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Thanks, here are details.
Canada Learning Bond
8 l' @/ P# p) Z8 zThe Federal Government, in the 2004 Budget, introduced the Canada Learning( B- y) Q- r" s) k6 W' E
Bond. The Bond is aimed at helping low-income families save for their children’s
/ G. B% C" f% a8 q& m: y7 e* R" Opost-secondary education pursuits. Beginning in 2004, each child born to lowincome/ \2 h4 q. } |9 j, U" B1 U' b
families, those earning $35,000 or less and who are also entitled to receive) x* ^( [+ l0 p+ X, {
the National Child Benefit, will receive a $500 Canada Learning Bond.9 b1 N* G2 m! i- f8 X( C$ f# S) d
Assuming a child remains qualified for the Canada Learning Bond, the child will
4 i0 z Z$ m6 p& D% g' U4 o# Dcontinue to receive $100.00 in each subsequent year in Canada Learning Bond) Y& Z9 r0 U7 R* ?: g, } U
installments. The Federal Government projects that the Canada Learning Bond will& O1 ] {# ^* Y4 F7 M: ^, i+ N) z
carry a cost of up to $85 million this year and up to 120,000 children will benefit% T( I! r, r! y2 X2 b6 p7 W
from the program2. The government says a child living in a low-income household
& w& s9 T L: _5 B. A) rcould receive up to $2,000 for their education.
+ S4 L# [0 q" I* ~Additionally, in terms of post-secondary education and low-income families, the
: a& c5 y- {# H& w3 z, \: Hgovernment has introduced a new one-time grant of up to $3,000 for first-year
) u- x6 R+ b/ Q1 [( @- e/ ]+ Dstudents whose family income hovers around $35,000 or less a year.
7 D' g4 u5 W% s7 B U$ tAlberta Centennial Education Savings Plan Act6 n, o/ |7 ?- J6 ~
During the 2004 Spring Sitting, the Alberta Government introduced and e( n' a+ `# h L Z2 N1 F, [) D
subsequently passed the Alberta Centennial Education Savings Plan Act. The
- `7 z' D2 h% W" K2 uprogram created by the Act is available only to residents of Alberta who have( H+ _- R0 z* q$ h7 h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first8 ^1 O% |4 \2 i& G2 C: T
glance, seems quite simple in scope but it does have many intricate details that,
/ M D/ o, W4 B& b; Q. I/ Jonce communicated, reveal a complicated program that relies on proactive parents2 e6 N+ ]3 D- I6 @
to absorb the full benefit of the program.& O i$ d: y( C6 X( ]- P$ R, o3 @4 q7 x
Alberta residents, who have a baby born on January 1, 2005, or after, will be
5 E6 _. ^: D+ F2 j1 [eligible for a $500.00 grant toward the baby’s established RESP. The grant will
% P. L5 m. N4 l$ conly be awarded if a RESP is established within the first year of the baby’s birth
J/ P' k. d& u(though Alberta Learning is looking to extend this deadline to two years or, albeit+ y$ B9 ]8 A2 N+ u% ^
unlikely, extending the deadline until the baby has reached their first year of
- h5 {- B. P$ J) Z" c# \schooling). Should a year elapse and the parents do not arrange an RESP account," b, x4 U- E9 q! B x
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
* C. q8 n, C' J$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of) ?# j* Y1 {2 c C: H$ u4 ?
those grants will require parents to provide matching dollars to qualify. These G, a% X3 q8 g0 ~* H# y( Z4 ]
grants are awarded with the same limitations and restrictions as the initial $500.007 U% X& V U; @( `) c
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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