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Thanks, here are details.
Canada Learning Bond. \6 c' }5 C1 @ ^- ~
The Federal Government, in the 2004 Budget, introduced the Canada Learning
! R, s: M5 t" s% \Bond. The Bond is aimed at helping low-income families save for their children’s
8 X8 F7 r, Y. Npost-secondary education pursuits. Beginning in 2004, each child born to lowincome4 ]: j) L# D5 g3 ^: d
families, those earning $35,000 or less and who are also entitled to receive: D) a3 q6 T6 L4 J, m
the National Child Benefit, will receive a $500 Canada Learning Bond./ K$ J8 D1 [3 ]( U
Assuming a child remains qualified for the Canada Learning Bond, the child will
5 K* Y$ Y: B0 I1 A0 ?continue to receive $100.00 in each subsequent year in Canada Learning Bond; p; w2 r d; y+ [$ d' P
installments. The Federal Government projects that the Canada Learning Bond will
4 \- D! B1 I$ `/ v( @2 ucarry a cost of up to $85 million this year and up to 120,000 children will benefit
" z+ E# A. G! O( v8 Y' N3 [: p$ ifrom the program2. The government says a child living in a low-income household. p$ h# [7 }2 v
could receive up to $2,000 for their education.
% l! v5 ]: T% t3 H! i) M) eAdditionally, in terms of post-secondary education and low-income families, the
0 w8 [# J) \- V- I1 o) M3 [government has introduced a new one-time grant of up to $3,000 for first-year
/ ^, q; {! |" J( t( {: f) \students whose family income hovers around $35,000 or less a year.* h% j% y$ o* J) G( w1 C ^! i# d
Alberta Centennial Education Savings Plan Act
- m" J) Y3 K: K3 k4 f. b5 `& I% bDuring the 2004 Spring Sitting, the Alberta Government introduced and
$ x$ [* q4 R" _9 a, U5 c6 N# K+ q# Gsubsequently passed the Alberta Centennial Education Savings Plan Act. The
7 [0 f7 y9 l9 C2 P9 @3 ^( j" `program created by the Act is available only to residents of Alberta who have, j+ \% v6 d; b D. O0 R
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ y0 j- G7 z8 J& E# Iglance, seems quite simple in scope but it does have many intricate details that,
# {( L( ^' ?9 a; u; X: y8 k! L) Gonce communicated, reveal a complicated program that relies on proactive parents
, o& m- A- W4 S# Yto absorb the full benefit of the program.7 Z" j/ I) @! K; ?. ^
Alberta residents, who have a baby born on January 1, 2005, or after, will be
, Q0 d3 t# J" C; h$ L! u* yeligible for a $500.00 grant toward the baby’s established RESP. The grant will6 O6 S1 [3 N# \
only be awarded if a RESP is established within the first year of the baby’s birth8 v& U- n7 v% c4 H0 k2 x
(though Alberta Learning is looking to extend this deadline to two years or, albeit
' t! X- |$ t9 ?, P- C6 \# w2 @8 z2 eunlikely, extending the deadline until the baby has reached their first year of
H$ W4 i: k, y# T" H! `2 hschooling). Should a year elapse and the parents do not arrange an RESP account,0 w+ m9 b) C+ P+ n; a( g
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent0 _+ {1 A& p3 q" Y
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 E: ?0 T2 R9 n; ^, Qthose grants will require parents to provide matching dollars to qualify. These/ s4 t' { ]& Y% Z$ h
grants are awarded with the same limitations and restrictions as the initial $500.00
. C/ L/ o( U* M) j6 h+ o* k$ Egrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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