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Thanks, here are details.
Canada Learning Bond
6 J! n% e) ~: \& |The Federal Government, in the 2004 Budget, introduced the Canada Learning8 t- d3 u/ P9 h
Bond. The Bond is aimed at helping low-income families save for their children’s$ k8 v% T/ _/ f$ `2 {3 {3 d1 ~
post-secondary education pursuits. Beginning in 2004, each child born to lowincome9 n* \, J! u( r g$ v" r
families, those earning $35,000 or less and who are also entitled to receive
# ~; u) z; }! O0 k% v( ythe National Child Benefit, will receive a $500 Canada Learning Bond.; l8 i! f9 |: o& F) l
Assuming a child remains qualified for the Canada Learning Bond, the child will
$ M( m5 [ U7 [6 }continue to receive $100.00 in each subsequent year in Canada Learning Bond
6 N% T# ^9 [1 sinstallments. The Federal Government projects that the Canada Learning Bond will
" L; i, C+ ]% p) }. Q Fcarry a cost of up to $85 million this year and up to 120,000 children will benefit4 n; G, e- ^2 W' G6 k+ M
from the program2. The government says a child living in a low-income household
h) T0 `7 e- Pcould receive up to $2,000 for their education.
6 m1 i4 s/ D; F9 r1 jAdditionally, in terms of post-secondary education and low-income families, the
" C: z: M1 R. qgovernment has introduced a new one-time grant of up to $3,000 for first-year6 @; X) ~7 G3 D4 t
students whose family income hovers around $35,000 or less a year.
; Y# X. A% }# f4 Q' aAlberta Centennial Education Savings Plan Act: b8 ~0 F- a% d" D
During the 2004 Spring Sitting, the Alberta Government introduced and1 r x# Q& q# q2 q, X7 t2 [
subsequently passed the Alberta Centennial Education Savings Plan Act. The- w* c% f' E5 j+ _, c& L7 \
program created by the Act is available only to residents of Alberta who have( ]& \; R$ q, K# @6 m6 w' i; A" N
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
" V3 b8 j9 @% Z. [glance, seems quite simple in scope but it does have many intricate details that,
2 x, N$ |' W% S4 yonce communicated, reveal a complicated program that relies on proactive parents9 j% f/ E7 p3 ]
to absorb the full benefit of the program.
9 Q6 R! U% w1 x9 C- ?+ mAlberta residents, who have a baby born on January 1, 2005, or after, will be/ i: R' C+ o6 G0 u8 u
eligible for a $500.00 grant toward the baby’s established RESP. The grant will# ?: V( B+ [- P; `+ r. A2 Q
only be awarded if a RESP is established within the first year of the baby’s birth' Y, s: q) _6 `
(though Alberta Learning is looking to extend this deadline to two years or, albeit. |/ H& B J' Z) z( ]
unlikely, extending the deadline until the baby has reached their first year of" v6 Z' z0 [- N4 O8 U
schooling). Should a year elapse and the parents do not arrange an RESP account,4 B! t K# Z* O- T7 e
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
. o# \* Q5 D! E* X3 j* N, P' y! \$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of6 @$ B" }* U0 ?- B
those grants will require parents to provide matching dollars to qualify. These0 S2 a+ E# U; k' e# O: H
grants are awarded with the same limitations and restrictions as the initial $500.00
2 ^" Y' D8 z) {' M8 g: z qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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