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Thanks, here are details.
Canada Learning Bond% F# K5 n9 i4 o; ~
The Federal Government, in the 2004 Budget, introduced the Canada Learning9 a3 L! U: _$ M
Bond. The Bond is aimed at helping low-income families save for their children’s
8 K' u" q% W% ^5 G: T# `' Zpost-secondary education pursuits. Beginning in 2004, each child born to lowincome) s# j4 X% B% R+ e
families, those earning $35,000 or less and who are also entitled to receive
F! S8 F& i3 x! F O: q/ y. t. C* J2 zthe National Child Benefit, will receive a $500 Canada Learning Bond.
, t: c K9 m2 b( E3 M, o7 @Assuming a child remains qualified for the Canada Learning Bond, the child will; P; K X5 P1 _1 S- C2 b
continue to receive $100.00 in each subsequent year in Canada Learning Bond
' K! X" s. d" n) linstallments. The Federal Government projects that the Canada Learning Bond will0 X& R' p& u* U# e" d$ Z
carry a cost of up to $85 million this year and up to 120,000 children will benefit
# j0 B7 \3 K% f3 Mfrom the program2. The government says a child living in a low-income household
! e8 @; x" x4 fcould receive up to $2,000 for their education.
0 J) ^2 m" c* a% h+ q. S0 ~Additionally, in terms of post-secondary education and low-income families, the
' N" o1 A0 n" l5 |# C2 pgovernment has introduced a new one-time grant of up to $3,000 for first-year# C& Q0 g5 e/ o" w. r" y" z
students whose family income hovers around $35,000 or less a year.
8 {9 W& r: ^9 Q; _Alberta Centennial Education Savings Plan Act. T+ h, p& O$ s2 ?/ o; t/ z; A: a
During the 2004 Spring Sitting, the Alberta Government introduced and b7 z+ u6 b, C% x3 P9 h+ N
subsequently passed the Alberta Centennial Education Savings Plan Act. The
& A! K* f3 N/ o4 m8 pprogram created by the Act is available only to residents of Alberta who have3 b, q3 P' ]- A0 Z! w8 R
children born after January 1, 2005 (Alberta’s Centennial). The program, at first1 J+ R( b! _8 N4 e8 t+ f
glance, seems quite simple in scope but it does have many intricate details that,
. V3 o9 [& A4 ^2 P! aonce communicated, reveal a complicated program that relies on proactive parents
7 y) {7 _4 n, ^to absorb the full benefit of the program.
0 o6 N t8 u- y1 S( dAlberta residents, who have a baby born on January 1, 2005, or after, will be
2 r) R) _- R) ^3 Yeligible for a $500.00 grant toward the baby’s established RESP. The grant will) R0 z: T- g+ [
only be awarded if a RESP is established within the first year of the baby’s birth
5 l5 M2 K/ M- z" S' i' l5 V(though Alberta Learning is looking to extend this deadline to two years or, albeit
* |* S/ ^7 Y0 G: z+ Tunlikely, extending the deadline until the baby has reached their first year of
) y( t7 \, C3 }" T/ n! p, aschooling). Should a year elapse and the parents do not arrange an RESP account,
# }5 ]7 B+ \% O7 m; {# V0 U% \for the baby, then the baby will not receive the $500.00 grant, period. Subsequent$ i$ u9 J1 m. y. O/ u
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 z. }+ {+ P Ethose grants will require parents to provide matching dollars to qualify. These! k j4 Z6 h$ g% Q$ c8 b
grants are awarded with the same limitations and restrictions as the initial $500.00+ l/ q4 C, L5 q" P; Q' b$ T5 Y
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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