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Thanks, here are details.
Canada Learning Bond
1 Y. z, ?* o7 @The Federal Government, in the 2004 Budget, introduced the Canada Learning
; c8 G' d; X* Y5 x! n1 [Bond. The Bond is aimed at helping low-income families save for their children’s
/ t! v, S- _6 g: w; ~8 Lpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
7 i {2 S: ]1 `5 C2 ~families, those earning $35,000 or less and who are also entitled to receive
. r6 [" w2 a( X3 c( Ithe National Child Benefit, will receive a $500 Canada Learning Bond.
1 O- o7 Q% C; c- M% U! B2 dAssuming a child remains qualified for the Canada Learning Bond, the child will2 L% s( b8 O; Y" G% t3 X
continue to receive $100.00 in each subsequent year in Canada Learning Bond
; I' @8 b3 P7 m# b& ~% i8 Rinstallments. The Federal Government projects that the Canada Learning Bond will
8 q2 S2 b( S* x+ w1 d0 x( Lcarry a cost of up to $85 million this year and up to 120,000 children will benefit
6 r7 a/ t/ A, E9 d' U3 a& c8 Vfrom the program2. The government says a child living in a low-income household: m( Z+ L) f- F: W. e( e
could receive up to $2,000 for their education." E$ p" n' P7 P
Additionally, in terms of post-secondary education and low-income families, the
0 r# H( W2 ], Egovernment has introduced a new one-time grant of up to $3,000 for first-year! ^& Y8 P9 |4 ^- W
students whose family income hovers around $35,000 or less a year.
+ g% c. \; }0 m3 JAlberta Centennial Education Savings Plan Act; M! r) s& ^7 i) o u5 j# ]
During the 2004 Spring Sitting, the Alberta Government introduced and& w# u$ y/ c4 U' B) e# ]
subsequently passed the Alberta Centennial Education Savings Plan Act. The
8 X v( K3 M/ Q4 N2 Dprogram created by the Act is available only to residents of Alberta who have& H- P* R3 q# v1 d: O) f- H& M
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
! X* W; j) H( k) d8 w% q1 @glance, seems quite simple in scope but it does have many intricate details that,
- k) `3 x* `; _ L b* \8 v3 konce communicated, reveal a complicated program that relies on proactive parents8 T: a+ ~' r# O0 N f
to absorb the full benefit of the program.
. H+ j: B- b+ R* g( c, w. oAlberta residents, who have a baby born on January 1, 2005, or after, will be
9 p m8 L \1 @4 xeligible for a $500.00 grant toward the baby’s established RESP. The grant will
5 R0 `2 j$ d% {- y( [, k5 t3 a- `) Donly be awarded if a RESP is established within the first year of the baby’s birth
9 Y6 |9 x8 Y/ h( E(though Alberta Learning is looking to extend this deadline to two years or, albeit L; m) [% Q9 E7 ~" M
unlikely, extending the deadline until the baby has reached their first year of
7 }8 o* B o2 g( ~. v/ n/ vschooling). Should a year elapse and the parents do not arrange an RESP account,, @" m* n6 J9 W' x% Y
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent6 Z: H# w. X& E
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
+ r2 ~+ i+ [, o) n; c8 S1 m; c+ Nthose grants will require parents to provide matching dollars to qualify. These, _. k( I9 f% \! ^
grants are awarded with the same limitations and restrictions as the initial $500.00
; [# ^& D/ l9 M k8 Y- c4 x& ugrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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