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Thanks, here are details.
Canada Learning Bond/ F9 }; I, F+ M' ]5 p# \
The Federal Government, in the 2004 Budget, introduced the Canada Learning) ^+ n6 R6 Z o$ a1 U, j8 `; b, Q
Bond. The Bond is aimed at helping low-income families save for their children’s
) W4 I1 Z8 F! ?6 `post-secondary education pursuits. Beginning in 2004, each child born to lowincome/ G( M8 a' j; k6 v
families, those earning $35,000 or less and who are also entitled to receive
; ~8 C- q" i, w* O, hthe National Child Benefit, will receive a $500 Canada Learning Bond.
: X( J+ m" f# n% W& a! a% cAssuming a child remains qualified for the Canada Learning Bond, the child will9 A; s9 ~7 T' M8 `$ J) m
continue to receive $100.00 in each subsequent year in Canada Learning Bond7 W) p. c0 {) J$ z, x
installments. The Federal Government projects that the Canada Learning Bond will
/ M' c, q1 f2 U* a9 z. rcarry a cost of up to $85 million this year and up to 120,000 children will benefit
9 D: h- l( M0 g7 A9 Vfrom the program2. The government says a child living in a low-income household, _/ w7 {" S' \( o0 V8 L
could receive up to $2,000 for their education.0 G$ {3 j$ G/ N3 z8 D( k
Additionally, in terms of post-secondary education and low-income families, the
6 v `& }$ V `- Vgovernment has introduced a new one-time grant of up to $3,000 for first-year% ?5 c$ Z( [' F2 R
students whose family income hovers around $35,000 or less a year.) @1 f: _1 d( a7 }& C
Alberta Centennial Education Savings Plan Act
2 P/ p; M! k! F7 TDuring the 2004 Spring Sitting, the Alberta Government introduced and
' L& Z5 E# e+ ]subsequently passed the Alberta Centennial Education Savings Plan Act. The
) ^* Y9 ]4 d- e/ {$ x+ c& ?program created by the Act is available only to residents of Alberta who have
- a' z: g9 y" V1 l t: {9 a$ ^' Z& \children born after January 1, 2005 (Alberta’s Centennial). The program, at first
/ {0 N E$ T) @' L8 [9 F. d7 Eglance, seems quite simple in scope but it does have many intricate details that,1 M: n+ V8 v) Z
once communicated, reveal a complicated program that relies on proactive parents9 O0 E) D! R2 v9 |
to absorb the full benefit of the program. U0 V9 e* F5 R/ e) z
Alberta residents, who have a baby born on January 1, 2005, or after, will be+ \& l) e' m7 {; Z. @
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
5 ~# K. R+ n: [" u; r& J2 _3 f( Uonly be awarded if a RESP is established within the first year of the baby’s birth9 J3 m, {% }( r0 R
(though Alberta Learning is looking to extend this deadline to two years or, albeit
9 \. M$ t6 B9 Q" c1 i- d2 i. munlikely, extending the deadline until the baby has reached their first year of
* g# w% _* P) f, y; ^4 mschooling). Should a year elapse and the parents do not arrange an RESP account,
e9 l' K8 y7 p: ^: G% bfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent u3 |4 S0 R. i4 k3 [3 _
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of+ `: r! u( L& E" r: P
those grants will require parents to provide matching dollars to qualify. These
# ~8 H, a2 ]! bgrants are awarded with the same limitations and restrictions as the initial $500.005 L6 C' P$ ]4 @9 i) X& L
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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