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Thanks, here are details.
Canada Learning Bond
8 O& e* a! D/ [# b: V( E- rThe Federal Government, in the 2004 Budget, introduced the Canada Learning4 H# i, O. u% u$ T+ d) l
Bond. The Bond is aimed at helping low-income families save for their children’s/ E0 ^! `7 N1 u6 S
post-secondary education pursuits. Beginning in 2004, each child born to lowincome2 B5 W& ]/ @2 _/ h% \' E% T! C
families, those earning $35,000 or less and who are also entitled to receive4 L4 O8 _% e! _0 z
the National Child Benefit, will receive a $500 Canada Learning Bond.2 n7 a. J8 Z8 T1 T1 B' N
Assuming a child remains qualified for the Canada Learning Bond, the child will
0 Q- ^) }8 m) a2 f& Pcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
- T# v! \) v, Q1 v$ I+ M7 W" j, a$ @installments. The Federal Government projects that the Canada Learning Bond will9 d, n" n: \; ^1 s2 L5 \; s
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 X) X9 Q$ ~ l! z0 a2 G0 ifrom the program2. The government says a child living in a low-income household( S6 I/ C0 T$ h# n' e
could receive up to $2,000 for their education.% Y3 o- ~ A5 z( R
Additionally, in terms of post-secondary education and low-income families, the& D2 z K+ o! U# ]0 U5 o% `: K
government has introduced a new one-time grant of up to $3,000 for first-year5 m: L7 M2 \$ G- r" K* X) l
students whose family income hovers around $35,000 or less a year.1 }. v1 N; t& h( P
Alberta Centennial Education Savings Plan Act7 l! s2 K. V2 w+ h% f! }+ O( `
During the 2004 Spring Sitting, the Alberta Government introduced and
* V- d: I. H) z8 Y# |subsequently passed the Alberta Centennial Education Savings Plan Act. The
# |/ n" {3 v! A6 _program created by the Act is available only to residents of Alberta who have
, V7 B( u: K) _children born after January 1, 2005 (Alberta’s Centennial). The program, at first
" H& B2 J" e) ^( Y5 U) rglance, seems quite simple in scope but it does have many intricate details that,6 ? B8 q# }. B& B' S+ J
once communicated, reveal a complicated program that relies on proactive parents i) J+ e! {: k% }9 B |6 E
to absorb the full benefit of the program./ b! G; |+ C3 ^0 l" G$ a) D
Alberta residents, who have a baby born on January 1, 2005, or after, will be
' |' }* U3 ]- G0 D* a7 t: Peligible for a $500.00 grant toward the baby’s established RESP. The grant will2 S8 M7 F( I- q% q! u6 H
only be awarded if a RESP is established within the first year of the baby’s birth
6 q0 Y* L" `6 j2 q# P) w(though Alberta Learning is looking to extend this deadline to two years or, albeit' g, e, p- `% M0 r
unlikely, extending the deadline until the baby has reached their first year of
% Q1 t' X2 f z5 b$ @( ?schooling). Should a year elapse and the parents do not arrange an RESP account,$ `3 A: |4 R" n
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
2 x# }$ R# }# \+ Y4 ?$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of0 j! _8 [5 M4 [7 ?- h6 g4 B! r8 W
those grants will require parents to provide matching dollars to qualify. These
6 q9 Z" A; [' `! y" s/ [1 ggrants are awarded with the same limitations and restrictions as the initial $500.005 N$ C% y) n- Y
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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