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Thanks, here are details.
Canada Learning Bond
/ e- }3 ^0 n1 ?8 ]The Federal Government, in the 2004 Budget, introduced the Canada Learning
3 L$ L. C& S7 H: gBond. The Bond is aimed at helping low-income families save for their children’s3 u' M& }+ M! b/ L8 Z3 a
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
2 T1 ]+ R" ~/ a' Y- efamilies, those earning $35,000 or less and who are also entitled to receive; b# S6 A2 B7 e1 `( M. G" ?
the National Child Benefit, will receive a $500 Canada Learning Bond.1 f) h/ x5 ^* O7 ?" A
Assuming a child remains qualified for the Canada Learning Bond, the child will( ?1 M# a) K0 T+ {
continue to receive $100.00 in each subsequent year in Canada Learning Bond
' L5 u0 l" P) u8 R- z) Cinstallments. The Federal Government projects that the Canada Learning Bond will
' G. j2 A; j% t+ A0 y# _) Bcarry a cost of up to $85 million this year and up to 120,000 children will benefit
' t8 l! ~1 j/ Z6 vfrom the program2. The government says a child living in a low-income household
^4 _. A: I+ H& a# Pcould receive up to $2,000 for their education.
: p: L! `2 c/ d% B+ RAdditionally, in terms of post-secondary education and low-income families, the' K+ d# n4 |- P' L
government has introduced a new one-time grant of up to $3,000 for first-year6 ]& o- _" _% W( u( k0 {9 h
students whose family income hovers around $35,000 or less a year.2 Y/ }$ z" s* i" `" ]- O- F* r$ ]
Alberta Centennial Education Savings Plan Act/ X* i- P8 w" {7 l
During the 2004 Spring Sitting, the Alberta Government introduced and
6 m) r3 v; ?3 j- ]! }: isubsequently passed the Alberta Centennial Education Savings Plan Act. The) o: v0 Y; C, L! i) y1 `/ `* Q
program created by the Act is available only to residents of Alberta who have; z s) h) t; w
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
8 O T2 | B r9 q6 y% \; d' [5 M Sglance, seems quite simple in scope but it does have many intricate details that,9 Z+ y4 x- k1 E8 @
once communicated, reveal a complicated program that relies on proactive parents" F$ s# c8 U# v7 f& t7 k( P
to absorb the full benefit of the program.3 A4 _( I* K7 I) n! o
Alberta residents, who have a baby born on January 1, 2005, or after, will be
* Y) S! n2 }' `0 geligible for a $500.00 grant toward the baby’s established RESP. The grant will5 ~, E5 \0 k# i) f0 d5 ~
only be awarded if a RESP is established within the first year of the baby’s birth; E+ y5 n4 p2 f1 w. }
(though Alberta Learning is looking to extend this deadline to two years or, albeit
7 R6 Z2 i7 J% M8 ]/ J5 E; Bunlikely, extending the deadline until the baby has reached their first year of" G. _( X0 u, `
schooling). Should a year elapse and the parents do not arrange an RESP account,
4 O& l, k; {' Q% d- S# k* ffor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
' Q5 u7 Q$ U" `# H& h6 y$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of) z; t7 y3 \ O5 ?- F; H
those grants will require parents to provide matching dollars to qualify. These
. V9 Y. x. ]3 V' m1 W# ogrants are awarded with the same limitations and restrictions as the initial $500.00
+ G1 Y& u/ R9 Q8 ?6 D3 u8 t; Rgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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