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Thanks, here are details.
Canada Learning Bond# u) D. ]. { A3 d% m) q. V! C: K* u
The Federal Government, in the 2004 Budget, introduced the Canada Learning
2 ^. `3 |4 B' [2 lBond. The Bond is aimed at helping low-income families save for their children’s* H3 y! n' ^$ E& [* H2 i' i
post-secondary education pursuits. Beginning in 2004, each child born to lowincome2 q \3 h8 G) Q
families, those earning $35,000 or less and who are also entitled to receive
l' d N- W1 D8 b1 C: gthe National Child Benefit, will receive a $500 Canada Learning Bond.
* v+ N8 K7 ?; W$ hAssuming a child remains qualified for the Canada Learning Bond, the child will
2 o) ~' r" v5 _continue to receive $100.00 in each subsequent year in Canada Learning Bond6 S( C& l C/ [+ S* m6 L* U
installments. The Federal Government projects that the Canada Learning Bond will% j; c1 Q+ w+ p5 I* j; h3 p6 j
carry a cost of up to $85 million this year and up to 120,000 children will benefit4 J3 K! v1 B" ?0 `: E3 @
from the program2. The government says a child living in a low-income household7 y' N% d4 C4 h3 {+ m8 c
could receive up to $2,000 for their education.4 {/ D7 B; R" X, A) E. s6 X
Additionally, in terms of post-secondary education and low-income families, the* I; D F' L e& F/ s; [1 |
government has introduced a new one-time grant of up to $3,000 for first-year' O* V; c; c# j% \+ n' E+ B
students whose family income hovers around $35,000 or less a year.
. G( j3 q B% |! y4 ~Alberta Centennial Education Savings Plan Act
. [, f( C2 y9 ?0 |2 ZDuring the 2004 Spring Sitting, the Alberta Government introduced and5 M! F F: b4 F
subsequently passed the Alberta Centennial Education Savings Plan Act. The
& N: X4 u/ @1 Oprogram created by the Act is available only to residents of Alberta who have( Q7 h2 l- H$ h4 F# x
children born after January 1, 2005 (Alberta’s Centennial). The program, at first; A: C( E( {6 L/ |5 \$ b; i4 H% b; E
glance, seems quite simple in scope but it does have many intricate details that,7 q9 O) [3 K( S6 Z' l: a
once communicated, reveal a complicated program that relies on proactive parents; q' A/ V- |* y+ s1 u3 L
to absorb the full benefit of the program.
, d* Z% d# R+ d- }" |; \4 FAlberta residents, who have a baby born on January 1, 2005, or after, will be1 _7 ~# j. v \4 o# ~& [+ a
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
. \- u/ @& |& \* \! n4 \only be awarded if a RESP is established within the first year of the baby’s birth
* E% `; w& J% L(though Alberta Learning is looking to extend this deadline to two years or, albeit
* Q+ R0 k2 T8 I) Dunlikely, extending the deadline until the baby has reached their first year of/ t& g) R- @( j5 q* F
schooling). Should a year elapse and the parents do not arrange an RESP account,4 P) \2 h2 ?9 }2 |' L2 @
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent# O) s/ A. F: p+ ?
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of' Q% L! |5 u y
those grants will require parents to provide matching dollars to qualify. These( E2 U! P2 a5 L9 |9 R/ e1 [
grants are awarded with the same limitations and restrictions as the initial $500.00
; a8 f$ E( g. G d" lgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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