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Thanks, here are details.
Canada Learning Bond& c0 o0 W+ V' i( m- W! w; G
The Federal Government, in the 2004 Budget, introduced the Canada Learning
& m- w" F% K$ f1 @ y; vBond. The Bond is aimed at helping low-income families save for their children’s$ {0 j# }8 Z% ], ]3 [
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 _7 B! ]4 m. v9 Tfamilies, those earning $35,000 or less and who are also entitled to receive
* T( ?) r- Q; A8 C8 o- Ythe National Child Benefit, will receive a $500 Canada Learning Bond./ F( K+ ?2 Y1 j! W& ~5 U) Z
Assuming a child remains qualified for the Canada Learning Bond, the child will0 H8 J$ ~% g C$ K U8 v
continue to receive $100.00 in each subsequent year in Canada Learning Bond
8 K$ c% y+ j' _& T. @" m8 vinstallments. The Federal Government projects that the Canada Learning Bond will
' t' R/ G$ D# u u$ ycarry a cost of up to $85 million this year and up to 120,000 children will benefit! R+ G5 }& i, `
from the program2. The government says a child living in a low-income household- W; C1 [ I4 n/ m9 l, l
could receive up to $2,000 for their education./ d7 V. ]: N# q( r* y. q+ X( n2 l
Additionally, in terms of post-secondary education and low-income families, the, d2 G! ]+ h/ t
government has introduced a new one-time grant of up to $3,000 for first-year( O* E1 H% P, E
students whose family income hovers around $35,000 or less a year.
$ F, _ t& J7 I9 _0 D) aAlberta Centennial Education Savings Plan Act
( F6 m8 o! r; v5 p8 c0 MDuring the 2004 Spring Sitting, the Alberta Government introduced and6 p- d( |# g+ N2 P5 v
subsequently passed the Alberta Centennial Education Savings Plan Act. The
; I2 ]4 k4 K; ~3 z9 Xprogram created by the Act is available only to residents of Alberta who have
4 M1 w! l2 l; z) U, v5 hchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
) F" P$ A1 j6 oglance, seems quite simple in scope but it does have many intricate details that,/ n4 Z: m/ @3 D( g9 \
once communicated, reveal a complicated program that relies on proactive parents
- C! K$ b' {/ T' b+ A' r! Wto absorb the full benefit of the program.1 H& X4 L! D/ q, G3 q
Alberta residents, who have a baby born on January 1, 2005, or after, will be
d; F- T- p2 E# [1 j6 leligible for a $500.00 grant toward the baby’s established RESP. The grant will' T2 ~; o5 q2 t+ y1 n3 X
only be awarded if a RESP is established within the first year of the baby’s birth
, c5 d; t3 ]7 ^8 p(though Alberta Learning is looking to extend this deadline to two years or, albeit' Z& Z( ?8 z6 p% v6 M' n
unlikely, extending the deadline until the baby has reached their first year of
6 \; j3 f: R7 Cschooling). Should a year elapse and the parents do not arrange an RESP account,
; ~2 ]. } k1 u" u, w' ~/ bfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
$ V% j) Y; g, O" _7 i$ u9 U. B$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
# {( N( P4 t( L, fthose grants will require parents to provide matching dollars to qualify. These
( M, V+ y# i% X$ kgrants are awarded with the same limitations and restrictions as the initial $500.00+ U$ i/ [+ P5 Z, R+ o: @
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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