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Thanks, here are details.
Canada Learning Bond
! q$ n. p9 K* q( T hThe Federal Government, in the 2004 Budget, introduced the Canada Learning
! o' G$ N- j8 M/ I4 m( UBond. The Bond is aimed at helping low-income families save for their children’s$ ~3 f, Y! P2 ]# b$ x0 B" a# c1 O1 E& w
post-secondary education pursuits. Beginning in 2004, each child born to lowincome7 J$ A' |1 T6 k0 i: a8 s
families, those earning $35,000 or less and who are also entitled to receive
+ h* P1 E( G9 K/ `the National Child Benefit, will receive a $500 Canada Learning Bond.( Z/ l" i! `4 H$ x$ W
Assuming a child remains qualified for the Canada Learning Bond, the child will7 a4 J: o" W8 N4 D/ ~) b% E* h: S
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 T$ P/ n7 j3 P8 @* ginstallments. The Federal Government projects that the Canada Learning Bond will
# d0 p$ @2 e6 s* r0 I0 Vcarry a cost of up to $85 million this year and up to 120,000 children will benefit
% x+ X7 P5 R/ u6 c/ v7 b; w6 Yfrom the program2. The government says a child living in a low-income household
3 a" {* @$ a2 m% A m5 I0 icould receive up to $2,000 for their education.) H6 q) {+ V/ N: z
Additionally, in terms of post-secondary education and low-income families, the& x( A }, h* P7 J0 n# ^
government has introduced a new one-time grant of up to $3,000 for first-year
! f3 g. H% J+ }4 A- Rstudents whose family income hovers around $35,000 or less a year.
. A0 o$ _6 E, o4 t9 q+ ZAlberta Centennial Education Savings Plan Act
$ D* }* f0 T6 F$ ?During the 2004 Spring Sitting, the Alberta Government introduced and
. L, J4 _' b6 }2 H5 esubsequently passed the Alberta Centennial Education Savings Plan Act. The
3 y8 q9 ]: Q- F2 kprogram created by the Act is available only to residents of Alberta who have
6 P* {" P- L$ H% Dchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first- H" J! ~- z- v& M! M, y( g, B6 u
glance, seems quite simple in scope but it does have many intricate details that,7 k( p' f/ \! G/ U* z
once communicated, reveal a complicated program that relies on proactive parents
' b5 [5 G+ W6 N& P1 Ato absorb the full benefit of the program.
3 Y7 l9 _/ J9 d7 Q- uAlberta residents, who have a baby born on January 1, 2005, or after, will be/ J7 h+ @ L6 K) S
eligible for a $500.00 grant toward the baby’s established RESP. The grant will |5 D4 @. H9 e; t' g# n% D
only be awarded if a RESP is established within the first year of the baby’s birth
* Y) F! B/ p; S3 n! u(though Alberta Learning is looking to extend this deadline to two years or, albeit
3 b7 U. P6 K/ funlikely, extending the deadline until the baby has reached their first year of
% w3 F, T$ @- f; ~: S" V. Qschooling). Should a year elapse and the parents do not arrange an RESP account,. a# F1 A/ Q8 F0 A
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
( U2 Z+ ^& m! W7 G) m$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
2 j! M0 E) N0 T9 G7 j nthose grants will require parents to provide matching dollars to qualify. These# ]% D; O7 _1 M: u: e; f
grants are awarded with the same limitations and restrictions as the initial $500.00* Z' q$ O3 v4 {3 V8 x' j
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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