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Thanks, here are details.
Canada Learning Bond
$ e' [+ M1 U4 E, }/ w% d" ?The Federal Government, in the 2004 Budget, introduced the Canada Learning
) R# e3 v- A& q. |/ v& N: `Bond. The Bond is aimed at helping low-income families save for their children’s( M' v V/ {; a- E f
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
9 c' O$ S' k/ _9 H4 h; Kfamilies, those earning $35,000 or less and who are also entitled to receive
6 W* T6 A0 J" k0 D. z5 @8 Q. Athe National Child Benefit, will receive a $500 Canada Learning Bond. O/ g% ?1 D0 _. a8 l9 W
Assuming a child remains qualified for the Canada Learning Bond, the child will
$ {& r" A. n3 tcontinue to receive $100.00 in each subsequent year in Canada Learning Bond; j. n+ ]- w& G7 m; e1 y
installments. The Federal Government projects that the Canada Learning Bond will0 G v, v$ t/ j9 k, u$ A2 F
carry a cost of up to $85 million this year and up to 120,000 children will benefit: N) N6 C& ^; j6 Y4 f, b
from the program2. The government says a child living in a low-income household5 \ [9 |# N; K2 F( H0 M$ i
could receive up to $2,000 for their education.
5 @8 j+ a8 I/ GAdditionally, in terms of post-secondary education and low-income families, the
7 V( B5 ?+ L8 Qgovernment has introduced a new one-time grant of up to $3,000 for first-year
: \& n+ O1 `% D' t" _/ ]) x5 [students whose family income hovers around $35,000 or less a year.
/ W& E/ Z; s, _Alberta Centennial Education Savings Plan Act
. b# W' T4 q2 Y1 dDuring the 2004 Spring Sitting, the Alberta Government introduced and
- R5 O' Z" q( A+ i+ q" y) ?1 f4 k& R" Bsubsequently passed the Alberta Centennial Education Savings Plan Act. The: g# ?! R1 R0 m# k& v* Y
program created by the Act is available only to residents of Alberta who have H/ m0 o7 T; a; R
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
* f2 A: z- W% v# V) u; z3 ~glance, seems quite simple in scope but it does have many intricate details that,
( G9 m- `9 m5 g3 b3 g1 n4 C4 Monce communicated, reveal a complicated program that relies on proactive parents1 j' e2 K5 z! P" b
to absorb the full benefit of the program.
! O2 {5 `; ^+ S$ X0 P; b, zAlberta residents, who have a baby born on January 1, 2005, or after, will be0 p4 W' {9 L8 T
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
2 a4 l- K9 W. w" t4 O; |+ Lonly be awarded if a RESP is established within the first year of the baby’s birth
2 o0 s: x# V) E# x& p% C(though Alberta Learning is looking to extend this deadline to two years or, albeit
4 L9 a" }; j# k- C! I: iunlikely, extending the deadline until the baby has reached their first year of7 E! @+ K7 C7 T8 V$ f
schooling). Should a year elapse and the parents do not arrange an RESP account,
" R/ x7 ^+ h, f4 b0 \1 [6 Y6 M+ {- sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
) k: V9 E; y; d( r2 C$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of# n1 o1 @" C9 d' T; x( Y3 R& c
those grants will require parents to provide matching dollars to qualify. These) V; ^2 l8 k" x
grants are awarded with the same limitations and restrictions as the initial $500.00& R Y1 L& ~+ |' g; q: a- {
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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