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Thanks, here are details.
Canada Learning Bond
) n5 f& k8 u+ H! K. @3 K5 V8 {The Federal Government, in the 2004 Budget, introduced the Canada Learning
) ]8 y4 R. Y6 s* JBond. The Bond is aimed at helping low-income families save for their children’s+ B1 F% B+ c- f: [; Z! }# a
post-secondary education pursuits. Beginning in 2004, each child born to lowincome7 O6 F- q! x3 B" t( Y. x
families, those earning $35,000 or less and who are also entitled to receive# n( F' {- @: j. }
the National Child Benefit, will receive a $500 Canada Learning Bond.
& P7 J* j: H% g5 @& a3 c6 CAssuming a child remains qualified for the Canada Learning Bond, the child will
8 m, M2 ~ I r, |3 c! }" Wcontinue to receive $100.00 in each subsequent year in Canada Learning Bond5 `' V! g- K" p$ U$ U! c& T: U% l
installments. The Federal Government projects that the Canada Learning Bond will
. L4 J. ~4 {) p+ Q4 V3 ?carry a cost of up to $85 million this year and up to 120,000 children will benefit
& g2 a ~) _, f( I8 Rfrom the program2. The government says a child living in a low-income household- e/ G2 @ ?1 B5 U7 e& ?1 ]
could receive up to $2,000 for their education.
5 n$ [' a4 R4 c% ?- i1 xAdditionally, in terms of post-secondary education and low-income families, the
7 j# Q) n* |! ?5 D4 U. fgovernment has introduced a new one-time grant of up to $3,000 for first-year3 M( O2 M- U/ ~9 S: l; V
students whose family income hovers around $35,000 or less a year.
* V0 A; N1 Q- |9 NAlberta Centennial Education Savings Plan Act
- G; T: m# l! yDuring the 2004 Spring Sitting, the Alberta Government introduced and
) _; w: \. @' e- Qsubsequently passed the Alberta Centennial Education Savings Plan Act. The
; @! j" h9 O/ Z; G/ m4 |8 Hprogram created by the Act is available only to residents of Alberta who have
4 ?# `: j- k* t# X I& gchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
& m- ~' z6 e1 J+ H' B$ U5 b4 U" {glance, seems quite simple in scope but it does have many intricate details that,
. ?8 t5 E3 J. K9 b. V* V/ Q$ wonce communicated, reveal a complicated program that relies on proactive parents
: A. Z$ s+ H( Eto absorb the full benefit of the program.
9 I% G+ |* a4 p- ]: k+ t+ ^' IAlberta residents, who have a baby born on January 1, 2005, or after, will be3 a$ R% v( m) F' B$ T1 P
eligible for a $500.00 grant toward the baby’s established RESP. The grant will. ~8 k X: {/ r6 }% L- v! t0 S5 l" m' S
only be awarded if a RESP is established within the first year of the baby’s birth
+ ~+ ]! Z$ A! E8 [8 _$ z(though Alberta Learning is looking to extend this deadline to two years or, albeit+ i1 ?) N9 U3 z! v9 P' C
unlikely, extending the deadline until the baby has reached their first year of
$ ?- t" z7 s0 k) W; k, Yschooling). Should a year elapse and the parents do not arrange an RESP account,
- P( J2 {" C. H8 j+ Jfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent' i3 a' Q3 L$ v$ [; w/ e2 }* i
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of, _6 z5 w0 F5 g
those grants will require parents to provide matching dollars to qualify. These' \* J6 }0 h4 P& V+ v) ~0 k
grants are awarded with the same limitations and restrictions as the initial $500.00
1 V' a/ v: B$ a" p7 y9 egrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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