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Thanks, here are details.
Canada Learning Bond4 Q3 m$ U p% |5 y/ n
The Federal Government, in the 2004 Budget, introduced the Canada Learning
9 v. ? r: h4 v) \3 M& R( b. j/ HBond. The Bond is aimed at helping low-income families save for their children’s
7 A) E, v3 F$ ~! A- \post-secondary education pursuits. Beginning in 2004, each child born to lowincome& F @* ~/ z& l) B
families, those earning $35,000 or less and who are also entitled to receive* S9 U4 _) Y2 N' _3 s. {+ w2 A1 W
the National Child Benefit, will receive a $500 Canada Learning Bond." z& w6 j) N* i; _; Z" n9 I
Assuming a child remains qualified for the Canada Learning Bond, the child will
W- Q4 m8 h: q# d! Z$ econtinue to receive $100.00 in each subsequent year in Canada Learning Bond
# h# Q8 ]: [6 f9 G. ~installments. The Federal Government projects that the Canada Learning Bond will/ U/ Z/ j$ _' `
carry a cost of up to $85 million this year and up to 120,000 children will benefit9 D, U* k) `$ V x
from the program2. The government says a child living in a low-income household. P+ M& `( y1 D5 A3 Y- @
could receive up to $2,000 for their education.! f3 H \) D# v. `9 s4 ^( Q. W! a* ]0 S
Additionally, in terms of post-secondary education and low-income families, the% l# K1 x+ m# s7 h H
government has introduced a new one-time grant of up to $3,000 for first-year
# w; N" }5 P! E6 `- q' u( o& b8 vstudents whose family income hovers around $35,000 or less a year.7 H3 G4 Y/ h4 j N6 q; S R% o
Alberta Centennial Education Savings Plan Act
; y& U2 O/ n- uDuring the 2004 Spring Sitting, the Alberta Government introduced and, H8 E* { V' O5 [2 S( J" l
subsequently passed the Alberta Centennial Education Savings Plan Act. The
/ o3 E9 L, h# z4 c4 y# a2 vprogram created by the Act is available only to residents of Alberta who have
* q) `+ x7 T7 ~" L* W. U/ @children born after January 1, 2005 (Alberta’s Centennial). The program, at first0 G$ A7 p: L( r1 S2 V
glance, seems quite simple in scope but it does have many intricate details that,' g" ]6 V- y# x
once communicated, reveal a complicated program that relies on proactive parents' b4 O( y2 w0 \, |( y
to absorb the full benefit of the program.
, D6 }) ^' X, O* z1 NAlberta residents, who have a baby born on January 1, 2005, or after, will be. y( h7 X2 t/ ?: f1 [2 R
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
/ V" G/ b! V3 \: W! Bonly be awarded if a RESP is established within the first year of the baby’s birth8 x8 ]$ h' P! D8 q2 m! p% k9 I
(though Alberta Learning is looking to extend this deadline to two years or, albeit R1 Z0 x( J( {# [
unlikely, extending the deadline until the baby has reached their first year of
: @& B: D+ o7 L* p; F: _/ L6 Gschooling). Should a year elapse and the parents do not arrange an RESP account,( x, B$ h. }! n! @" }2 J
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
& d0 m. Q4 ~2 X; z, w2 ^$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
! d( {; n G& H. a+ Z. rthose grants will require parents to provide matching dollars to qualify. These' l7 I/ @/ V" D4 I( E# o& j* n
grants are awarded with the same limitations and restrictions as the initial $500.009 m) k3 |5 V6 R5 g# b% w: n
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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