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Thanks, here are details.
Canada Learning Bond5 O: S" p% U2 ?$ i) H; _; C
The Federal Government, in the 2004 Budget, introduced the Canada Learning, N" {# k, \. b* b B# l: [
Bond. The Bond is aimed at helping low-income families save for their children’s
' z% |* s' p/ p" Npost-secondary education pursuits. Beginning in 2004, each child born to lowincome( }: w2 ?4 v5 Q d) h
families, those earning $35,000 or less and who are also entitled to receive2 Q) l) @) c* O# I. S
the National Child Benefit, will receive a $500 Canada Learning Bond.# B# I# Z- X& n# m* h& G6 ^
Assuming a child remains qualified for the Canada Learning Bond, the child will+ P+ u) p8 l7 Y1 G) l% Y. H
continue to receive $100.00 in each subsequent year in Canada Learning Bond
7 E% U' E7 b; j. @% {4 |6 Oinstallments. The Federal Government projects that the Canada Learning Bond will& v9 R5 d' l9 W
carry a cost of up to $85 million this year and up to 120,000 children will benefit
; D3 i5 D5 G/ X$ Dfrom the program2. The government says a child living in a low-income household2 P, ]2 T! V. g) Y, _% r0 \9 M2 s
could receive up to $2,000 for their education.
5 r3 [- A7 p. m& m2 _8 t' p Y, ~Additionally, in terms of post-secondary education and low-income families, the
6 d& H3 ?1 K* [8 w! G0 ogovernment has introduced a new one-time grant of up to $3,000 for first-year+ x; z+ k3 L" @9 }9 s; u8 W
students whose family income hovers around $35,000 or less a year.2 t( g; n7 D* h; W4 n$ K2 K
Alberta Centennial Education Savings Plan Act
6 D) f- V/ \; P/ eDuring the 2004 Spring Sitting, the Alberta Government introduced and
! `0 {- v& S+ k3 M7 Asubsequently passed the Alberta Centennial Education Savings Plan Act. The$ N& Q. l$ O v- Q C; ~+ {3 Y
program created by the Act is available only to residents of Alberta who have
/ o3 Q# T9 h# X7 |* Jchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
* D) f& `$ t% C4 ]& G/ m+ @glance, seems quite simple in scope but it does have many intricate details that,
$ L" Y2 O- _' eonce communicated, reveal a complicated program that relies on proactive parents
1 \9 P& P5 v- H3 bto absorb the full benefit of the program.
7 u5 E3 I- s% h, y. xAlberta residents, who have a baby born on January 1, 2005, or after, will be
1 q1 F$ i# ~* J& P) w# v3 E. weligible for a $500.00 grant toward the baby’s established RESP. The grant will4 M' M( u, B! X6 u+ M
only be awarded if a RESP is established within the first year of the baby’s birth
* x" ?' z. G* p4 }& A(though Alberta Learning is looking to extend this deadline to two years or, albeit- R' |6 H3 C% r. {- ^ k& N
unlikely, extending the deadline until the baby has reached their first year of
; E/ X7 C/ r5 M8 vschooling). Should a year elapse and the parents do not arrange an RESP account,7 }/ r% l0 E7 `8 o; Q
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent6 r# b/ k/ \' p: m
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of% w& {! r$ I& m) Z% `2 |
those grants will require parents to provide matching dollars to qualify. These
+ Z9 [' [% `+ i& ]grants are awarded with the same limitations and restrictions as the initial $500.00
. L+ F4 j g$ m) J) Vgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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