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Thanks, here are details.
Canada Learning Bond6 p# S3 [+ u3 m* l4 b+ X
The Federal Government, in the 2004 Budget, introduced the Canada Learning3 {# G" y8 Y/ @7 U: J
Bond. The Bond is aimed at helping low-income families save for their children’s6 C* v! V% t% n8 W& \
post-secondary education pursuits. Beginning in 2004, each child born to lowincome- N' N4 s" D: [* d
families, those earning $35,000 or less and who are also entitled to receive: k9 L& T. O8 P( X3 ~1 O2 W# J' w
the National Child Benefit, will receive a $500 Canada Learning Bond.1 J8 c) V$ F9 v6 e4 d: O" v6 G9 y7 ?
Assuming a child remains qualified for the Canada Learning Bond, the child will
* z$ j3 s( B# ^$ @2 y* T# D* dcontinue to receive $100.00 in each subsequent year in Canada Learning Bond3 ], j& e+ l% ]6 l
installments. The Federal Government projects that the Canada Learning Bond will
# S$ V% R& G% T; [carry a cost of up to $85 million this year and up to 120,000 children will benefit: r8 x) b$ u9 U. u, R& Z( Y
from the program2. The government says a child living in a low-income household
$ y: v$ h! {8 B. _1 `4 ycould receive up to $2,000 for their education.
7 X- }& I8 C7 uAdditionally, in terms of post-secondary education and low-income families, the
9 S0 H7 N; j& v- d3 {% hgovernment has introduced a new one-time grant of up to $3,000 for first-year" k+ D7 \4 l' ~. G _7 U* V) ?: y
students whose family income hovers around $35,000 or less a year.3 e. g4 ]$ U* Z
Alberta Centennial Education Savings Plan Act; V3 Q& J$ {% p) Q
During the 2004 Spring Sitting, the Alberta Government introduced and; Z* G' N8 _( V0 L1 [2 o
subsequently passed the Alberta Centennial Education Savings Plan Act. The* p0 V& }8 C% E) b/ ?' w+ t
program created by the Act is available only to residents of Alberta who have
2 ^* Q! ]9 o0 achildren born after January 1, 2005 (Alberta’s Centennial). The program, at first! s1 ^. j( l( K3 @
glance, seems quite simple in scope but it does have many intricate details that,
8 K6 h* e0 q, M+ ]once communicated, reveal a complicated program that relies on proactive parents+ g! ~1 e9 ?" C8 |/ g! y) U9 \" z
to absorb the full benefit of the program.
6 M' Z8 c% F6 f& {Alberta residents, who have a baby born on January 1, 2005, or after, will be
, X: c# u$ D# C% a' v! U( v& Feligible for a $500.00 grant toward the baby’s established RESP. The grant will
U3 w# }$ z. a( R% N: K+ c; ]only be awarded if a RESP is established within the first year of the baby’s birth
. Q Y1 J. I A$ L(though Alberta Learning is looking to extend this deadline to two years or, albeit1 o2 A! t+ T; m
unlikely, extending the deadline until the baby has reached their first year of
: m; S" c$ c/ z6 P, X8 Oschooling). Should a year elapse and the parents do not arrange an RESP account,
9 I& m8 R; c7 G% y) M( R5 A5 Xfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent! o) k) c( e( ~* l9 c% c
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
: F7 I* F/ |1 F0 lthose grants will require parents to provide matching dollars to qualify. These3 V9 F B3 b$ U1 k
grants are awarded with the same limitations and restrictions as the initial $500.00& D# w* a- N+ Q+ y0 w: X) o0 G
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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