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Thanks, here are details.
Canada Learning Bond+ Z" r# ?- y+ x$ O# L ]3 H
The Federal Government, in the 2004 Budget, introduced the Canada Learning
3 [* X: S% R6 U9 n' B( QBond. The Bond is aimed at helping low-income families save for their children’s
- w0 B. ]' {, ?$ T. a# l/ `post-secondary education pursuits. Beginning in 2004, each child born to lowincome
]( T9 d5 ]9 z) ]- Efamilies, those earning $35,000 or less and who are also entitled to receive. R3 ~1 D$ }2 W4 o" Z
the National Child Benefit, will receive a $500 Canada Learning Bond.. _. z% m, [% [6 p+ n
Assuming a child remains qualified for the Canada Learning Bond, the child will
' c* ]& r5 o" A" h+ `2 o( V" v2 icontinue to receive $100.00 in each subsequent year in Canada Learning Bond/ M4 s6 c4 x. `/ [/ G1 B
installments. The Federal Government projects that the Canada Learning Bond will
- ?9 n: ~) r0 D. Vcarry a cost of up to $85 million this year and up to 120,000 children will benefit
( I' E% G- f& v6 Q$ r1 Q! j4 ffrom the program2. The government says a child living in a low-income household* \% h/ ~2 v# @3 K0 T5 W9 `
could receive up to $2,000 for their education., u W2 m4 `# t2 p# B& |. y1 ^8 U
Additionally, in terms of post-secondary education and low-income families, the
; V; a& X1 g2 B; ggovernment has introduced a new one-time grant of up to $3,000 for first-year
) R' k6 |7 {- x4 z# `students whose family income hovers around $35,000 or less a year.$ J1 r) J( r; p% I
Alberta Centennial Education Savings Plan Act
4 ~) v" F' ]1 `7 V% s, @During the 2004 Spring Sitting, the Alberta Government introduced and" g2 A( Q5 x/ C9 g6 t
subsequently passed the Alberta Centennial Education Savings Plan Act. The
" u2 J, Q( d! Y$ F; ?" r$ u, eprogram created by the Act is available only to residents of Alberta who have
0 x; x9 ]% u2 n4 Fchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
8 ^; ~. B) }0 }6 B3 w0 [2 @3 m" [glance, seems quite simple in scope but it does have many intricate details that,
3 m/ ]* R, W6 G3 v+ T& Tonce communicated, reveal a complicated program that relies on proactive parents0 I6 B2 i; q8 N) y. L
to absorb the full benefit of the program.
]( u% T/ @/ ^# j2 r8 vAlberta residents, who have a baby born on January 1, 2005, or after, will be
5 Q# ]5 b2 L7 S5 \. jeligible for a $500.00 grant toward the baby’s established RESP. The grant will
t7 }5 v2 ]- U7 Y7 Vonly be awarded if a RESP is established within the first year of the baby’s birth5 C5 d# a9 }" c- ]* E) _ C* D' s7 E
(though Alberta Learning is looking to extend this deadline to two years or, albeit
0 ^& d. a$ ~# runlikely, extending the deadline until the baby has reached their first year of6 @9 X& c( |' ]( ]( w3 ^( x
schooling). Should a year elapse and the parents do not arrange an RESP account,7 b1 x o9 A* o* k
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
* C) y% `2 g0 g9 p; r; V' h4 X0 }. C; o$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; r. C' a$ x0 |. D0 O
those grants will require parents to provide matching dollars to qualify. These0 O$ S7 M5 J+ Z8 z
grants are awarded with the same limitations and restrictions as the initial $500.00: @& C& I2 _; V$ i" R( d- k
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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