alberta residents, who have a baby born on January 1, 2005, or after, will be: A& Q5 r, H8 W
eligible for a $500.00 grant toward the baby’s established RESP. The grant will' t- h3 d* E% A$ s) I1 p
only be awarded if a RESP is established within the first year of the baby’s birth, G0 N9 s2 K# j( P$ e5 [2 ]
(though Alberta Learning is looking to extend this deadline to two years or, albeit1 L" R$ a" g+ `5 m' [
unlikely, extending the deadline until the baby has reached their first year of4 K; {, Z4 L: O! a
schooling). Should a year elapse and the parents do not arrange an RESP account,6 m9 h) m9 i" L, U2 l/ j
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
& |, k7 e7 u% m$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
( I- |- s5 W4 f/ Wthose grants will require parents to provide matching dollars to qualify. These
" U% M' _4 u" d- }" z. dgrants are awarded with the same limitations and restrictions as the initial $500.007 H' j1 S }) l+ Q C; F- ]' ]- k
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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