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Thanks, here are details.
Canada Learning Bond
. y! s7 p, Y* ^: d! YThe Federal Government, in the 2004 Budget, introduced the Canada Learning
: U' r0 o+ C% T1 D9 r; }5 L/ kBond. The Bond is aimed at helping low-income families save for their children’s1 |9 I1 `9 ]5 r4 z. h( R
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
1 f, J f9 I. i( `3 o7 Nfamilies, those earning $35,000 or less and who are also entitled to receive: c% L6 u9 L( {* {7 Y
the National Child Benefit, will receive a $500 Canada Learning Bond.
5 [/ u- `& f5 C' F& W; iAssuming a child remains qualified for the Canada Learning Bond, the child will, o4 l9 g: Z( w5 c/ h
continue to receive $100.00 in each subsequent year in Canada Learning Bond
- |7 o0 W! w, X- f4 @1 l( T9 jinstallments. The Federal Government projects that the Canada Learning Bond will
! d \; V% T; q5 Q: \' F! E4 ycarry a cost of up to $85 million this year and up to 120,000 children will benefit$ ]8 z V$ U- ~! u
from the program2. The government says a child living in a low-income household0 u% S3 e+ I2 d) E- l
could receive up to $2,000 for their education.8 @! f3 L2 T5 T
Additionally, in terms of post-secondary education and low-income families, the3 H5 A$ s, Z! h6 F& T
government has introduced a new one-time grant of up to $3,000 for first-year
7 Q" O8 s& S, L4 I2 u* Pstudents whose family income hovers around $35,000 or less a year.
/ x2 X6 }: ~" i% @7 F% z8 `, W$ F \Alberta Centennial Education Savings Plan Act
' a: U1 \) L$ l `& XDuring the 2004 Spring Sitting, the Alberta Government introduced and
8 q$ B5 y* ?: r9 t# Wsubsequently passed the Alberta Centennial Education Savings Plan Act. The# ^( J |0 A+ }$ n' ]
program created by the Act is available only to residents of Alberta who have5 K0 M3 J2 k( w% e; J9 `
children born after January 1, 2005 (Alberta’s Centennial). The program, at first2 g' [3 e. M* V. A3 K* L
glance, seems quite simple in scope but it does have many intricate details that,. B, s6 F- i+ Y. |6 Z0 ]
once communicated, reveal a complicated program that relies on proactive parents
1 o% t& P7 o; Wto absorb the full benefit of the program.& N& g; D' I0 U" ?' ?) _% H
Alberta residents, who have a baby born on January 1, 2005, or after, will be
( U( e9 ]$ u. \2 a @0 n* neligible for a $500.00 grant toward the baby’s established RESP. The grant will8 V2 n5 F# A5 f& I) B* ^9 J% q
only be awarded if a RESP is established within the first year of the baby’s birth) a1 ^9 \) J5 Q8 u( W& U
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ ^$ I4 R" i' N+ I
unlikely, extending the deadline until the baby has reached their first year of
( b# C6 T: a$ w+ w6 _- H4 ischooling). Should a year elapse and the parents do not arrange an RESP account,% D; k' O, e+ L2 B) }% T
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
: r. D- v5 d7 _2 P3 h$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of4 D7 w( B' F/ Q. Q, x( V
those grants will require parents to provide matching dollars to qualify. These5 R3 i) M; |0 q$ J
grants are awarded with the same limitations and restrictions as the initial $500.00
- ~& G4 ?. Z6 p2 Bgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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