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Thanks, here are details.
Canada Learning Bond5 {9 U% d: Q8 P8 v
The Federal Government, in the 2004 Budget, introduced the Canada Learning4 V g5 d% W- K7 j7 B) Z w
Bond. The Bond is aimed at helping low-income families save for their children’s
& u8 L5 b8 S4 G( j" h3 Z+ ]post-secondary education pursuits. Beginning in 2004, each child born to lowincome& Y3 v) R% U y, {1 q1 ^- T
families, those earning $35,000 or less and who are also entitled to receive/ V; r( ^7 U; e9 w
the National Child Benefit, will receive a $500 Canada Learning Bond.1 A- l) V. L/ y! u) a9 o
Assuming a child remains qualified for the Canada Learning Bond, the child will/ c/ V; ?+ S0 x; x8 e
continue to receive $100.00 in each subsequent year in Canada Learning Bond" H7 i) p& H3 g! w! Y7 q
installments. The Federal Government projects that the Canada Learning Bond will' h6 d8 C& x' L7 y7 B1 \. o5 ?
carry a cost of up to $85 million this year and up to 120,000 children will benefit
+ Q# Q$ {+ t9 s ifrom the program2. The government says a child living in a low-income household
8 A1 R4 f9 {$ `# ccould receive up to $2,000 for their education.3 e+ ^& ~' G" K: S2 P9 c, r3 P6 ~
Additionally, in terms of post-secondary education and low-income families, the
$ f; U# l' k3 m$ Rgovernment has introduced a new one-time grant of up to $3,000 for first-year
9 N9 {+ g( k) X/ B/ o8 A- dstudents whose family income hovers around $35,000 or less a year.8 i/ E9 I* F* c, h2 h9 r
Alberta Centennial Education Savings Plan Act
4 s* w/ i1 D. p$ U1 ODuring the 2004 Spring Sitting, the Alberta Government introduced and, m! \; k- c4 C6 T/ P
subsequently passed the Alberta Centennial Education Savings Plan Act. The+ [$ _, y2 \' m; Y1 X; s
program created by the Act is available only to residents of Alberta who have
3 a" A P9 r9 f4 o+ n4 f3 Pchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
& N, r, T, F" |: iglance, seems quite simple in scope but it does have many intricate details that,
- j+ ~; `$ ~7 b4 j3 l) w5 x* lonce communicated, reveal a complicated program that relies on proactive parents5 s6 @% M% y, `/ ?3 n, Z; f3 H
to absorb the full benefit of the program.
0 g! ~6 Q% z8 s1 f& H; uAlberta residents, who have a baby born on January 1, 2005, or after, will be
! W5 R+ d$ {' n) feligible for a $500.00 grant toward the baby’s established RESP. The grant will
' w h6 ^6 e$ m" l. Vonly be awarded if a RESP is established within the first year of the baby’s birth
8 A' N8 p- c6 e6 m. X- v(though Alberta Learning is looking to extend this deadline to two years or, albeit+ n `$ P' v8 l6 v0 x0 E
unlikely, extending the deadline until the baby has reached their first year of' v7 I( F3 B# a
schooling). Should a year elapse and the parents do not arrange an RESP account,4 Z0 M2 L2 C/ c# d y
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent9 g l# O0 b. v" ?" h
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of# _1 J% g& `# K9 f' G; h7 X; `4 a
those grants will require parents to provide matching dollars to qualify. These# d0 g4 H! g" ~# ?/ C# D; v
grants are awarded with the same limitations and restrictions as the initial $500.00: R# K1 @% N) s3 W- |, i+ D9 F
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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