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Thanks, here are details.
Canada Learning Bond; q9 |" N; o. O; Z2 c; q, q1 ^
The Federal Government, in the 2004 Budget, introduced the Canada Learning" q P, k$ m c+ `0 K
Bond. The Bond is aimed at helping low-income families save for their children’s8 E1 }/ E% F# k2 Z: A
post-secondary education pursuits. Beginning in 2004, each child born to lowincome% k. t; l: \; H& L
families, those earning $35,000 or less and who are also entitled to receive
9 X5 b' o7 \% ~& Vthe National Child Benefit, will receive a $500 Canada Learning Bond.4 }1 Q! O1 f5 H: G* z' d8 _
Assuming a child remains qualified for the Canada Learning Bond, the child will6 p; _7 c' ~" b3 x
continue to receive $100.00 in each subsequent year in Canada Learning Bond& U5 R; Z6 N1 w% K/ X. Y6 M
installments. The Federal Government projects that the Canada Learning Bond will
- U5 e# E3 [$ }$ |0 e8 Tcarry a cost of up to $85 million this year and up to 120,000 children will benefit) i# g' s- X ^
from the program2. The government says a child living in a low-income household
! P) W; U' {( r& R* x" Ycould receive up to $2,000 for their education.
0 x+ x6 x- _ D- _- b0 C* b. {Additionally, in terms of post-secondary education and low-income families, the# A( @5 G" u w8 K, q
government has introduced a new one-time grant of up to $3,000 for first-year# G" U* K2 X& p
students whose family income hovers around $35,000 or less a year.
' C2 Q, f0 C) J* ]/ D0 R2 DAlberta Centennial Education Savings Plan Act
; w4 v+ g" n% \# X6 _- U# h+ c7 VDuring the 2004 Spring Sitting, the Alberta Government introduced and
, {( o5 ?; W& W! N% gsubsequently passed the Alberta Centennial Education Savings Plan Act. The
5 n( N& d# O0 @3 L3 G+ c3 b, wprogram created by the Act is available only to residents of Alberta who have/ o3 u+ X( _4 D% K. W
children born after January 1, 2005 (Alberta’s Centennial). The program, at first% r$ \2 |5 z9 `1 |8 @) B% @
glance, seems quite simple in scope but it does have many intricate details that,& d3 ^" F \+ D% q
once communicated, reveal a complicated program that relies on proactive parents
# P$ E: w* L5 v4 i% _to absorb the full benefit of the program." A p* T. w' E- Y$ H h k
Alberta residents, who have a baby born on January 1, 2005, or after, will be2 w; z# k/ n. c/ y' I
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
' H7 Q/ E: G' R2 x' K* zonly be awarded if a RESP is established within the first year of the baby’s birth( |" w8 O2 G N+ a( A0 }7 s8 O% o7 s
(though Alberta Learning is looking to extend this deadline to two years or, albeit
" ?8 w0 U+ f! ]) m' }- d2 u) Lunlikely, extending the deadline until the baby has reached their first year of
: k2 Q7 l( d6 F3 p5 j9 Pschooling). Should a year elapse and the parents do not arrange an RESP account,$ `9 E3 U( G$ l b, {# l
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent! x/ [9 Q9 z" o* N
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
$ K0 h) \" d4 q3 o/ hthose grants will require parents to provide matching dollars to qualify. These
5 m9 f1 g# F! [2 _grants are awarded with the same limitations and restrictions as the initial $500.004 Z$ F2 a# x; K) c* R2 `. _
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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