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Thanks, here are details.
Canada Learning Bond
]9 H8 Y$ g) P1 y9 O- uThe Federal Government, in the 2004 Budget, introduced the Canada Learning
/ t' Z$ y7 L k+ C, E( iBond. The Bond is aimed at helping low-income families save for their children’s4 b- T2 r- a" s
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
/ o# c6 q" H* ^8 a# j% }2 d$ C7 G( sfamilies, those earning $35,000 or less and who are also entitled to receive* H" j- F; M E0 x% } k" C% F" |
the National Child Benefit, will receive a $500 Canada Learning Bond.$ g1 Z8 K6 {# z2 l. u' d* e
Assuming a child remains qualified for the Canada Learning Bond, the child will( Z) q% ~& g( ~& Z' [: J
continue to receive $100.00 in each subsequent year in Canada Learning Bond C$ _3 y. |& I, j# C% R% B3 G7 Y! d
installments. The Federal Government projects that the Canada Learning Bond will
X* G( ]$ T; n' Y0 E( Mcarry a cost of up to $85 million this year and up to 120,000 children will benefit) C. C( ?/ h$ y
from the program2. The government says a child living in a low-income household( Y: O$ P% v8 w( t
could receive up to $2,000 for their education.* r: G2 s+ S) [/ h# N# l
Additionally, in terms of post-secondary education and low-income families, the
) {' u0 l& ]- Q0 |0 Ngovernment has introduced a new one-time grant of up to $3,000 for first-year
( H- F( ~( e3 u% d) G0 Sstudents whose family income hovers around $35,000 or less a year.
$ u) R' y4 N- p. U" DAlberta Centennial Education Savings Plan Act7 S/ S5 E9 S7 F* n6 r% \9 @5 p: d
During the 2004 Spring Sitting, the Alberta Government introduced and
: q4 D' B: f5 Esubsequently passed the Alberta Centennial Education Savings Plan Act. The
) L7 m( O/ y' d4 O9 M. Uprogram created by the Act is available only to residents of Alberta who have
" C C9 a$ j% uchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first6 o$ g3 t+ A: ~8 D; L& P! v+ Q
glance, seems quite simple in scope but it does have many intricate details that, c( a+ z6 a% q
once communicated, reveal a complicated program that relies on proactive parents7 L. W3 h; w7 a
to absorb the full benefit of the program.
: c2 \7 Q0 z! V p% l0 y- UAlberta residents, who have a baby born on January 1, 2005, or after, will be
) m4 z6 |# x! @* ^+ X2 y+ k: `' n, heligible for a $500.00 grant toward the baby’s established RESP. The grant will6 m, ?9 Z% d9 k# V2 E, ?
only be awarded if a RESP is established within the first year of the baby’s birth$ ]& b' M1 S+ o ?; w
(though Alberta Learning is looking to extend this deadline to two years or, albeit
6 k8 K7 Z7 f( ~- O9 i7 y" @0 ounlikely, extending the deadline until the baby has reached their first year of- y( W9 \! k4 Y2 S
schooling). Should a year elapse and the parents do not arrange an RESP account,; d9 l+ |4 i( _
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent/ {, l) W9 A$ c" f9 U5 y: I1 |
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
# S+ V, M2 f; c+ T5 S) mthose grants will require parents to provide matching dollars to qualify. These* ~) J5 d5 P; u* B! x. [2 J
grants are awarded with the same limitations and restrictions as the initial $500.003 H( [5 c( Z: b( W; X& s3 W& f3 r6 m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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