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Thanks, here are details.
Canada Learning Bond
1 H! b6 x0 s1 T& ]5 mThe Federal Government, in the 2004 Budget, introduced the Canada Learning
5 Q* y2 Y) f" [: W. kBond. The Bond is aimed at helping low-income families save for their children’s0 C/ c" ]$ E; L
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
' u1 x5 _( h& I5 M" W; ifamilies, those earning $35,000 or less and who are also entitled to receive7 J+ j( Q. ]) T8 w
the National Child Benefit, will receive a $500 Canada Learning Bond." E `" T, Q9 C) L+ x- N. J9 n: s
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 l8 b3 F2 d S1 }2 x2 k) Ncontinue to receive $100.00 in each subsequent year in Canada Learning Bond
( i0 t& [! {5 R0 [3 i% ]installments. The Federal Government projects that the Canada Learning Bond will8 }( s# V" {; H7 {
carry a cost of up to $85 million this year and up to 120,000 children will benefit s1 Q& ]2 E4 }6 I' d, J" n
from the program2. The government says a child living in a low-income household; }1 o( a' h. ?
could receive up to $2,000 for their education.1 t6 G9 V5 Y8 I2 `
Additionally, in terms of post-secondary education and low-income families, the
/ b5 M7 \. v9 c. }+ {government has introduced a new one-time grant of up to $3,000 for first-year
$ [4 \6 I2 \; k0 P6 h' P Cstudents whose family income hovers around $35,000 or less a year. |! O, S3 a l4 F# i2 \1 {
Alberta Centennial Education Savings Plan Act7 D; o# @: T* C. s7 D2 ]
During the 2004 Spring Sitting, the Alberta Government introduced and, G8 k% [* R" {4 ~
subsequently passed the Alberta Centennial Education Savings Plan Act. The
7 D" A( I3 c O( Q/ rprogram created by the Act is available only to residents of Alberta who have" Z3 |( x7 k, n1 m
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
! G: r" j% `$ aglance, seems quite simple in scope but it does have many intricate details that,
9 A5 k0 _7 |- F' W: l: Conce communicated, reveal a complicated program that relies on proactive parents% |4 Z- n' \$ k z# ?
to absorb the full benefit of the program.1 U/ ?$ W" U- C* h) {
Alberta residents, who have a baby born on January 1, 2005, or after, will be: `3 w2 a' `$ ]9 a: w/ i" z
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
! `& i- f- a% F* r: X& P! e: konly be awarded if a RESP is established within the first year of the baby’s birth
, a% T& Q# Q8 z. N. E(though Alberta Learning is looking to extend this deadline to two years or, albeit
, g/ ]6 e+ {; O. @unlikely, extending the deadline until the baby has reached their first year of
% b/ W5 j1 ?& a, N S& y, v( c+ Uschooling). Should a year elapse and the parents do not arrange an RESP account,, A7 E( {/ U& h7 h
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent1 X: }0 T- b% a' E1 \: \/ `
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of3 N& b$ Y" y8 Z# {( o, V7 J
those grants will require parents to provide matching dollars to qualify. These5 q( W0 Y7 y4 ^' r; \2 W9 ~
grants are awarded with the same limitations and restrictions as the initial $500.009 m/ i- W1 `% |+ j, W
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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