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Thanks, here are details.
Canada Learning Bond- I9 |7 t& f8 C& X+ m/ B
The Federal Government, in the 2004 Budget, introduced the Canada Learning* U1 l+ N2 D+ v8 j3 D9 p9 x
Bond. The Bond is aimed at helping low-income families save for their children’s
! Y( f& O# f- ^6 G+ L! s& C3 g3 B/ ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome
# b5 L2 q% U0 M* L0 m: }families, those earning $35,000 or less and who are also entitled to receive
2 o: K% j( y5 F: U8 Y- wthe National Child Benefit, will receive a $500 Canada Learning Bond.
: g& k C- w' C# a' c2 jAssuming a child remains qualified for the Canada Learning Bond, the child will" n- V) j3 H L, B( X
continue to receive $100.00 in each subsequent year in Canada Learning Bond3 i: _+ A) P2 v3 Y& F9 ]( h
installments. The Federal Government projects that the Canada Learning Bond will* b4 p( T0 I! O% `; r2 j
carry a cost of up to $85 million this year and up to 120,000 children will benefit
( o' Q6 V4 a) S4 Y+ |from the program2. The government says a child living in a low-income household
$ u$ ^ _5 r- T- Icould receive up to $2,000 for their education./ K% U: F, ?" u/ V& n! A1 C
Additionally, in terms of post-secondary education and low-income families, the9 N' s7 \3 U e; `! P% |0 }
government has introduced a new one-time grant of up to $3,000 for first-year
; `4 h$ w, M7 o" V4 i& [students whose family income hovers around $35,000 or less a year.: @8 ~; O' N6 }0 f5 f3 k
Alberta Centennial Education Savings Plan Act2 {2 K: g- ?8 n! k6 K. t; V9 u
During the 2004 Spring Sitting, the Alberta Government introduced and$ r1 F1 }, v) h0 c% _/ \# O
subsequently passed the Alberta Centennial Education Savings Plan Act. The3 [$ _$ W4 p+ S& E+ Z% O- T& u$ b& [
program created by the Act is available only to residents of Alberta who have
; f3 V# }5 S hchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first3 d* w3 c) H5 @! E% ]
glance, seems quite simple in scope but it does have many intricate details that,6 t8 u; u y* b
once communicated, reveal a complicated program that relies on proactive parents$ j- w2 R s! ~) [& G0 k3 f b
to absorb the full benefit of the program.
3 \; @8 p- p* N4 a |5 Q& X: PAlberta residents, who have a baby born on January 1, 2005, or after, will be' K# J7 M8 }3 _( D/ H6 ^
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
% {" k; _: R/ {/ i5 J' T. ^# Aonly be awarded if a RESP is established within the first year of the baby’s birth$ S4 H' P% h1 {3 _" u! {* p
(though Alberta Learning is looking to extend this deadline to two years or, albeit: I6 N9 z* d( N `
unlikely, extending the deadline until the baby has reached their first year of5 A7 a! C; X% \+ C# ?/ O- A
schooling). Should a year elapse and the parents do not arrange an RESP account,+ K( O( w! }) s+ L+ q; j
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
, e) Y; h. T* T" d$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of1 O! e2 t9 E( V) \3 q) d. a
those grants will require parents to provide matching dollars to qualify. These
! d* ^( T' {. ^: ]! E j1 Pgrants are awarded with the same limitations and restrictions as the initial $500.00
/ ^3 ^ m6 S7 bgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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