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Thanks, here are details.
Canada Learning Bond
: G/ j# d2 Q( x5 oThe Federal Government, in the 2004 Budget, introduced the Canada Learning7 _1 ^3 r+ W- g( o2 i7 v7 L* g; F/ s
Bond. The Bond is aimed at helping low-income families save for their children’s( t4 h0 k3 J" Q9 m/ N' T( c
post-secondary education pursuits. Beginning in 2004, each child born to lowincome7 E- K* h, d, [9 j, Z
families, those earning $35,000 or less and who are also entitled to receive
+ }; l, a6 Z0 e( n8 O5 m0 Nthe National Child Benefit, will receive a $500 Canada Learning Bond.
/ h2 V D( A9 [$ PAssuming a child remains qualified for the Canada Learning Bond, the child will7 I! o: u# N% p' a
continue to receive $100.00 in each subsequent year in Canada Learning Bond- v1 G4 A1 I$ M6 ?: h5 A6 r
installments. The Federal Government projects that the Canada Learning Bond will
- e; U3 j- m1 q; scarry a cost of up to $85 million this year and up to 120,000 children will benefit; H# v2 e: C1 |- X! B1 V
from the program2. The government says a child living in a low-income household4 J$ I6 Z0 j0 G0 @6 \( n
could receive up to $2,000 for their education.
+ Z! [9 K* \' g2 K5 JAdditionally, in terms of post-secondary education and low-income families, the
: G" b( G# {; c$ r, k+ Bgovernment has introduced a new one-time grant of up to $3,000 for first-year# i6 m: o4 s3 f) z c5 j6 o, |
students whose family income hovers around $35,000 or less a year./ o, t6 a! A E @. }
Alberta Centennial Education Savings Plan Act+ L! ]% d. p( a+ f& F" v6 v9 P
During the 2004 Spring Sitting, the Alberta Government introduced and
9 h7 V" c$ y! p& v- h; ?" B* msubsequently passed the Alberta Centennial Education Savings Plan Act. The/ ^0 X4 N; ^' @* A
program created by the Act is available only to residents of Alberta who have
, N2 x$ k* W6 f- T$ `4 h% F, }+ cchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ D) X1 A, A* W6 [" \ R# `: d tglance, seems quite simple in scope but it does have many intricate details that,
+ g7 _. d3 r5 U( nonce communicated, reveal a complicated program that relies on proactive parents: ~" x( T+ G+ K- u Y: e
to absorb the full benefit of the program.. \9 o* J- e( p0 u! C5 V9 }
Alberta residents, who have a baby born on January 1, 2005, or after, will be# I1 G" o: O! e
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
' w0 { d! F+ u& K Zonly be awarded if a RESP is established within the first year of the baby’s birth, ?$ E9 B7 U# l
(though Alberta Learning is looking to extend this deadline to two years or, albeit* y2 u8 q* o! {+ V; x' X
unlikely, extending the deadline until the baby has reached their first year of
( ^/ U7 h! q/ aschooling). Should a year elapse and the parents do not arrange an RESP account,
3 ]0 T/ q3 e5 _for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
: a. ~( s( J% k5 X$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of' q' x. o4 a, _" o
those grants will require parents to provide matching dollars to qualify. These; }- l/ l$ V6 \% ?; [" n
grants are awarded with the same limitations and restrictions as the initial $500.00
; ~ N: o; x0 m$ qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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