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Thanks, here are details.
Canada Learning Bond1 u4 V6 ~" p; C4 L$ ?( P
The Federal Government, in the 2004 Budget, introduced the Canada Learning
* }7 G0 ^) F6 {2 m9 ?& BBond. The Bond is aimed at helping low-income families save for their children’s
! h+ u9 Q- V1 `. o8 S5 lpost-secondary education pursuits. Beginning in 2004, each child born to lowincome+ F7 z4 k+ R+ c# [- c0 c W
families, those earning $35,000 or less and who are also entitled to receive
/ R4 w. ?0 Q2 L7 tthe National Child Benefit, will receive a $500 Canada Learning Bond.& N8 S- O6 X" j2 V/ c5 K! z
Assuming a child remains qualified for the Canada Learning Bond, the child will% ~. a: N. a3 J& L1 [+ C( Y* q/ [: R! S
continue to receive $100.00 in each subsequent year in Canada Learning Bond
- |: q9 ~# O6 d+ I. E# c) t k3 @installments. The Federal Government projects that the Canada Learning Bond will
& a ]: q3 H9 Y5 Ncarry a cost of up to $85 million this year and up to 120,000 children will benefit
9 @; O# j6 y0 h1 ~from the program2. The government says a child living in a low-income household8 Y$ j6 a4 D, Z- j6 |
could receive up to $2,000 for their education.$ M4 A% O' M9 Y
Additionally, in terms of post-secondary education and low-income families, the
3 W0 W" \0 b! _government has introduced a new one-time grant of up to $3,000 for first-year
- h' O- x/ N) e1 l" P l, Vstudents whose family income hovers around $35,000 or less a year.# X/ P" Y- c7 k [5 G1 y5 ?$ l! Z
Alberta Centennial Education Savings Plan Act. s! j8 @" B8 U2 M# `7 _7 \0 p
During the 2004 Spring Sitting, the Alberta Government introduced and( p" y4 b2 d* ]' T
subsequently passed the Alberta Centennial Education Savings Plan Act. The
, e; D* A$ H3 \$ ^5 B6 `, ?3 zprogram created by the Act is available only to residents of Alberta who have
/ t! ~& s9 E1 M( f3 i; U" ]) Q( i% G* vchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first. O& z- }: w* o4 v
glance, seems quite simple in scope but it does have many intricate details that,0 x6 @) r2 Q. W
once communicated, reveal a complicated program that relies on proactive parents8 K6 V3 o# T4 w6 ^1 E8 J5 L* j
to absorb the full benefit of the program.: M5 K3 X' U# K
Alberta residents, who have a baby born on January 1, 2005, or after, will be: h. f2 \, P' a8 H2 B- \
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
4 \$ P8 j1 v. q6 j9 Conly be awarded if a RESP is established within the first year of the baby’s birth
: h9 B, `' ?6 e$ B% k4 z! x T(though Alberta Learning is looking to extend this deadline to two years or, albeit
: I L) }$ ~ nunlikely, extending the deadline until the baby has reached their first year of
5 R6 ^; }! y* X. V7 R X' z, S: q7 Hschooling). Should a year elapse and the parents do not arrange an RESP account,
) r- S: Z5 m' b, Gfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
( N5 s6 l; X" D0 N1 ?9 O" L$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
0 l. d. b6 W, q# F- Ethose grants will require parents to provide matching dollars to qualify. These4 e4 F) L5 A' X @
grants are awarded with the same limitations and restrictions as the initial $500.005 x. F* y8 V* O+ L" D2 K: Y4 F
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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