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Thanks, here are details.
Canada Learning Bond- O; y' ?1 b6 \. O" L
The Federal Government, in the 2004 Budget, introduced the Canada Learning
+ [3 n2 J8 F, I# q4 o& [" x% W: ^Bond. The Bond is aimed at helping low-income families save for their children’s6 R9 v/ j3 y: p* _# g) v
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
! a) {3 y& M- e2 m$ z4 c2 Qfamilies, those earning $35,000 or less and who are also entitled to receive9 \- |; M: e# M! j
the National Child Benefit, will receive a $500 Canada Learning Bond./ U& H) l4 y. k, \
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 k( Y& p# ~( V# b4 R [8 p- ocontinue to receive $100.00 in each subsequent year in Canada Learning Bond
5 c" y9 i% \; n3 Ginstallments. The Federal Government projects that the Canada Learning Bond will9 M7 n: e0 ~+ p$ q
carry a cost of up to $85 million this year and up to 120,000 children will benefit9 e) z8 d8 }; K5 W) T
from the program2. The government says a child living in a low-income household
% y$ W4 H ?( X% C) m0 e: s! l% Scould receive up to $2,000 for their education.
. {9 r* s# z& D# a2 V0 v. mAdditionally, in terms of post-secondary education and low-income families, the
! I' ~% m+ \( t' g$ E- |* I# y* L5 ?government has introduced a new one-time grant of up to $3,000 for first-year
7 s& U' o! J: E7 Q; h! l2 g( V2 o: Istudents whose family income hovers around $35,000 or less a year.: O+ j) F: F7 z' @* ?1 t
Alberta Centennial Education Savings Plan Act
. N4 u5 k( Y& l* v. K2 C: yDuring the 2004 Spring Sitting, the Alberta Government introduced and- @9 R) y% a4 |. F' O# K
subsequently passed the Alberta Centennial Education Savings Plan Act. The
2 E% f" Z$ b0 k/ l3 x9 lprogram created by the Act is available only to residents of Alberta who have
d2 a) [* t, ^, v% }) N) @6 |children born after January 1, 2005 (Alberta’s Centennial). The program, at first
$ P- n0 J4 K3 p" }5 `glance, seems quite simple in scope but it does have many intricate details that,
- K% n. \3 z lonce communicated, reveal a complicated program that relies on proactive parents
& l) G( d$ Y9 x C$ {% gto absorb the full benefit of the program.
! _4 ^4 p( O/ Q+ C8 UAlberta residents, who have a baby born on January 1, 2005, or after, will be
. I6 H6 E$ P& w9 @' {- p0 X1 `+ ^eligible for a $500.00 grant toward the baby’s established RESP. The grant will
2 U' V# f. c2 A) L$ E; Yonly be awarded if a RESP is established within the first year of the baby’s birth
H+ R, C4 |: @7 k+ T(though Alberta Learning is looking to extend this deadline to two years or, albeit; g# n2 r# m# M
unlikely, extending the deadline until the baby has reached their first year of
: x- Z. C$ ^# d% f# D( f+ {- Vschooling). Should a year elapse and the parents do not arrange an RESP account,3 ]7 F5 H3 C- o* m% s% m+ Z$ f, f
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent: O+ B4 H% r7 ^9 i, g4 k: l
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of0 S& B9 w- J8 U+ C1 t+ _: I3 L+ h
those grants will require parents to provide matching dollars to qualify. These
0 k- g) v$ E: Kgrants are awarded with the same limitations and restrictions as the initial $500.00
. z9 I: g0 {& D6 o5 Z* q+ s; ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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