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Thanks, here are details.
Canada Learning Bond
8 P7 s Z) F/ P$ ]2 L4 {The Federal Government, in the 2004 Budget, introduced the Canada Learning
5 U* n6 G: ~; BBond. The Bond is aimed at helping low-income families save for their children’s8 O# w% _4 ]# N1 t. D; j: ?' D3 Y
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
+ [2 ?; g; T! B3 ~4 u8 Pfamilies, those earning $35,000 or less and who are also entitled to receive
7 U) X h/ H/ m6 U/ W+ Zthe National Child Benefit, will receive a $500 Canada Learning Bond.$ [$ q! N" [# c; U8 f' F D
Assuming a child remains qualified for the Canada Learning Bond, the child will% p* z8 S7 O# d9 e8 x9 v. S' G
continue to receive $100.00 in each subsequent year in Canada Learning Bond; `! u3 ^2 v. J* E- H- K
installments. The Federal Government projects that the Canada Learning Bond will3 N6 c3 ?6 s0 H9 E
carry a cost of up to $85 million this year and up to 120,000 children will benefit
" V) X9 O% W0 G k- R+ pfrom the program2. The government says a child living in a low-income household
/ s/ d8 R8 b& S+ ]1 [# e; xcould receive up to $2,000 for their education.
0 K# ^# ]. e' n* UAdditionally, in terms of post-secondary education and low-income families, the* S, l. W8 J8 k4 d0 _1 g7 R) a5 m
government has introduced a new one-time grant of up to $3,000 for first-year
" L! J6 t4 ]" Pstudents whose family income hovers around $35,000 or less a year.
. k4 m* I* X7 k5 d. yAlberta Centennial Education Savings Plan Act# T$ u1 [. S$ e/ B0 K
During the 2004 Spring Sitting, the Alberta Government introduced and
3 w6 O6 v& b4 z! o! a2 Q# ]' xsubsequently passed the Alberta Centennial Education Savings Plan Act. The
8 h$ x0 n9 ] m. Gprogram created by the Act is available only to residents of Alberta who have
4 D4 @9 t0 F) F; q5 z. H, bchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
: }2 [7 \5 @: |5 u/ ]2 X6 Kglance, seems quite simple in scope but it does have many intricate details that,
9 B$ c8 n& H- R% Y! I. U* oonce communicated, reveal a complicated program that relies on proactive parents) K) k) ~7 V( T9 n9 l, e
to absorb the full benefit of the program.7 Z# n& t! j0 X2 q5 |2 B F
Alberta residents, who have a baby born on January 1, 2005, or after, will be
% ~* L. X- X& meligible for a $500.00 grant toward the baby’s established RESP. The grant will
+ I7 U4 Z" f, qonly be awarded if a RESP is established within the first year of the baby’s birth
: y3 c6 d' e. ^( b(though Alberta Learning is looking to extend this deadline to two years or, albeit. v. r7 m P- \$ U& ^
unlikely, extending the deadline until the baby has reached their first year of
; a* B2 ^$ Z3 U+ i$ G; [# Ischooling). Should a year elapse and the parents do not arrange an RESP account,) m9 M+ r b$ g+ d/ A- @) _
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent3 Z7 t/ z1 Y* k
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of' |0 k: I, P- X( `7 Q7 N
those grants will require parents to provide matching dollars to qualify. These
! t K! @( W/ d% c2 jgrants are awarded with the same limitations and restrictions as the initial $500.00; F9 y5 m8 R* E. S8 _1 s
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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