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Thanks, here are details.
Canada Learning Bond
+ h% c2 [) y( Z$ T& sThe Federal Government, in the 2004 Budget, introduced the Canada Learning
- H3 {1 h5 v8 W' ?; l* iBond. The Bond is aimed at helping low-income families save for their children’s( E! _5 F: V7 ?8 [/ t% K
post-secondary education pursuits. Beginning in 2004, each child born to lowincome! [+ g- Q! s" E$ b; Z: _
families, those earning $35,000 or less and who are also entitled to receive
- h7 E5 K/ g) ~/ i- ?the National Child Benefit, will receive a $500 Canada Learning Bond.# f3 P) @7 X5 m
Assuming a child remains qualified for the Canada Learning Bond, the child will
V4 }! ~- U0 c5 pcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
% m3 c5 w" l( f7 ^; k1 Oinstallments. The Federal Government projects that the Canada Learning Bond will( c; v4 J3 b$ x
carry a cost of up to $85 million this year and up to 120,000 children will benefit( G1 Y, i, r& U' R! G
from the program2. The government says a child living in a low-income household
* S# } J7 Y0 Y2 b4 @7 |could receive up to $2,000 for their education.
9 B8 @& Q u$ j4 H& K/ t) OAdditionally, in terms of post-secondary education and low-income families, the+ W7 t; |; @% Y- E7 v' v
government has introduced a new one-time grant of up to $3,000 for first-year
7 O/ l5 ~' p4 I7 c7 ^8 ?students whose family income hovers around $35,000 or less a year.4 w4 j3 K1 S! Y p
Alberta Centennial Education Savings Plan Act
1 K- W8 Y2 r5 e, o9 jDuring the 2004 Spring Sitting, the Alberta Government introduced and, `+ h6 W: p4 K5 j3 W/ X
subsequently passed the Alberta Centennial Education Savings Plan Act. The
: u3 B! @5 D |( |. g' e8 `program created by the Act is available only to residents of Alberta who have
1 R2 e8 N5 h5 s1 y/ Tchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first; v) e' b, J* i, N8 V7 S
glance, seems quite simple in scope but it does have many intricate details that,
( r: D# J5 R( ^once communicated, reveal a complicated program that relies on proactive parents7 q- o9 `% [. Y- M! s9 l2 U# a
to absorb the full benefit of the program.
0 T3 [; C1 F% N+ S U3 yAlberta residents, who have a baby born on January 1, 2005, or after, will be4 x/ O( j, `9 V' B2 H c
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
7 B2 S! I- s4 y {7 Honly be awarded if a RESP is established within the first year of the baby’s birth
( J0 U' |( p8 } u# ?9 p(though Alberta Learning is looking to extend this deadline to two years or, albeit
5 |2 X5 R- Q4 }' o0 X( k8 ounlikely, extending the deadline until the baby has reached their first year of3 F1 R* q* _+ m. J0 a) @$ Z
schooling). Should a year elapse and the parents do not arrange an RESP account,. {: |$ I/ B7 S
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
+ Z2 y& S: J; w! J2 ~+ i* ?$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of* H4 r7 f2 J! k. I/ X
those grants will require parents to provide matching dollars to qualify. These
) z) U0 b- V2 D' @0 [0 Jgrants are awarded with the same limitations and restrictions as the initial $500.001 g. j; @; E: |& l7 k5 C
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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