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Thanks, here are details.
Canada Learning Bond
8 W& G/ d. h5 p0 pThe Federal Government, in the 2004 Budget, introduced the Canada Learning4 I; `, }/ z9 i8 Q+ ?6 D, ?
Bond. The Bond is aimed at helping low-income families save for their children’s
. l$ J1 H; m1 b# z: Ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome) I$ F6 }& K# ^" M; S8 w* w( _
families, those earning $35,000 or less and who are also entitled to receive
6 v3 O; `9 L8 U* h. e9 v0 @the National Child Benefit, will receive a $500 Canada Learning Bond. `8 k9 k2 H- U) `4 m9 _* v {
Assuming a child remains qualified for the Canada Learning Bond, the child will
* j# i( C E! R9 |: Z2 @; ^; j6 Bcontinue to receive $100.00 in each subsequent year in Canada Learning Bond8 z0 `* s! S& U* w: ^
installments. The Federal Government projects that the Canada Learning Bond will
5 d* e1 e3 @' _( n- qcarry a cost of up to $85 million this year and up to 120,000 children will benefit
6 Z! r( Q0 a: E$ w+ ], @from the program2. The government says a child living in a low-income household' j( i' Y2 h4 m( Q& H* V
could receive up to $2,000 for their education./ _1 g8 A8 U( n4 m' `( x
Additionally, in terms of post-secondary education and low-income families, the. w( D+ h" W$ M: D6 Q$ c
government has introduced a new one-time grant of up to $3,000 for first-year4 ?; G- y: g* q# r9 T2 L
students whose family income hovers around $35,000 or less a year.! h* b9 z3 X- L" T! }& n
Alberta Centennial Education Savings Plan Act! Y! |6 _5 r1 A& x
During the 2004 Spring Sitting, the Alberta Government introduced and# _5 C0 P+ a8 e" `8 U& n
subsequently passed the Alberta Centennial Education Savings Plan Act. The! w# O6 ~) d& p& S8 ^: U0 c D
program created by the Act is available only to residents of Alberta who have
4 p7 ]% J! M2 W8 [. Q' |) bchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
+ b$ e+ ^4 p/ Q$ Lglance, seems quite simple in scope but it does have many intricate details that,
3 L9 g1 _7 ~$ ?$ b7 G( vonce communicated, reveal a complicated program that relies on proactive parents
: {7 U) g! v$ B! y* y' L, Ato absorb the full benefit of the program.
# M* D; T# G9 z! DAlberta residents, who have a baby born on January 1, 2005, or after, will be
: U2 B6 m$ Z: t; a! z6 C1 N5 h3 E) yeligible for a $500.00 grant toward the baby’s established RESP. The grant will3 U0 U( y! b7 w3 \# a I( p
only be awarded if a RESP is established within the first year of the baby’s birth
- [8 q7 z: W2 u) Z0 N(though Alberta Learning is looking to extend this deadline to two years or, albeit
0 F. E; q4 K/ I5 ]5 l0 @7 punlikely, extending the deadline until the baby has reached their first year of
' {/ H7 o$ C6 s& L0 Yschooling). Should a year elapse and the parents do not arrange an RESP account,
7 u! Q; n- ~7 ?& ffor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
3 t" Y4 M5 D; X3 t$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
# u/ N" ~) t0 ] K8 fthose grants will require parents to provide matching dollars to qualify. These# j. `8 a t' t9 m" z
grants are awarded with the same limitations and restrictions as the initial $500.00/ \0 H# K- C9 Z! G" _
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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