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Thanks, here are details.
Canada Learning Bond
' O/ Y: p# p% TThe Federal Government, in the 2004 Budget, introduced the Canada Learning
, I1 s% t/ F$ e( @* ABond. The Bond is aimed at helping low-income families save for their children’s
6 G$ c6 N7 d k' _& wpost-secondary education pursuits. Beginning in 2004, each child born to lowincome1 }# U! R4 p7 V5 T8 U/ E
families, those earning $35,000 or less and who are also entitled to receive8 R' }/ Z- y( E* A! \! E m
the National Child Benefit, will receive a $500 Canada Learning Bond.; \0 J }; ^4 W2 k+ V
Assuming a child remains qualified for the Canada Learning Bond, the child will
' E; \; _6 A# O) H2 ]. ]. w: rcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
. |; T l% ?" R: Q- z! K' Y- vinstallments. The Federal Government projects that the Canada Learning Bond will1 J1 u; ]5 j. M3 x
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 r1 \# j3 @$ e/ [from the program2. The government says a child living in a low-income household- V a% {) z5 |
could receive up to $2,000 for their education.
% v1 }, g* t `6 ~3 rAdditionally, in terms of post-secondary education and low-income families, the
4 C% j% \- E4 I3 p9 U8 A, N! Ogovernment has introduced a new one-time grant of up to $3,000 for first-year
% e; r4 H* a8 N& w/ M* Dstudents whose family income hovers around $35,000 or less a year.& s/ z* \- O3 k6 O
Alberta Centennial Education Savings Plan Act& Z4 g5 a& v) o# n' U% r9 o
During the 2004 Spring Sitting, the Alberta Government introduced and
3 n5 {7 R6 A9 {subsequently passed the Alberta Centennial Education Savings Plan Act. The
8 r1 ~+ v+ ?. o4 uprogram created by the Act is available only to residents of Alberta who have+ ^2 Z9 C. } J- _6 d4 S: q
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
: u6 I+ u C# k6 P! S! h; _% Nglance, seems quite simple in scope but it does have many intricate details that,2 G* s }! f' i' { ?
once communicated, reveal a complicated program that relies on proactive parents
/ N' s0 X: S5 Z- X; X% ^; xto absorb the full benefit of the program.# r* j1 ~4 F$ z" F
Alberta residents, who have a baby born on January 1, 2005, or after, will be0 a' v: P; d- T1 B3 Y( B
eligible for a $500.00 grant toward the baby’s established RESP. The grant will# f, }( \. J& t! `/ D/ D# }
only be awarded if a RESP is established within the first year of the baby’s birth
6 A& O' @6 j, e5 m% h(though Alberta Learning is looking to extend this deadline to two years or, albeit
4 e8 C8 W" n) `5 h# X4 [! xunlikely, extending the deadline until the baby has reached their first year of
: ^! c: f5 V# Aschooling). Should a year elapse and the parents do not arrange an RESP account,
; F( s# {1 z+ C4 H+ ]for the baby, then the baby will not receive the $500.00 grant, period. Subsequent5 ]" X5 { e$ p1 f8 ]4 N, ]2 X
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of1 {2 i) r% Z. E, W! `
those grants will require parents to provide matching dollars to qualify. These, {% m8 |) O( h1 j4 U& B( c
grants are awarded with the same limitations and restrictions as the initial $500.00
# t6 p3 ~/ t3 t1 V' Y* q- g) rgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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