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Thanks, here are details.
Canada Learning Bond8 }! R, }9 e9 R8 J: e3 r5 H5 I' Q
The Federal Government, in the 2004 Budget, introduced the Canada Learning# b4 V8 y: y* w
Bond. The Bond is aimed at helping low-income families save for their children’s5 M, N( [" t5 f* O0 M
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 H# i a1 h) y8 E$ |1 Q S6 V- Lfamilies, those earning $35,000 or less and who are also entitled to receive. ^) i& R; }* l' _3 }' T
the National Child Benefit, will receive a $500 Canada Learning Bond./ |; b$ G% S, F+ |% G2 J% p
Assuming a child remains qualified for the Canada Learning Bond, the child will
8 h. q7 g+ R8 x8 u! O* W! Y% jcontinue to receive $100.00 in each subsequent year in Canada Learning Bond+ Q! D# d: Y I# a
installments. The Federal Government projects that the Canada Learning Bond will3 }3 n$ \6 [+ |: G+ y1 l
carry a cost of up to $85 million this year and up to 120,000 children will benefit
2 m/ f- }5 o9 g3 S) Xfrom the program2. The government says a child living in a low-income household
6 M/ r3 \6 [ r6 w& G# gcould receive up to $2,000 for their education.) G' k# p$ s: @' P: E; Y0 O. Q
Additionally, in terms of post-secondary education and low-income families, the( d9 C% Y3 S4 E1 `- |( X5 P
government has introduced a new one-time grant of up to $3,000 for first-year/ d" y( A9 C3 ?
students whose family income hovers around $35,000 or less a year.
; V7 `. H; P) G$ z( c/ n( vAlberta Centennial Education Savings Plan Act
0 f P) [" A7 f; M5 v) d+ e6 nDuring the 2004 Spring Sitting, the Alberta Government introduced and' `( F, m* t* V, ^2 ~3 h3 z& T% L2 x, u
subsequently passed the Alberta Centennial Education Savings Plan Act. The7 G3 A. L% A' u3 D2 t
program created by the Act is available only to residents of Alberta who have
% s* C" a4 }! V) P4 Qchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
# h) G( D! W1 c: _0 e' Aglance, seems quite simple in scope but it does have many intricate details that,
! J$ F! Y7 t% C y8 r7 W6 E1 X# ronce communicated, reveal a complicated program that relies on proactive parents
; n D0 B+ o& d' e, \to absorb the full benefit of the program.5 V, J6 h3 M# e5 V+ Y% K' D
Alberta residents, who have a baby born on January 1, 2005, or after, will be2 H2 R: Q' D" D0 g5 y+ C
eligible for a $500.00 grant toward the baby’s established RESP. The grant will5 c; h& ^6 @# `
only be awarded if a RESP is established within the first year of the baby’s birth6 @! f1 S4 L( h3 |1 n
(though Alberta Learning is looking to extend this deadline to two years or, albeit( b' p6 V) L7 U0 V# Q
unlikely, extending the deadline until the baby has reached their first year of5 S+ Y7 |2 ~* d$ \( Q" c' o8 k
schooling). Should a year elapse and the parents do not arrange an RESP account, M3 K# u/ r0 K# b+ x& f" T% H
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
) ~0 S: K( F: h9 Z; L0 D) e$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of8 ?8 c/ y: y, g7 V3 c; E
those grants will require parents to provide matching dollars to qualify. These
8 H& y* i, X5 Igrants are awarded with the same limitations and restrictions as the initial $500.00
. Y* S0 a% H2 t; Rgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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