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Thanks, here are details.
Canada Learning Bond
' A) f/ A z: W5 d, UThe Federal Government, in the 2004 Budget, introduced the Canada Learning
" ]1 m1 x E. E/ m- a6 tBond. The Bond is aimed at helping low-income families save for their children’s
# M1 z) q0 j! d! R) D1 a& \post-secondary education pursuits. Beginning in 2004, each child born to lowincome
' _- r+ e+ d* ^3 ~& vfamilies, those earning $35,000 or less and who are also entitled to receive. S+ e; ^# F) S# Z, k3 o* G2 C2 c
the National Child Benefit, will receive a $500 Canada Learning Bond.
, u+ S7 W5 g8 \7 m K( C+ X! E2 aAssuming a child remains qualified for the Canada Learning Bond, the child will
* e0 e3 S) w: ~: N+ Gcontinue to receive $100.00 in each subsequent year in Canada Learning Bond. @" o; ^* M" h) Q
installments. The Federal Government projects that the Canada Learning Bond will
@ S9 R" l5 @" o, ocarry a cost of up to $85 million this year and up to 120,000 children will benefit& B3 y" i' U/ t0 i" b
from the program2. The government says a child living in a low-income household; Z3 Y' j% i' k+ W& w/ \# F
could receive up to $2,000 for their education.
' w% u" ~0 Q HAdditionally, in terms of post-secondary education and low-income families, the
3 ^8 F/ F; g, H! Y7 L% o( U, l- hgovernment has introduced a new one-time grant of up to $3,000 for first-year
# b4 q( r2 ~ X0 Vstudents whose family income hovers around $35,000 or less a year.& X O' I3 L1 T ?2 a' D5 g1 \
Alberta Centennial Education Savings Plan Act+ u; A) v1 v3 W3 ]
During the 2004 Spring Sitting, the Alberta Government introduced and
3 A% |) A. h' Gsubsequently passed the Alberta Centennial Education Savings Plan Act. The- B" N$ u; A' z6 t
program created by the Act is available only to residents of Alberta who have
r# J" b8 a5 lchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first1 d E% f0 b) V
glance, seems quite simple in scope but it does have many intricate details that,
5 s; @* v: k1 X! |) B5 Z) u/ U- uonce communicated, reveal a complicated program that relies on proactive parents1 O7 g! ]5 @! m7 K
to absorb the full benefit of the program.# j s& C$ w+ H% G* N' c" X
Alberta residents, who have a baby born on January 1, 2005, or after, will be
; C+ q% ~& L. a& a: _eligible for a $500.00 grant toward the baby’s established RESP. The grant will6 E, m: G7 x' h4 J, b$ S
only be awarded if a RESP is established within the first year of the baby’s birth3 h" ]! _1 d$ A0 S& k* u# \9 {
(though Alberta Learning is looking to extend this deadline to two years or, albeit) s$ ^: r* q( k* q9 j6 |7 R, z( b
unlikely, extending the deadline until the baby has reached their first year of1 J9 j }# { W
schooling). Should a year elapse and the parents do not arrange an RESP account,
0 N; p$ d* |! m) h4 ?& |5 Yfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent- D& s2 W. e3 c: A {! H2 Q7 t
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
3 s+ p+ y, q9 @those grants will require parents to provide matching dollars to qualify. These6 L8 h; C' r: w( h+ d
grants are awarded with the same limitations and restrictions as the initial $500.00 }4 _6 M9 J. U$ U' G5 ~8 r
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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