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Thanks, here are details.
Canada Learning Bond
7 r0 f& o2 a; gThe Federal Government, in the 2004 Budget, introduced the Canada Learning+ S% `. N, h Q+ T7 H5 X
Bond. The Bond is aimed at helping low-income families save for their children’s$ z6 l. E$ E5 P6 N) `2 e I
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
1 Q( F* [/ k& N/ ^* F; Qfamilies, those earning $35,000 or less and who are also entitled to receive
! q0 \5 z6 W" Bthe National Child Benefit, will receive a $500 Canada Learning Bond.
% s9 K- N# H/ ]& Q7 ]Assuming a child remains qualified for the Canada Learning Bond, the child will; R7 }. L. r0 q5 V
continue to receive $100.00 in each subsequent year in Canada Learning Bond
* R) P6 H K; ]5 f* M+ ginstallments. The Federal Government projects that the Canada Learning Bond will
! |9 e# Y r, o. m& Vcarry a cost of up to $85 million this year and up to 120,000 children will benefit
( L; C6 j9 Y8 i; T. G0 sfrom the program2. The government says a child living in a low-income household9 h% R! m5 o6 ~* y1 o
could receive up to $2,000 for their education.
! Z# n' Q4 W. z% v: J; [ ZAdditionally, in terms of post-secondary education and low-income families, the
w# z K1 y/ D9 _: Sgovernment has introduced a new one-time grant of up to $3,000 for first-year8 m. |' \) A9 m) R8 g
students whose family income hovers around $35,000 or less a year." m9 M" [7 a# g& X! C1 S2 T5 ]
Alberta Centennial Education Savings Plan Act
- A/ c. z6 N& }/ pDuring the 2004 Spring Sitting, the Alberta Government introduced and
& N2 {) F- O, y) Gsubsequently passed the Alberta Centennial Education Savings Plan Act. The. y7 h/ p0 {8 N5 ~
program created by the Act is available only to residents of Alberta who have! f0 |( m* O7 X
children born after January 1, 2005 (Alberta’s Centennial). The program, at first3 I Y. u5 b& O" h" b/ ?+ f
glance, seems quite simple in scope but it does have many intricate details that,# ?0 F& m/ h8 X4 M0 B4 y: t
once communicated, reveal a complicated program that relies on proactive parents/ S' H4 {* ^" C
to absorb the full benefit of the program.
1 L! A1 D# t0 [! g6 J4 QAlberta residents, who have a baby born on January 1, 2005, or after, will be5 H- D' B N a: X0 J
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
# l7 T: B) a8 d+ y0 r% ]only be awarded if a RESP is established within the first year of the baby’s birth" j3 P% k" j( `2 e+ P( x% u
(though Alberta Learning is looking to extend this deadline to two years or, albeit
: B' Y0 Y1 f! U* `8 K# N: _. w9 funlikely, extending the deadline until the baby has reached their first year of
5 m* D3 E! t( l# m: s0 e/ O% Nschooling). Should a year elapse and the parents do not arrange an RESP account,- ]8 W5 {) o6 C0 j5 m+ l5 Z9 W! S5 _
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
% ~# _ m+ M0 Z& w1 U. m% q$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of1 u* B1 q* z' P/ y
those grants will require parents to provide matching dollars to qualify. These
! m8 ^& t( N9 K0 [' g7 igrants are awarded with the same limitations and restrictions as the initial $500.00! u- C$ g X' J) b! j
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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