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Thanks, here are details.
Canada Learning Bond
/ H( |: H# `8 J8 N: ^The Federal Government, in the 2004 Budget, introduced the Canada Learning
8 E6 j1 J9 c- p/ P- ~$ D2 u- oBond. The Bond is aimed at helping low-income families save for their children’s, {' M/ F0 K v6 \. M
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
; A9 e; w, x& e' Sfamilies, those earning $35,000 or less and who are also entitled to receive6 H( h4 W& \+ n% e
the National Child Benefit, will receive a $500 Canada Learning Bond.' @0 v9 | B: F+ k
Assuming a child remains qualified for the Canada Learning Bond, the child will
- L7 L! @) h+ H. c; A( ocontinue to receive $100.00 in each subsequent year in Canada Learning Bond* X' l' q& ]4 g- [
installments. The Federal Government projects that the Canada Learning Bond will
$ a1 ~7 V( Z: [6 C* b& N; lcarry a cost of up to $85 million this year and up to 120,000 children will benefit; J3 N d* |4 P& q
from the program2. The government says a child living in a low-income household
% L/ {+ T9 c9 U! Gcould receive up to $2,000 for their education.
7 C2 r: q; w) e. V# a: X EAdditionally, in terms of post-secondary education and low-income families, the( A( Z8 i4 l1 e' W4 v. d( Y2 E
government has introduced a new one-time grant of up to $3,000 for first-year
! l) P; F$ n) r% P5 ?! T# lstudents whose family income hovers around $35,000 or less a year.$ @0 M- l! H; n0 ^
Alberta Centennial Education Savings Plan Act4 E3 C5 Z% j- J. ? B6 P
During the 2004 Spring Sitting, the Alberta Government introduced and5 e" z% y s( x9 a5 j
subsequently passed the Alberta Centennial Education Savings Plan Act. The
- h8 j: B' K" C A5 E! |/ iprogram created by the Act is available only to residents of Alberta who have
( i( c6 {& @# q: N$ _: V+ ?children born after January 1, 2005 (Alberta’s Centennial). The program, at first& C# C( ^& X# `4 b* j: l
glance, seems quite simple in scope but it does have many intricate details that,/ b$ f- O6 t) d1 `( n, L3 Q
once communicated, reveal a complicated program that relies on proactive parents+ N" a6 u" D8 ?4 j' [) Q g
to absorb the full benefit of the program.- |% l) O4 a% ]2 Z; x
Alberta residents, who have a baby born on January 1, 2005, or after, will be
( z/ P0 N% V, l8 T/ C7 d5 jeligible for a $500.00 grant toward the baby’s established RESP. The grant will7 N2 j7 ]8 ^# r" |
only be awarded if a RESP is established within the first year of the baby’s birth
1 O% l' u p; Y; E( X(though Alberta Learning is looking to extend this deadline to two years or, albeit9 Q+ K' [3 I- b8 ]' _4 O
unlikely, extending the deadline until the baby has reached their first year of9 D7 g) D' t! x1 Q
schooling). Should a year elapse and the parents do not arrange an RESP account,
& |2 U+ C( r% t) p) x4 n: K6 M- N) k* |for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
7 t" W9 G7 v, M& _9 x; X h$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 q3 n L" S& B, ~, ~ Y3 rthose grants will require parents to provide matching dollars to qualify. These* [: r- W: V9 S" p" ?% z {$ V
grants are awarded with the same limitations and restrictions as the initial $500.00
% }6 R: ~! A1 j5 m( ~- Egrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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