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Thanks, here are details.
Canada Learning Bond- f3 B/ {9 q0 ~8 |8 X, e8 R" N; s
The Federal Government, in the 2004 Budget, introduced the Canada Learning6 B' T! I" Y1 o2 ~/ G! z1 _+ B8 n
Bond. The Bond is aimed at helping low-income families save for their children’s- W$ F; i3 O0 D) p7 Z
post-secondary education pursuits. Beginning in 2004, each child born to lowincome) j u2 |! B" b# p& c& L& p
families, those earning $35,000 or less and who are also entitled to receive! d- t) K; L& N" S E
the National Child Benefit, will receive a $500 Canada Learning Bond.- x% l0 T9 f ~
Assuming a child remains qualified for the Canada Learning Bond, the child will
3 r/ P' Y' r, r6 Hcontinue to receive $100.00 in each subsequent year in Canada Learning Bond# w7 P4 h. |$ i
installments. The Federal Government projects that the Canada Learning Bond will ^ a( N+ V( _* x% R$ K
carry a cost of up to $85 million this year and up to 120,000 children will benefit% g$ p! }. ~# P! I4 N
from the program2. The government says a child living in a low-income household& S1 p% e" M$ D5 c
could receive up to $2,000 for their education.
2 r5 O& w9 R" hAdditionally, in terms of post-secondary education and low-income families, the
( F: S4 [2 `4 H8 a5 O4 Lgovernment has introduced a new one-time grant of up to $3,000 for first-year
0 e3 `- y3 A/ x) r( G- qstudents whose family income hovers around $35,000 or less a year.
' ?7 z7 Z. L: D) HAlberta Centennial Education Savings Plan Act
- t- k$ g, f$ U" X) O& ?During the 2004 Spring Sitting, the Alberta Government introduced and
# i% B2 ? I V; o* ysubsequently passed the Alberta Centennial Education Savings Plan Act. The9 R9 q8 S! z3 ]
program created by the Act is available only to residents of Alberta who have5 n) L* }$ c4 D) h4 Q! s/ l* g
children born after January 1, 2005 (Alberta’s Centennial). The program, at first# l9 @! T% A1 k0 b6 ` e! {
glance, seems quite simple in scope but it does have many intricate details that,
% G" o3 b- X2 }/ b. v" I! R; Q# z conce communicated, reveal a complicated program that relies on proactive parents2 q+ `; B6 j" w# `) C' Y
to absorb the full benefit of the program.
; [5 h5 h; N: k/ N$ MAlberta residents, who have a baby born on January 1, 2005, or after, will be( b6 P7 J* O5 x' H# A
eligible for a $500.00 grant toward the baby’s established RESP. The grant will4 A# z. c# D& J5 Y) B
only be awarded if a RESP is established within the first year of the baby’s birth
5 J. t3 G% s, N(though Alberta Learning is looking to extend this deadline to two years or, albeit
' L) o0 q# A, funlikely, extending the deadline until the baby has reached their first year of
! R+ [: w# i I( A# }) u' kschooling). Should a year elapse and the parents do not arrange an RESP account,
8 n" \3 z; i, m- z7 ]# gfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
% N; Q( v/ v7 b4 f/ t& F U$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
, K0 k' z$ @: x0 P" t( jthose grants will require parents to provide matching dollars to qualify. These1 q& F* V" Z3 U( J
grants are awarded with the same limitations and restrictions as the initial $500.004 T8 k& o- K. R; ], b
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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