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Thanks, here are details.
Canada Learning Bond
3 K" N1 r# P+ I/ T c( @The Federal Government, in the 2004 Budget, introduced the Canada Learning
( l% k# Y: j5 k# j& GBond. The Bond is aimed at helping low-income families save for their children’s! p6 M9 n* A* ?
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
& I% C0 U% {8 h8 K9 X3 ffamilies, those earning $35,000 or less and who are also entitled to receive# B2 m& @3 n' R8 v& n
the National Child Benefit, will receive a $500 Canada Learning Bond.
" Q/ b1 f7 c2 Q+ N H( wAssuming a child remains qualified for the Canada Learning Bond, the child will' v# @% J2 C" I2 f @0 H
continue to receive $100.00 in each subsequent year in Canada Learning Bond b* L4 ?) Z4 g/ \& _% l
installments. The Federal Government projects that the Canada Learning Bond will' U2 N1 m; `& ]+ C' v, m- w! [
carry a cost of up to $85 million this year and up to 120,000 children will benefit
4 [+ g; z% V0 k! K( ]& p" Vfrom the program2. The government says a child living in a low-income household
6 T! a' a. _7 ]could receive up to $2,000 for their education.
% i* s5 S7 t2 a& D) j* DAdditionally, in terms of post-secondary education and low-income families, the' n+ m) B: W; H" [) r
government has introduced a new one-time grant of up to $3,000 for first-year8 n$ d4 `& M9 U# b
students whose family income hovers around $35,000 or less a year.
' t5 X# p: t8 u8 b0 jAlberta Centennial Education Savings Plan Act
. P$ K9 }5 S& X3 D% }. MDuring the 2004 Spring Sitting, the Alberta Government introduced and
- r* E+ N# i2 Xsubsequently passed the Alberta Centennial Education Savings Plan Act. The+ t* p& V" }& O) V1 S* j4 O8 `5 ^
program created by the Act is available only to residents of Alberta who have
2 k" u% l7 o6 o/ q0 T( Echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first3 d8 M0 J: I- Y+ c
glance, seems quite simple in scope but it does have many intricate details that,, y& f- B# H1 {/ n4 k! M% ~/ ~$ P
once communicated, reveal a complicated program that relies on proactive parents# h; ~1 W% X! X6 {/ S5 Y
to absorb the full benefit of the program.
( R/ m0 a5 p p0 `/ L+ T) c7 T! hAlberta residents, who have a baby born on January 1, 2005, or after, will be
: D7 X: n8 W4 l# @8 \eligible for a $500.00 grant toward the baby’s established RESP. The grant will4 U7 R }% \6 x$ _' g X- A; J
only be awarded if a RESP is established within the first year of the baby’s birth% h" p5 x6 V& b& D# ?$ X! v1 R
(though Alberta Learning is looking to extend this deadline to two years or, albeit% s# @' C2 x( Q; s
unlikely, extending the deadline until the baby has reached their first year of
; [. g1 h! n/ X3 u3 M4 }; Pschooling). Should a year elapse and the parents do not arrange an RESP account,! x: z6 l$ q( r2 J6 U
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
& s3 x3 F# ?# C6 o/ r: H9 _! {1 ?$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of# J. B( w% C" |$ r2 ~6 w
those grants will require parents to provide matching dollars to qualify. These5 l0 m2 A* E% R" e5 D
grants are awarded with the same limitations and restrictions as the initial $500.00
( l% v- u# z8 L5 _6 Agrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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