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Thanks, here are details.
Canada Learning Bond
( _; ]$ D4 i) o# q! yThe Federal Government, in the 2004 Budget, introduced the Canada Learning, }( Q6 J7 c. R- C* ^9 a
Bond. The Bond is aimed at helping low-income families save for their children’s( S6 B8 |: ~1 ~' N* ^( r5 W2 J! x
post-secondary education pursuits. Beginning in 2004, each child born to lowincome5 A& {3 ]2 F0 Y/ G: Y7 u
families, those earning $35,000 or less and who are also entitled to receive
6 N) D& ^# m1 j2 N9 ]3 qthe National Child Benefit, will receive a $500 Canada Learning Bond.
/ Y2 z2 c) [$ w8 o9 b- }Assuming a child remains qualified for the Canada Learning Bond, the child will( L$ m/ l9 z# \/ g1 Q; p
continue to receive $100.00 in each subsequent year in Canada Learning Bond
& Y- q% Y6 q9 p! H- m, x& jinstallments. The Federal Government projects that the Canada Learning Bond will6 j1 \5 N1 X" `! r
carry a cost of up to $85 million this year and up to 120,000 children will benefit' ~1 \; q* ?( `- ~7 U! C d
from the program2. The government says a child living in a low-income household
. D# x# D* `- ]: a2 C$ }2 Acould receive up to $2,000 for their education.3 U) s; t: {0 Y5 B
Additionally, in terms of post-secondary education and low-income families, the0 S# X4 m* N3 B
government has introduced a new one-time grant of up to $3,000 for first-year
0 E2 J0 _: B( Y% L3 e/ Q/ Fstudents whose family income hovers around $35,000 or less a year.) a/ ^9 d7 E% G8 {
Alberta Centennial Education Savings Plan Act
1 E, k0 M' U* V) u, R1 w. f, ]During the 2004 Spring Sitting, the Alberta Government introduced and# ?) t3 M$ V9 \" K9 T- a% O1 y# T
subsequently passed the Alberta Centennial Education Savings Plan Act. The
) v" q) H4 N( b% kprogram created by the Act is available only to residents of Alberta who have
6 O9 T0 P3 o/ m! o$ `children born after January 1, 2005 (Alberta’s Centennial). The program, at first' E- z' |* P( j$ g- }4 \ a
glance, seems quite simple in scope but it does have many intricate details that,* S4 A- b" T' n- m8 ^$ g
once communicated, reveal a complicated program that relies on proactive parents
- S! D" \; U9 p- Y$ zto absorb the full benefit of the program.) B; S; A6 {5 b8 B1 R
Alberta residents, who have a baby born on January 1, 2005, or after, will be5 H8 y* r1 V% t
eligible for a $500.00 grant toward the baby’s established RESP. The grant will* V' k6 x" g* `$ o0 a8 r$ U
only be awarded if a RESP is established within the first year of the baby’s birth3 G. M/ T8 ?- e* C
(though Alberta Learning is looking to extend this deadline to two years or, albeit
2 n+ f, G* e& w# Q9 T* Kunlikely, extending the deadline until the baby has reached their first year of
9 S* D' T& U/ Q/ r! Pschooling). Should a year elapse and the parents do not arrange an RESP account,
7 D0 Y g5 j* lfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 J6 k8 c$ ~. c D- d& T7 {2 P$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of$ a5 E* @; G" ~% ?
those grants will require parents to provide matching dollars to qualify. These m3 |+ a) Y: u# H6 C1 C5 l; k
grants are awarded with the same limitations and restrictions as the initial $500.00
1 N* n& ^9 U3 [grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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