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Thanks, here are details.
Canada Learning Bond8 j2 U! s$ s( @' \: p8 V" w7 Z
The Federal Government, in the 2004 Budget, introduced the Canada Learning- h2 S: F. F4 g
Bond. The Bond is aimed at helping low-income families save for their children’s5 g( n; b# [* Z9 q3 t! j
post-secondary education pursuits. Beginning in 2004, each child born to lowincome. r1 v5 ~6 z- r% T: \
families, those earning $35,000 or less and who are also entitled to receive# j& m# x# _6 ^3 Z# \1 N
the National Child Benefit, will receive a $500 Canada Learning Bond.8 G8 a8 N$ {. A. f/ T6 F2 E
Assuming a child remains qualified for the Canada Learning Bond, the child will% ^% s6 _' o# x& F$ W2 J7 ?
continue to receive $100.00 in each subsequent year in Canada Learning Bond
% j! `( c: ]. \+ e5 p6 ^installments. The Federal Government projects that the Canada Learning Bond will
" H3 T$ B- f- |* G& Ccarry a cost of up to $85 million this year and up to 120,000 children will benefit7 H2 K( S$ \7 V6 p1 ]& Y2 p
from the program2. The government says a child living in a low-income household% G4 z d7 J6 Z0 g# m. M
could receive up to $2,000 for their education.
0 B- P/ t, ~9 tAdditionally, in terms of post-secondary education and low-income families, the
: o0 j: ]. Y8 f' B4 |5 Vgovernment has introduced a new one-time grant of up to $3,000 for first-year
; R4 h7 l% l. F- k6 \students whose family income hovers around $35,000 or less a year.& W: c3 s( \" P
Alberta Centennial Education Savings Plan Act- R p$ g3 V7 S8 w+ s9 Z
During the 2004 Spring Sitting, the Alberta Government introduced and
5 G- B9 _3 ^2 o. X* ~/ ?! Zsubsequently passed the Alberta Centennial Education Savings Plan Act. The- [0 x7 t1 S( v' Q$ v3 j
program created by the Act is available only to residents of Alberta who have
2 K5 P* G; t& e2 ^' p7 `children born after January 1, 2005 (Alberta’s Centennial). The program, at first+ Y3 @3 \1 n0 n& K% n. n
glance, seems quite simple in scope but it does have many intricate details that,/ S. e5 V; r6 L3 G3 B
once communicated, reveal a complicated program that relies on proactive parents, g" V, R8 @1 A6 s6 M- z; {3 g, }
to absorb the full benefit of the program.
% O% o+ s1 A1 N0 S0 v' a zAlberta residents, who have a baby born on January 1, 2005, or after, will be, I; y* n: ^+ m& ~! `0 \
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
- w: `0 L, k2 Qonly be awarded if a RESP is established within the first year of the baby’s birth# |; S$ D2 {8 E
(though Alberta Learning is looking to extend this deadline to two years or, albeit1 x$ `. `) X6 v7 u
unlikely, extending the deadline until the baby has reached their first year of: J, d6 p+ u( a6 [
schooling). Should a year elapse and the parents do not arrange an RESP account,
2 a$ i5 C. ?3 jfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent' A6 ~( @) a4 |4 P
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
1 w! N" L3 L: s3 z# ethose grants will require parents to provide matching dollars to qualify. These% t. h) ]' N& Z }; w
grants are awarded with the same limitations and restrictions as the initial $500.00
) O# |; s5 z: b6 K4 Ugrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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