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Thanks, here are details.
Canada Learning Bond7 ?3 K3 ~% R4 h
The Federal Government, in the 2004 Budget, introduced the Canada Learning
) o+ u! h4 ?- f0 g- y+ W" n# \" ]Bond. The Bond is aimed at helping low-income families save for their children’s
- F# x/ {; g. A2 }) q$ Ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome
) v; g2 m7 B/ w1 K, H* x! Lfamilies, those earning $35,000 or less and who are also entitled to receive
/ I1 _9 q( t. R! F- m8 xthe National Child Benefit, will receive a $500 Canada Learning Bond.2 B8 t: i6 U$ z8 M8 W f) w
Assuming a child remains qualified for the Canada Learning Bond, the child will
' H+ v4 b2 h: J7 j# u% ?continue to receive $100.00 in each subsequent year in Canada Learning Bond
( T0 |3 P+ h' C) M7 @- o/ Zinstallments. The Federal Government projects that the Canada Learning Bond will" ~% S# L3 j2 Z8 s6 @5 Q
carry a cost of up to $85 million this year and up to 120,000 children will benefit& X% c/ k, q% U
from the program2. The government says a child living in a low-income household( O b9 [" `' B: ]
could receive up to $2,000 for their education.
0 a! F/ ^( t9 C! c- d& W1 vAdditionally, in terms of post-secondary education and low-income families, the" Y1 e5 l" _: Z d# {
government has introduced a new one-time grant of up to $3,000 for first-year
: G4 p, q; E( ~, y" S6 Vstudents whose family income hovers around $35,000 or less a year.
4 d, L% W/ m8 H7 D; g* ]Alberta Centennial Education Savings Plan Act
# X/ L7 g- ]% EDuring the 2004 Spring Sitting, the Alberta Government introduced and
8 T; u6 Z$ _4 j T, h1 l, f3 msubsequently passed the Alberta Centennial Education Savings Plan Act. The6 i6 q1 L0 L8 c
program created by the Act is available only to residents of Alberta who have
6 P& p% Z! [: p h1 Y1 zchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first) g! T1 ?/ s! }% j- B1 g( V
glance, seems quite simple in scope but it does have many intricate details that,' O* `5 F4 @2 V5 w& |$ ~* [: \
once communicated, reveal a complicated program that relies on proactive parents: v6 t$ R) s$ @9 O( b
to absorb the full benefit of the program.
; Q6 ^: y- P4 S/ C( TAlberta residents, who have a baby born on January 1, 2005, or after, will be- S+ D1 D7 l* S) \+ Q
eligible for a $500.00 grant toward the baby’s established RESP. The grant will( g( c9 Z$ ^* _$ d: }5 W" x
only be awarded if a RESP is established within the first year of the baby’s birth
. Q' l/ i5 O* d9 K/ r* E(though Alberta Learning is looking to extend this deadline to two years or, albeit
" H- E8 I/ a! T0 {unlikely, extending the deadline until the baby has reached their first year of
# i& z) g% Y% K3 g a. E4 Rschooling). Should a year elapse and the parents do not arrange an RESP account,
$ Q4 A8 d/ M" Z7 A+ Sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
+ I+ s$ {1 L5 O' J5 O$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of6 R( M8 j4 {" m) Z$ G
those grants will require parents to provide matching dollars to qualify. These
7 [3 w! }+ e* A: hgrants are awarded with the same limitations and restrictions as the initial $500.00
Y3 u$ H0 f: ~" Z( A5 Ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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