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Thanks, here are details.
Canada Learning Bond
I9 s, z8 J' YThe Federal Government, in the 2004 Budget, introduced the Canada Learning- R7 g3 w4 o) |) q, y5 A
Bond. The Bond is aimed at helping low-income families save for their children’s8 i ~$ v! D& v" u7 s
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 \+ |, Y- p" ?families, those earning $35,000 or less and who are also entitled to receive
7 m: R1 ^, M! x; t; o# S. [$ hthe National Child Benefit, will receive a $500 Canada Learning Bond.
. R3 d, e5 ^* \2 h; s7 NAssuming a child remains qualified for the Canada Learning Bond, the child will
. [2 J! z8 M0 Zcontinue to receive $100.00 in each subsequent year in Canada Learning Bond% y2 \' {' U: |: H" X9 V2 L$ F3 A
installments. The Federal Government projects that the Canada Learning Bond will! P1 o9 B$ ]; T8 _3 \; J
carry a cost of up to $85 million this year and up to 120,000 children will benefit- J) Z1 M( Z& g; W& O
from the program2. The government says a child living in a low-income household. ?9 c. b) H; P: V8 L! m5 L4 [. V
could receive up to $2,000 for their education.# [: Q% R# ~) y& G% B" R$ X$ G
Additionally, in terms of post-secondary education and low-income families, the. b4 l' Z- |, d3 m) F2 r! P {4 f8 h
government has introduced a new one-time grant of up to $3,000 for first-year& u$ S9 D5 f* V" ?& H* d) r
students whose family income hovers around $35,000 or less a year.! A! @0 d7 @ C7 C$ H
Alberta Centennial Education Savings Plan Act
6 h0 H' R% W6 n: V, F @. BDuring the 2004 Spring Sitting, the Alberta Government introduced and
5 @+ `* Q0 {2 N; q8 T5 \subsequently passed the Alberta Centennial Education Savings Plan Act. The V9 U- l( @( W& Y, V9 N! k) A
program created by the Act is available only to residents of Alberta who have
H* c* z' u8 v* _children born after January 1, 2005 (Alberta’s Centennial). The program, at first' O( H/ T9 K4 @
glance, seems quite simple in scope but it does have many intricate details that,/ x2 O- X! D, h& u0 N. N
once communicated, reveal a complicated program that relies on proactive parents& F* E5 Z [. C
to absorb the full benefit of the program.
: Z/ |4 H( [# g1 a. T" {3 L( z+ I' QAlberta residents, who have a baby born on January 1, 2005, or after, will be
, ~9 u" P3 i3 r& O$ w; n. |5 eeligible for a $500.00 grant toward the baby’s established RESP. The grant will6 W( F1 P9 S0 @# _4 `
only be awarded if a RESP is established within the first year of the baby’s birth
( N8 N7 x0 c2 {(though Alberta Learning is looking to extend this deadline to two years or, albeit
/ B& c& e% t/ p. a( X9 ~unlikely, extending the deadline until the baby has reached their first year of+ r# t) f4 [- i" Q* T
schooling). Should a year elapse and the parents do not arrange an RESP account,
5 y( U; Q+ b2 M0 o1 V% ^+ yfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
; `9 n/ a; S& k. T$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
; g5 C& h7 Z1 l& bthose grants will require parents to provide matching dollars to qualify. These
+ {2 I2 X. ]! Y" R$ egrants are awarded with the same limitations and restrictions as the initial $500.00
/ i( y# ]4 a" z6 I: B _grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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