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Thanks, here are details.
Canada Learning Bond' }- P9 L. ?0 s- z( j2 p0 w+ E9 `1 O
The Federal Government, in the 2004 Budget, introduced the Canada Learning
( T# w# n$ y( m: i+ [Bond. The Bond is aimed at helping low-income families save for their children’s+ Z( i* K. y) j5 V- b
post-secondary education pursuits. Beginning in 2004, each child born to lowincome- a f$ G2 S6 @, a( V& [
families, those earning $35,000 or less and who are also entitled to receive# _, |; H' e4 X5 L
the National Child Benefit, will receive a $500 Canada Learning Bond.
$ S) ^ a8 {) i7 ]" MAssuming a child remains qualified for the Canada Learning Bond, the child will1 g3 _( f K) G$ A4 `8 \/ t' Z4 [( c
continue to receive $100.00 in each subsequent year in Canada Learning Bond+ O. u7 K* [& J. G5 U: B
installments. The Federal Government projects that the Canada Learning Bond will
" K: o2 J$ L% L* a& Icarry a cost of up to $85 million this year and up to 120,000 children will benefit
$ X" G5 ^8 G9 G- Pfrom the program2. The government says a child living in a low-income household
% Z8 P9 C% }/ I/ fcould receive up to $2,000 for their education.6 V7 H5 Z" g7 ^$ ^
Additionally, in terms of post-secondary education and low-income families, the
; r+ m# Z' x8 T$ egovernment has introduced a new one-time grant of up to $3,000 for first-year3 P- E; a7 G/ J6 o4 j! T7 j" [
students whose family income hovers around $35,000 or less a year.( N1 D* U6 S L
Alberta Centennial Education Savings Plan Act7 y9 n9 l, C' J0 r
During the 2004 Spring Sitting, the Alberta Government introduced and
, t. m- e2 U, y5 k7 @) w. f0 I2 rsubsequently passed the Alberta Centennial Education Savings Plan Act. The
- ^7 D7 g; l2 f. c2 F" xprogram created by the Act is available only to residents of Alberta who have. z( i0 X1 n' t4 t% s* X, L& e$ c/ c6 B
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
2 V/ b% F+ k/ \9 m& ^" Uglance, seems quite simple in scope but it does have many intricate details that,0 y n0 Z1 s2 F$ I
once communicated, reveal a complicated program that relies on proactive parents/ d5 ]; B1 ^: Y; w/ W
to absorb the full benefit of the program.$ P+ V* `4 c3 t( f& t
Alberta residents, who have a baby born on January 1, 2005, or after, will be
" j1 q% Q2 m+ w! `- \+ Ueligible for a $500.00 grant toward the baby’s established RESP. The grant will5 h+ W2 o/ c7 @. y+ p
only be awarded if a RESP is established within the first year of the baby’s birth: i4 \7 q+ E# l- j& ~; S% B ]
(though Alberta Learning is looking to extend this deadline to two years or, albeit0 C0 N( R+ b* @+ @( I
unlikely, extending the deadline until the baby has reached their first year of3 j7 M, E, ?# {) V8 c
schooling). Should a year elapse and the parents do not arrange an RESP account,
4 v- j$ s) F \3 }0 dfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
s9 J! {" A# H$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
7 d7 ^: D8 h3 v. Z; ^, Ythose grants will require parents to provide matching dollars to qualify. These
* Q+ Q1 |& @% \grants are awarded with the same limitations and restrictions as the initial $500.00
1 h! V8 \) m1 e$ U* u k8 R) ugrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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