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Thanks, here are details.
Canada Learning Bond+ v* y# }7 j- I6 ]3 h
The Federal Government, in the 2004 Budget, introduced the Canada Learning
$ ^! N7 F1 ~; F- f: J, KBond. The Bond is aimed at helping low-income families save for their children’s
& F r0 c* e9 c8 `post-secondary education pursuits. Beginning in 2004, each child born to lowincome% L1 H5 j$ A: O1 C1 B# A1 I
families, those earning $35,000 or less and who are also entitled to receive: W+ A+ ?, Y6 y7 k' V' ] g' x
the National Child Benefit, will receive a $500 Canada Learning Bond.
1 d U6 j7 s6 T; {6 hAssuming a child remains qualified for the Canada Learning Bond, the child will
* Y* o! K# k- ?continue to receive $100.00 in each subsequent year in Canada Learning Bond
) Y v! E9 x- U7 d2 {5 \3 m$ ginstallments. The Federal Government projects that the Canada Learning Bond will
$ W2 v Z3 G Y, w0 q5 v* v rcarry a cost of up to $85 million this year and up to 120,000 children will benefit
. ^' Q0 ?/ x) |* X6 \from the program2. The government says a child living in a low-income household6 J; }% D2 \9 b; _+ D+ @1 ]
could receive up to $2,000 for their education.9 X. U5 g$ D+ M; s& F
Additionally, in terms of post-secondary education and low-income families, the4 C* F$ L4 D+ b2 ?3 S* y' X E& t
government has introduced a new one-time grant of up to $3,000 for first-year$ [9 y2 f/ c) n# U
students whose family income hovers around $35,000 or less a year.
4 ^% _* h) g; f# W0 c6 XAlberta Centennial Education Savings Plan Act* J4 `' ~1 Y" Y8 ~* p1 h
During the 2004 Spring Sitting, the Alberta Government introduced and% a) m, R% n' ~) ]
subsequently passed the Alberta Centennial Education Savings Plan Act. The, m/ G2 Z) X9 l4 E$ L8 X( X' J+ L6 e
program created by the Act is available only to residents of Alberta who have7 m+ q) J- P2 v$ E* g
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ o/ }# t* o: \2 j3 b3 dglance, seems quite simple in scope but it does have many intricate details that, q9 C6 l; _5 i& n* C
once communicated, reveal a complicated program that relies on proactive parents
# P/ K! I" x* W1 o k( |, l% Kto absorb the full benefit of the program.
: n# }. h$ }% a- k4 UAlberta residents, who have a baby born on January 1, 2005, or after, will be
4 w/ B G1 \$ {9 V; O% `5 Qeligible for a $500.00 grant toward the baby’s established RESP. The grant will7 q* U4 ?( G' ~
only be awarded if a RESP is established within the first year of the baby’s birth7 L. E/ ?8 [1 F6 v8 Q
(though Alberta Learning is looking to extend this deadline to two years or, albeit2 o& J7 U! U7 |
unlikely, extending the deadline until the baby has reached their first year of
: x1 O7 I$ i8 Q% r: g1 M" Mschooling). Should a year elapse and the parents do not arrange an RESP account,6 y6 R% P# z& W# `
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
' @! `* {9 U0 i* u, e& K' v/ F) G$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 `7 L( J% ?/ u7 V+ o, L* D- [& Nthose grants will require parents to provide matching dollars to qualify. These
3 n" \# L) N9 ^5 J7 _grants are awarded with the same limitations and restrictions as the initial $500.00
' s+ b& e- h4 Q, M+ r. _0 n1 Egrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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