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Thanks, here are details.
Canada Learning Bond. j2 F! p) x9 M* p+ @' d
The Federal Government, in the 2004 Budget, introduced the Canada Learning
% y2 ~. L2 A& @ j0 @" E. p1 l, q# rBond. The Bond is aimed at helping low-income families save for their children’s
5 ] }1 r& E- tpost-secondary education pursuits. Beginning in 2004, each child born to lowincome, }# R$ x- M: P' Q1 l# y+ H# H. n% ?
families, those earning $35,000 or less and who are also entitled to receive
: \- R" v& w j2 R0 o+ Q% T; qthe National Child Benefit, will receive a $500 Canada Learning Bond.
- w% b+ |* v7 ?% N$ [Assuming a child remains qualified for the Canada Learning Bond, the child will. T& u& I! E( m3 p/ v1 G
continue to receive $100.00 in each subsequent year in Canada Learning Bond
9 W* e C& e" O( iinstallments. The Federal Government projects that the Canada Learning Bond will6 X1 ^$ T. B+ S' I4 t
carry a cost of up to $85 million this year and up to 120,000 children will benefit% z4 y/ K/ n, T7 W
from the program2. The government says a child living in a low-income household6 s+ a% w/ u4 B! t: o5 m
could receive up to $2,000 for their education.
5 g0 d" c; ^' Z1 X* F# W& ~Additionally, in terms of post-secondary education and low-income families, the- u7 W- t, H9 w
government has introduced a new one-time grant of up to $3,000 for first-year
; R' H# X2 D' b) T+ ?students whose family income hovers around $35,000 or less a year.
7 i) {( K" L9 u {; gAlberta Centennial Education Savings Plan Act7 e+ o. N6 c' b* K# x# C0 k
During the 2004 Spring Sitting, the Alberta Government introduced and' @) x7 y8 q7 }$ X2 b( N' U
subsequently passed the Alberta Centennial Education Savings Plan Act. The
/ s( `8 t' o9 lprogram created by the Act is available only to residents of Alberta who have- a5 G5 h5 c) Z' A4 c
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
3 H& U, k7 E9 W5 y) y7 K8 B/ hglance, seems quite simple in scope but it does have many intricate details that,6 e4 m( p) x# N! \5 v& @
once communicated, reveal a complicated program that relies on proactive parents
o8 {4 F6 y" T+ V, ]to absorb the full benefit of the program.# F, m5 X! g; G) f z9 ~
Alberta residents, who have a baby born on January 1, 2005, or after, will be _1 l$ ~5 O6 Q" s* T1 D, a5 t
eligible for a $500.00 grant toward the baby’s established RESP. The grant will: W' V# T# d/ M0 w1 D7 {
only be awarded if a RESP is established within the first year of the baby’s birth, p- Y1 |( Y1 U7 P. H( B4 }
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ i% w# W; C# w3 }. d3 m4 |
unlikely, extending the deadline until the baby has reached their first year of
5 |! k/ d3 ~6 g4 c' b5 U0 Oschooling). Should a year elapse and the parents do not arrange an RESP account,
" k- K( m' U7 q$ M6 ~. {for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- J9 M. Q% x6 c/ q# H$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
8 ~) x3 @. p/ I, Hthose grants will require parents to provide matching dollars to qualify. These7 q3 m6 m" i1 `
grants are awarded with the same limitations and restrictions as the initial $500.00
3 Q9 U& x: w6 `7 M( j5 B& sgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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