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Thanks, here are details.
Canada Learning Bond; d8 @) b9 \0 N
The Federal Government, in the 2004 Budget, introduced the Canada Learning
3 U9 F) p: K6 r2 ?Bond. The Bond is aimed at helping low-income families save for their children’s
# _; \* b& R- o1 g! F- \# n9 Zpost-secondary education pursuits. Beginning in 2004, each child born to lowincome( \: T6 X% n1 f$ @
families, those earning $35,000 or less and who are also entitled to receive
c' T1 A) y) {the National Child Benefit, will receive a $500 Canada Learning Bond.: L" a, v5 g6 [! p
Assuming a child remains qualified for the Canada Learning Bond, the child will. B- [. o1 |% K8 z6 p7 Z
continue to receive $100.00 in each subsequent year in Canada Learning Bond
$ s* B( }- g+ Hinstallments. The Federal Government projects that the Canada Learning Bond will1 t2 {# _' A. r& C. i( G7 t8 p
carry a cost of up to $85 million this year and up to 120,000 children will benefit+ i4 ?; |/ G! v* m- G
from the program2. The government says a child living in a low-income household' F/ [" l5 w7 O- Y% i1 \2 {/ L
could receive up to $2,000 for their education.
# o+ b5 J; v5 }Additionally, in terms of post-secondary education and low-income families, the6 e J; ^) g1 L) R+ W
government has introduced a new one-time grant of up to $3,000 for first-year( n7 v3 g0 \3 A3 O4 R
students whose family income hovers around $35,000 or less a year.
7 K6 x0 o. x8 h+ A; kAlberta Centennial Education Savings Plan Act2 }% Y4 M$ Q2 P1 X/ ?3 y8 E% D
During the 2004 Spring Sitting, the Alberta Government introduced and7 x% @( J7 E ]; c) v+ D8 Y/ F
subsequently passed the Alberta Centennial Education Savings Plan Act. The
d6 P! K( K. o/ z' E! w% q, D2 G/ Oprogram created by the Act is available only to residents of Alberta who have- @6 h3 u! D4 O
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 c* s4 T0 M2 J% ?, _glance, seems quite simple in scope but it does have many intricate details that,2 E$ s6 {% w w" P/ d7 j3 `) l
once communicated, reveal a complicated program that relies on proactive parents# J, W6 z% }! O
to absorb the full benefit of the program.
2 W7 @9 u5 h8 v' ~ T9 R1 eAlberta residents, who have a baby born on January 1, 2005, or after, will be
0 y: _5 N, E# beligible for a $500.00 grant toward the baby’s established RESP. The grant will
3 Y" H j0 I# h) S2 }* ponly be awarded if a RESP is established within the first year of the baby’s birth
2 G* m8 A1 e4 F( Y% D5 v0 S(though Alberta Learning is looking to extend this deadline to two years or, albeit
' h X }/ i1 Q, e- i/ \unlikely, extending the deadline until the baby has reached their first year of
" P2 k' o. p* |9 I7 \schooling). Should a year elapse and the parents do not arrange an RESP account,/ w! Q S6 z, ]7 ^) Z) i- o
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent0 I3 j& G# w& z
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
. z. J& q& d' n3 nthose grants will require parents to provide matching dollars to qualify. These
7 W: V2 Y) E( [- [" Ygrants are awarded with the same limitations and restrictions as the initial $500.00 q" s0 C/ V0 c" B2 ] w
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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