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Thanks, here are details.
Canada Learning Bond3 v; S/ U2 O1 Q3 a5 j! R. G4 R+ v9 d B
The Federal Government, in the 2004 Budget, introduced the Canada Learning G$ a+ t' c, @, i, J
Bond. The Bond is aimed at helping low-income families save for their children’s
4 E9 Y# N9 D+ npost-secondary education pursuits. Beginning in 2004, each child born to lowincome0 ^! M* ?( @ X% i3 `3 _9 W
families, those earning $35,000 or less and who are also entitled to receive) f, R1 c8 \6 _7 t0 V, O# A
the National Child Benefit, will receive a $500 Canada Learning Bond.7 E |0 k: r( O3 O
Assuming a child remains qualified for the Canada Learning Bond, the child will
6 w9 R. a& [) q. f* wcontinue to receive $100.00 in each subsequent year in Canada Learning Bond7 q% ?6 n0 ?" W
installments. The Federal Government projects that the Canada Learning Bond will
$ v1 j- a% q9 Fcarry a cost of up to $85 million this year and up to 120,000 children will benefit
7 n2 w/ E0 P! \) f. e L3 zfrom the program2. The government says a child living in a low-income household
: P5 p+ X1 a/ {5 m) N4 G9 N8 xcould receive up to $2,000 for their education.
0 ?' i! w* o. z' s- k2 A* `+ O# IAdditionally, in terms of post-secondary education and low-income families, the
7 ?+ s8 U: e9 p( N) pgovernment has introduced a new one-time grant of up to $3,000 for first-year# M: @& p1 j* A/ k& \
students whose family income hovers around $35,000 or less a year.% ~% P' M9 a/ J$ Z% M
Alberta Centennial Education Savings Plan Act$ I: U: T) S% D7 i* T: r
During the 2004 Spring Sitting, the Alberta Government introduced and
* O& F( P0 W2 F1 e+ L1 K- ?" wsubsequently passed the Alberta Centennial Education Savings Plan Act. The# _* | d# b9 \; W0 P5 @
program created by the Act is available only to residents of Alberta who have% o9 K6 _- u: s+ k% x+ ~0 h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first% l9 |1 ?9 k" M, x- @/ _9 V. |% y
glance, seems quite simple in scope but it does have many intricate details that,1 J y- Y; D. Y3 o d" C; E
once communicated, reveal a complicated program that relies on proactive parents
" Q9 ^$ z+ g# `6 u; lto absorb the full benefit of the program.
9 [5 h+ S7 Q2 o, ?9 E; X. IAlberta residents, who have a baby born on January 1, 2005, or after, will be
! _, k" Q0 Z* F6 Feligible for a $500.00 grant toward the baby’s established RESP. The grant will6 g8 K% r* n6 v& D7 v% \
only be awarded if a RESP is established within the first year of the baby’s birth1 P4 X. B$ X1 q- Y: S( _$ d5 K' g4 n
(though Alberta Learning is looking to extend this deadline to two years or, albeit1 K: r8 O* A) v! {1 k% E5 N- ?
unlikely, extending the deadline until the baby has reached their first year of- a- f4 ^, c: a: d* g2 d( U: g
schooling). Should a year elapse and the parents do not arrange an RESP account,4 Q2 A( f1 s1 {, S& I9 u. _
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent r6 ?# r$ r! C+ J
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of0 i; z/ p8 _+ h6 l
those grants will require parents to provide matching dollars to qualify. These
1 k0 ?' h; X" J8 h. Z# q4 P0 agrants are awarded with the same limitations and restrictions as the initial $500.00' p. i$ H* }; A+ d; W5 N( b
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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