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Thanks, here are details.
Canada Learning Bond
' I; M0 C5 F- y1 fThe Federal Government, in the 2004 Budget, introduced the Canada Learning" u8 o/ q) `" X. }" ]: P
Bond. The Bond is aimed at helping low-income families save for their children’s$ Z7 Z% D7 [" L7 g" o* n* i" k
post-secondary education pursuits. Beginning in 2004, each child born to lowincome3 ]7 r* w( m1 z7 v5 }
families, those earning $35,000 or less and who are also entitled to receive2 Q% m1 J, L! M+ C y- r: L
the National Child Benefit, will receive a $500 Canada Learning Bond.
5 l* i. ?" `8 }5 }Assuming a child remains qualified for the Canada Learning Bond, the child will
+ i- S& x( F8 ^continue to receive $100.00 in each subsequent year in Canada Learning Bond
' ?# H; w3 M* y% q3 Cinstallments. The Federal Government projects that the Canada Learning Bond will, B; u0 ?0 z8 @8 \5 _2 L% J ~
carry a cost of up to $85 million this year and up to 120,000 children will benefit* e) a) v, W4 {4 k8 S. H! r$ t1 F
from the program2. The government says a child living in a low-income household
$ s- i7 u7 J X$ G) v; Rcould receive up to $2,000 for their education.) g9 H5 ?2 {9 P
Additionally, in terms of post-secondary education and low-income families, the6 s$ P1 n& `3 w
government has introduced a new one-time grant of up to $3,000 for first-year7 _& [6 t2 `+ m2 B {8 d% B( D
students whose family income hovers around $35,000 or less a year.
* p* n/ ^, q: Q( u! BAlberta Centennial Education Savings Plan Act
; G5 ~3 H0 u+ N( O$ u( }5 g9 y2 G/ \& ~During the 2004 Spring Sitting, the Alberta Government introduced and0 \% {& J) r) X8 G& k1 ]- ]7 d
subsequently passed the Alberta Centennial Education Savings Plan Act. The
0 y6 u& G% W8 z, J4 w" \) K% Vprogram created by the Act is available only to residents of Alberta who have
8 D0 H! w( j" |! c6 Echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
' u2 u6 o% O1 ~% V/ T! m) eglance, seems quite simple in scope but it does have many intricate details that,
, a7 q* l0 r+ e. u0 V) \" v( ]once communicated, reveal a complicated program that relies on proactive parents! o* E5 _- R& c5 O+ x3 }; F
to absorb the full benefit of the program.
+ m! m Y( L2 M) ~/ a* r" o0 q: lAlberta residents, who have a baby born on January 1, 2005, or after, will be
, D" L+ K+ G6 ?eligible for a $500.00 grant toward the baby’s established RESP. The grant will
: n- b. S; d3 M2 }$ ]only be awarded if a RESP is established within the first year of the baby’s birth
" Z( y7 x! e c% D- R* Y(though Alberta Learning is looking to extend this deadline to two years or, albeit! w9 x$ y' I0 z+ q6 u: L+ v* m
unlikely, extending the deadline until the baby has reached their first year of* D; m# v' [5 I+ i8 c0 N: m) z
schooling). Should a year elapse and the parents do not arrange an RESP account,
0 T4 M0 m9 b5 m: V% @& Nfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
: t9 ]3 _0 B9 J3 F$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
) |5 W7 Y `; P9 f1 ythose grants will require parents to provide matching dollars to qualify. These9 E' Q/ _+ S* S7 L
grants are awarded with the same limitations and restrictions as the initial $500.00* w8 \. F* {9 \6 F C
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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