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Thanks, here are details.
Canada Learning Bond
2 R% B* {$ ~3 {* wThe Federal Government, in the 2004 Budget, introduced the Canada Learning
! w- q- w: ?8 M! bBond. The Bond is aimed at helping low-income families save for their children’s7 A3 H+ @6 n/ A% d. e
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
; t: l4 V3 h8 h0 P* E7 b- ffamilies, those earning $35,000 or less and who are also entitled to receive
9 r8 ~) E) R$ ^/ h+ k" Q2 g$ d8 \the National Child Benefit, will receive a $500 Canada Learning Bond./ L6 q( S' f4 k6 u& ]
Assuming a child remains qualified for the Canada Learning Bond, the child will
: e" U1 t5 F O+ Fcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
. H+ ?8 ^4 h( winstallments. The Federal Government projects that the Canada Learning Bond will0 K3 z4 W) @) [ h8 X6 W# ^6 `
carry a cost of up to $85 million this year and up to 120,000 children will benefit8 W: b$ u! e2 }) O8 F5 ?
from the program2. The government says a child living in a low-income household" l- E# [9 N3 u; D0 ?/ t
could receive up to $2,000 for their education.+ a9 j) ?) r' b' B6 `
Additionally, in terms of post-secondary education and low-income families, the1 {! g# h1 V7 y7 \+ l
government has introduced a new one-time grant of up to $3,000 for first-year
( i9 H0 A7 P8 Tstudents whose family income hovers around $35,000 or less a year.; S, H) z! [; P( f# J6 S# f% Q5 f- M
Alberta Centennial Education Savings Plan Act
1 N$ k) S; p5 ^3 _! A9 M; IDuring the 2004 Spring Sitting, the Alberta Government introduced and
0 [ D( p; U8 [4 b; E: Psubsequently passed the Alberta Centennial Education Savings Plan Act. The
) s. ~4 |* _) I5 Y% \" Wprogram created by the Act is available only to residents of Alberta who have5 `$ D5 n! b! h% n" S- U5 p( ]
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
) V' b8 e0 V; H Uglance, seems quite simple in scope but it does have many intricate details that,
' b$ h( V8 E( |! k( ~8 qonce communicated, reveal a complicated program that relies on proactive parents
7 s# p( b8 g+ K, w3 e6 u2 y- Xto absorb the full benefit of the program.
! p8 K. }: P' IAlberta residents, who have a baby born on January 1, 2005, or after, will be
5 g. i( _1 G6 N4 religible for a $500.00 grant toward the baby’s established RESP. The grant will
. h1 w: Q( f; `6 t/ ponly be awarded if a RESP is established within the first year of the baby’s birth( f# @9 z/ y J% R9 E2 M$ L. H2 L @
(though Alberta Learning is looking to extend this deadline to two years or, albeit
+ ~8 J2 d( {: I) q. t" X" Eunlikely, extending the deadline until the baby has reached their first year of5 v) h( T/ D R6 @) f; T5 U1 X
schooling). Should a year elapse and the parents do not arrange an RESP account,7 T% k; B5 Y% n
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent$ f+ d; [% ?% h5 S0 g0 M
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
# A7 Y1 g. i. J& wthose grants will require parents to provide matching dollars to qualify. These
! S( z& f) h' _2 ]9 H$ A5 egrants are awarded with the same limitations and restrictions as the initial $500.00) I2 ^% H8 C. O) x& X/ m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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