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Thanks, here are details.
Canada Learning Bond
2 \; f7 n( W" \9 }; k2 j% \The Federal Government, in the 2004 Budget, introduced the Canada Learning0 ]; G; a- I& o$ U k+ }- F, n
Bond. The Bond is aimed at helping low-income families save for their children’s
1 h/ L. g0 r; Tpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
" O7 K# W% I K# v# e/ o( Hfamilies, those earning $35,000 or less and who are also entitled to receive
+ T- g) M) V& Uthe National Child Benefit, will receive a $500 Canada Learning Bond.9 ~7 m( h6 F1 H5 V/ j. R/ ` [
Assuming a child remains qualified for the Canada Learning Bond, the child will; H: r; p' V* i' I
continue to receive $100.00 in each subsequent year in Canada Learning Bond8 F T! Q( t4 D# F
installments. The Federal Government projects that the Canada Learning Bond will8 |' G" ]9 w' v
carry a cost of up to $85 million this year and up to 120,000 children will benefit1 P( t# Z# D" l8 p' U1 X( L
from the program2. The government says a child living in a low-income household
8 p" i1 h$ ?* t- A& m" K B& o7 |2 k- Ucould receive up to $2,000 for their education.: B& ? D! c) O/ C4 _/ |
Additionally, in terms of post-secondary education and low-income families, the
5 c+ y5 Y4 Q) X" [2 tgovernment has introduced a new one-time grant of up to $3,000 for first-year
6 p- U7 e- k/ y5 x" Lstudents whose family income hovers around $35,000 or less a year.
G, r! X% G& b) c# @Alberta Centennial Education Savings Plan Act
# B2 C+ j, U+ I8 Q* BDuring the 2004 Spring Sitting, the Alberta Government introduced and
3 G- k. t" p! X0 _3 M8 ]2 P: E dsubsequently passed the Alberta Centennial Education Savings Plan Act. The
& G( ]/ p0 \! bprogram created by the Act is available only to residents of Alberta who have+ r' L% U. R/ C m; T1 h( P
children born after January 1, 2005 (Alberta’s Centennial). The program, at first/ m3 g0 _) b: i& I0 d( y
glance, seems quite simple in scope but it does have many intricate details that,0 T4 w- @4 w% z3 S9 P/ e, T1 @
once communicated, reveal a complicated program that relies on proactive parents
' V# u. m4 a ~& bto absorb the full benefit of the program.. q0 G) x$ ~- ^. L$ T) t9 c; A4 r- }" t
Alberta residents, who have a baby born on January 1, 2005, or after, will be+ H* }2 [; C6 ^$ C3 t* j
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
; {2 D9 `6 v4 K7 monly be awarded if a RESP is established within the first year of the baby’s birth
1 W; t% F4 j1 l# s8 a4 h/ o* e(though Alberta Learning is looking to extend this deadline to two years or, albeit8 d: y6 Q7 H/ M/ D6 ]' d
unlikely, extending the deadline until the baby has reached their first year of' e, E2 H1 f! n. q
schooling). Should a year elapse and the parents do not arrange an RESP account," o: z' v" u2 I' ~
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent+ o4 Y% A. r0 s. o2 K" C/ e1 M
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
* P- K) h1 h) H' wthose grants will require parents to provide matching dollars to qualify. These
) B5 f1 x8 t2 ]% Qgrants are awarded with the same limitations and restrictions as the initial $500.00
+ K( E7 e" X2 t* H! z( b% Q8 Hgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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