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Thanks, here are details.
Canada Learning Bond6 v2 m D2 x* W+ z
The Federal Government, in the 2004 Budget, introduced the Canada Learning7 K8 d& ?+ H. y6 V/ p3 L0 N) E# D1 i4 h: w
Bond. The Bond is aimed at helping low-income families save for their children’s
4 c: A* Z0 }& f+ r, C# I" spost-secondary education pursuits. Beginning in 2004, each child born to lowincome
% B! h2 h/ Z: i7 ?$ K, ~families, those earning $35,000 or less and who are also entitled to receive3 ?& j a9 R7 u5 `
the National Child Benefit, will receive a $500 Canada Learning Bond.
/ f5 Z f6 D+ V- W' ^6 p3 xAssuming a child remains qualified for the Canada Learning Bond, the child will- h, I. f6 c6 Z1 ^# g# e* z
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 b0 i# d. e8 z: V* hinstallments. The Federal Government projects that the Canada Learning Bond will
7 K" C2 y% b- _" g9 |# P Ocarry a cost of up to $85 million this year and up to 120,000 children will benefit
8 i4 ]2 E) e4 g& kfrom the program2. The government says a child living in a low-income household% W9 l# E# j4 d, T( _
could receive up to $2,000 for their education.# f+ @* C( T9 q0 y8 p
Additionally, in terms of post-secondary education and low-income families, the
2 Q) V/ O9 ?8 q4 {' Q ngovernment has introduced a new one-time grant of up to $3,000 for first-year
! R2 V6 `2 E$ F( w8 Jstudents whose family income hovers around $35,000 or less a year.
" u# Z" l! l' j6 j2 EAlberta Centennial Education Savings Plan Act8 U0 X y4 F; d4 ?: B$ m
During the 2004 Spring Sitting, the Alberta Government introduced and
3 @( h8 H* G3 ?8 d" l6 }subsequently passed the Alberta Centennial Education Savings Plan Act. The* |' E1 a+ z, Y
program created by the Act is available only to residents of Alberta who have/ Q# M& t d! L. Z0 x0 l. E: c
children born after January 1, 2005 (Alberta’s Centennial). The program, at first3 h* O) f0 B# r8 X2 r/ s* p P
glance, seems quite simple in scope but it does have many intricate details that,
q' D2 ?' p; i: X, j2 J7 @once communicated, reveal a complicated program that relies on proactive parents
8 j$ k9 C" o, V- D& u. rto absorb the full benefit of the program.
6 P5 O% ^3 _# OAlberta residents, who have a baby born on January 1, 2005, or after, will be2 ^3 L1 m) _' i- v( W# T
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
, v" Q* p; f! eonly be awarded if a RESP is established within the first year of the baby’s birth5 j6 ]; y4 I O
(though Alberta Learning is looking to extend this deadline to two years or, albeit. ]& e' u0 U9 o5 L( b3 D9 P }0 Y
unlikely, extending the deadline until the baby has reached their first year of
9 ]1 m& M1 Q' b' jschooling). Should a year elapse and the parents do not arrange an RESP account,4 ~" K: @- e( U7 Y p. K; R
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
' x! M7 f4 U2 L* W* g$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
1 Z2 ], n9 l3 `6 ethose grants will require parents to provide matching dollars to qualify. These
. K/ e5 K. F2 V* R& I! Dgrants are awarded with the same limitations and restrictions as the initial $500.00
& _5 c) ?+ H+ D* O7 Pgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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