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Thanks, here are details.
Canada Learning Bond2 r" C+ N& S m
The Federal Government, in the 2004 Budget, introduced the Canada Learning) e, W! ~7 ]' q: ~
Bond. The Bond is aimed at helping low-income families save for their children’s* ~7 r: Y" j# J' A: y" D
post-secondary education pursuits. Beginning in 2004, each child born to lowincome' x* e& m- |# ]: x
families, those earning $35,000 or less and who are also entitled to receive1 T+ V& g" g, D, g2 p, Z* l
the National Child Benefit, will receive a $500 Canada Learning Bond.4 Q! @1 f N3 W- a
Assuming a child remains qualified for the Canada Learning Bond, the child will2 c {# w+ F9 M" h0 |" d" V
continue to receive $100.00 in each subsequent year in Canada Learning Bond
5 T1 w2 l% T) o4 Qinstallments. The Federal Government projects that the Canada Learning Bond will* b7 Y* x, a0 p5 F: i+ u* n9 \
carry a cost of up to $85 million this year and up to 120,000 children will benefit7 r; y6 o. M% Q: \) I4 n6 e2 s
from the program2. The government says a child living in a low-income household0 A4 m" \4 }# M4 O: f
could receive up to $2,000 for their education." C3 `) L6 P# z& D
Additionally, in terms of post-secondary education and low-income families, the: D4 @ p/ Q- w# K) S
government has introduced a new one-time grant of up to $3,000 for first-year
2 z$ Y0 h5 u+ _5 O! Ustudents whose family income hovers around $35,000 or less a year.
+ r" d& l t# t* OAlberta Centennial Education Savings Plan Act5 C. \9 }0 m0 S/ ~- N
During the 2004 Spring Sitting, the Alberta Government introduced and
, r/ Y* _$ b0 k$ L7 Lsubsequently passed the Alberta Centennial Education Savings Plan Act. The
" ]8 A; B' t( e, L1 [$ r8 n0 M6 Vprogram created by the Act is available only to residents of Alberta who have
7 t. F& ]" t j$ Mchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first7 [" P) S8 v6 R3 B: T5 g$ v
glance, seems quite simple in scope but it does have many intricate details that,. z7 `8 z+ z8 C
once communicated, reveal a complicated program that relies on proactive parents
4 C5 ]" R0 c) J+ @2 H% rto absorb the full benefit of the program., t; V" J- h7 n+ U4 G- L
Alberta residents, who have a baby born on January 1, 2005, or after, will be
a& Y2 U9 b5 t) R, \/ Neligible for a $500.00 grant toward the baby’s established RESP. The grant will6 A/ U% P e9 V* @
only be awarded if a RESP is established within the first year of the baby’s birth& ]1 [" r2 ?4 y6 q$ O
(though Alberta Learning is looking to extend this deadline to two years or, albeit
r& ~6 Z0 U& n- i2 Z7 I N) b! Ounlikely, extending the deadline until the baby has reached their first year of3 e( z2 d& }( t
schooling). Should a year elapse and the parents do not arrange an RESP account,
3 u8 {8 ?, P: Z4 S7 Mfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# D2 z7 U4 F" z; v$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of& O" A0 n. A1 F
those grants will require parents to provide matching dollars to qualify. These& z8 l# \" r1 {# ~0 b
grants are awarded with the same limitations and restrictions as the initial $500.002 G5 u6 O- a# \
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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