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Thanks, here are details.
Canada Learning Bond
+ z4 Y, l2 A1 `9 C0 uThe Federal Government, in the 2004 Budget, introduced the Canada Learning. g8 x4 \+ I% U& K$ r* [3 j, K
Bond. The Bond is aimed at helping low-income families save for their children’s
" v, N) j( y, K1 n7 U$ spost-secondary education pursuits. Beginning in 2004, each child born to lowincome
! P+ F( u# k9 v+ t) Ffamilies, those earning $35,000 or less and who are also entitled to receive
( a/ ]% c& d" k9 k9 E5 X Ithe National Child Benefit, will receive a $500 Canada Learning Bond.) k) j1 b* t$ o# b& n- }
Assuming a child remains qualified for the Canada Learning Bond, the child will8 f( |4 M& h4 v8 p) k$ j: E
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 i# f. L2 |0 q+ Kinstallments. The Federal Government projects that the Canada Learning Bond will r3 n! q9 j7 n+ n5 ?
carry a cost of up to $85 million this year and up to 120,000 children will benefit
- [5 h0 V, \4 Wfrom the program2. The government says a child living in a low-income household5 a/ h5 i& G* l5 o- |- [' H
could receive up to $2,000 for their education.
9 r. @+ W. L) wAdditionally, in terms of post-secondary education and low-income families, the. j5 t4 u) o; f: K' I1 e: _
government has introduced a new one-time grant of up to $3,000 for first-year
; L9 @- r, j: U; O9 ~students whose family income hovers around $35,000 or less a year.
0 d* n* d6 {/ E" wAlberta Centennial Education Savings Plan Act3 u7 T0 ~# T6 C: J* s/ y3 D
During the 2004 Spring Sitting, the Alberta Government introduced and M; k6 s3 c7 P' W
subsequently passed the Alberta Centennial Education Savings Plan Act. The
7 L( |# l' d1 g4 i$ wprogram created by the Act is available only to residents of Alberta who have5 A* Q- H8 Q# Y' c( a7 Y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
; V |( _9 B& f/ w0 v" Eglance, seems quite simple in scope but it does have many intricate details that,
7 ?0 h0 @( c& q7 t0 j) Aonce communicated, reveal a complicated program that relies on proactive parents
- H) [% {7 B/ v, N$ T. r* B2 ato absorb the full benefit of the program.6 s( s6 k1 P6 E, Y5 C) g |
Alberta residents, who have a baby born on January 1, 2005, or after, will be; U6 A: H5 L0 ?8 c, Q
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
0 W. {0 Q# N$ B" Y+ ?$ xonly be awarded if a RESP is established within the first year of the baby’s birth
% O! ^8 x ?/ o, R4 S7 o, X(though Alberta Learning is looking to extend this deadline to two years or, albeit
! z* Q* w! D1 T) S' _0 Uunlikely, extending the deadline until the baby has reached their first year of
$ o+ q) J2 k1 n/ B! Gschooling). Should a year elapse and the parents do not arrange an RESP account,
4 S0 ]" E* b, N* S1 p: Sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# O! _. C2 f4 j. h$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of+ F( U9 o% c: A h. k3 ^' l
those grants will require parents to provide matching dollars to qualify. These
6 Y2 W2 I1 q& r' Ogrants are awarded with the same limitations and restrictions as the initial $500.00: [* v1 _( r/ _
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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