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Thanks, here are details.
Canada Learning Bond
- j7 P+ c) D+ f$ S' {& @3 v. hThe Federal Government, in the 2004 Budget, introduced the Canada Learning
7 n7 E3 R$ Q: aBond. The Bond is aimed at helping low-income families save for their children’s" y: D+ r9 D) e0 n( }4 J9 l
post-secondary education pursuits. Beginning in 2004, each child born to lowincome8 J7 ]! D$ ~1 N2 _; B
families, those earning $35,000 or less and who are also entitled to receive
4 A; F$ U1 Y) h# ]the National Child Benefit, will receive a $500 Canada Learning Bond.+ L) y+ ]9 |' v" w: J+ x
Assuming a child remains qualified for the Canada Learning Bond, the child will: n! G$ D! M6 s7 \7 B% e
continue to receive $100.00 in each subsequent year in Canada Learning Bond
( q; `- [: B9 t0 ?1 ]) r5 `installments. The Federal Government projects that the Canada Learning Bond will+ y' b. I2 N# y' s
carry a cost of up to $85 million this year and up to 120,000 children will benefit
, G5 b; S& b( y5 n* E# y+ Sfrom the program2. The government says a child living in a low-income household2 S) @0 w) j) R/ d3 r, ]( M2 G
could receive up to $2,000 for their education.
/ C- H- p. J& nAdditionally, in terms of post-secondary education and low-income families, the
* G9 @. k- ]9 @7 I8 mgovernment has introduced a new one-time grant of up to $3,000 for first-year# c$ J. M* z6 p& j
students whose family income hovers around $35,000 or less a year.
9 E" V& B- l: c8 pAlberta Centennial Education Savings Plan Act( _+ s( z$ P m, [: p
During the 2004 Spring Sitting, the Alberta Government introduced and
% j7 E, {, U) m1 A( I% V' Q" Ssubsequently passed the Alberta Centennial Education Savings Plan Act. The
) d. E& ~0 K, X* r1 sprogram created by the Act is available only to residents of Alberta who have
+ r( d/ }0 J- d3 ~. echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
% @5 a! N5 W8 ]# Q- h0 dglance, seems quite simple in scope but it does have many intricate details that,
; |/ D* @8 }5 \once communicated, reveal a complicated program that relies on proactive parents" a4 R: J- \# R7 r" |* f
to absorb the full benefit of the program.0 l" r+ G v4 I' u( n% E& w i( [3 y
Alberta residents, who have a baby born on January 1, 2005, or after, will be
2 P e4 J8 P, R. ]eligible for a $500.00 grant toward the baby’s established RESP. The grant will
! l( t/ M- U: g# q: d/ F6 W$ sonly be awarded if a RESP is established within the first year of the baby’s birth7 W' P3 M7 }# N4 I6 c
(though Alberta Learning is looking to extend this deadline to two years or, albeit
: h. m! c, n- }: c) ?unlikely, extending the deadline until the baby has reached their first year of/ R4 b2 |. ~7 l* o9 Y! u
schooling). Should a year elapse and the parents do not arrange an RESP account,
% n5 @% v- v2 P' D) C# f9 cfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
3 a+ F! w6 p$ [) I$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
% X. S/ o$ X8 l* j6 U# Dthose grants will require parents to provide matching dollars to qualify. These
9 d! V; b0 {7 K$ k% \grants are awarded with the same limitations and restrictions as the initial $500.00
: v4 n4 G3 R( m2 Igrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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