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Thanks, here are details.
Canada Learning Bond
. ]' ~# l$ C# I, b8 @% G5 q1 r( Z. uThe Federal Government, in the 2004 Budget, introduced the Canada Learning
$ L5 w9 z# _& r# Q' eBond. The Bond is aimed at helping low-income families save for their children’s% W+ J. f. y- D8 d" N1 _
post-secondary education pursuits. Beginning in 2004, each child born to lowincome( j5 K: X/ d Y
families, those earning $35,000 or less and who are also entitled to receive
! @& G2 d R& ] @the National Child Benefit, will receive a $500 Canada Learning Bond.* v& V( a1 M1 ^4 ~
Assuming a child remains qualified for the Canada Learning Bond, the child will
: O; N9 q1 o9 {' P; W$ @( y; gcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
& j5 r: u" S+ g, ?$ |installments. The Federal Government projects that the Canada Learning Bond will5 n; \& N! w- N3 g) g
carry a cost of up to $85 million this year and up to 120,000 children will benefit3 H7 O( g5 Y% e. _2 L) Z- v
from the program2. The government says a child living in a low-income household4 c: P3 J: A' z; u8 Z4 ]
could receive up to $2,000 for their education.( |: q7 d& |% S7 ], @
Additionally, in terms of post-secondary education and low-income families, the! B; _0 A2 H. S. w6 h
government has introduced a new one-time grant of up to $3,000 for first-year
! h5 z) e1 I6 [2 ~$ \& t0 _* J* Jstudents whose family income hovers around $35,000 or less a year.
. m+ z' u. v; j8 _4 pAlberta Centennial Education Savings Plan Act, Z( r( U- r4 g: a/ j5 p1 w; B
During the 2004 Spring Sitting, the Alberta Government introduced and) G7 L3 w: ^& O9 k0 w- Z
subsequently passed the Alberta Centennial Education Savings Plan Act. The
) u" C: C7 h6 Q) g4 l! F9 L2 j, Eprogram created by the Act is available only to residents of Alberta who have
& `0 z' R+ @4 o) Fchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
" h: ^" q7 t% ?. _glance, seems quite simple in scope but it does have many intricate details that,
1 v! g# j* u2 @' J' M: `once communicated, reveal a complicated program that relies on proactive parents: w- w" E+ W4 G/ k% a) }- n
to absorb the full benefit of the program.
8 c5 O9 p8 ?; cAlberta residents, who have a baby born on January 1, 2005, or after, will be7 Y( U% R, G4 b! [$ ^1 g+ x) u; {- B
eligible for a $500.00 grant toward the baby’s established RESP. The grant will' O; ]8 |0 N7 H0 A' i/ z, @
only be awarded if a RESP is established within the first year of the baby’s birth2 A9 L5 }' d- B( R# L$ ]2 n
(though Alberta Learning is looking to extend this deadline to two years or, albeit- D" E7 e4 B( E. m, A9 S7 M
unlikely, extending the deadline until the baby has reached their first year of$ L: g9 G; m# e: Y, C% R
schooling). Should a year elapse and the parents do not arrange an RESP account,
# Z9 `' E% o4 k) }; R+ Cfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent6 `- v' X" I& i0 n8 @
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of5 L1 t4 R6 ^: G1 }# R5 [- n3 a* ^
those grants will require parents to provide matching dollars to qualify. These% u- `" J& M- B. H) X! c$ x
grants are awarded with the same limitations and restrictions as the initial $500.00
8 `4 j# [ Y: \' n9 k" U6 bgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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