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Thanks, here are details.
Canada Learning Bond
4 d/ @' w2 R x1 f# X) L: TThe Federal Government, in the 2004 Budget, introduced the Canada Learning
: n$ F+ \8 c& t# r1 V; b' [Bond. The Bond is aimed at helping low-income families save for their children’s
( v7 M4 L0 ]1 z0 I, ?post-secondary education pursuits. Beginning in 2004, each child born to lowincome
' R# C7 x9 y9 |5 o! ffamilies, those earning $35,000 or less and who are also entitled to receive
8 y, l% d( a6 B3 v( K$ nthe National Child Benefit, will receive a $500 Canada Learning Bond.* K% B- c1 Q$ B! W1 A) n/ {6 ^3 v
Assuming a child remains qualified for the Canada Learning Bond, the child will
" K' _, [+ p& Z9 L6 ycontinue to receive $100.00 in each subsequent year in Canada Learning Bond
1 x: ?4 \* `; e6 H* T( rinstallments. The Federal Government projects that the Canada Learning Bond will5 G" M# W. i2 L+ J1 `6 t
carry a cost of up to $85 million this year and up to 120,000 children will benefit" x: d2 o( @& w7 n& I, I' R
from the program2. The government says a child living in a low-income household; z2 K9 R5 T( c' Q1 ]
could receive up to $2,000 for their education.5 V/ h) U& `3 P3 c1 W* v% w0 S5 Y
Additionally, in terms of post-secondary education and low-income families, the
- V6 G2 @# T' \* z- l Cgovernment has introduced a new one-time grant of up to $3,000 for first-year
4 t$ v. T) j# C6 J% H) |# Dstudents whose family income hovers around $35,000 or less a year.4 U2 E( y7 f/ |1 X/ [; H
Alberta Centennial Education Savings Plan Act& \ |7 T4 t( f+ s! W- g
During the 2004 Spring Sitting, the Alberta Government introduced and
9 F8 }6 q1 g+ ]! [4 _: _% w5 Wsubsequently passed the Alberta Centennial Education Savings Plan Act. The
' T. Z5 C8 Z7 T' m5 Oprogram created by the Act is available only to residents of Alberta who have
1 S" w. l0 r1 |( J6 }, Wchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first; Q- S2 e/ ^5 t1 P1 o
glance, seems quite simple in scope but it does have many intricate details that,: y+ {" b- S7 \/ N! H2 `
once communicated, reveal a complicated program that relies on proactive parents
- C7 i, J0 w# U7 @' rto absorb the full benefit of the program.
( I9 G, `. \1 e. R" C* HAlberta residents, who have a baby born on January 1, 2005, or after, will be$ q% D& \" h& o/ s! B4 a7 D2 M
eligible for a $500.00 grant toward the baby’s established RESP. The grant will; w' o& G/ y+ U z1 F
only be awarded if a RESP is established within the first year of the baby’s birth
8 n: {5 \$ E( A3 C* f7 f(though Alberta Learning is looking to extend this deadline to two years or, albeit* I- P& |4 e: V* {
unlikely, extending the deadline until the baby has reached their first year of
9 {4 g" a5 ?, N2 }% X3 gschooling). Should a year elapse and the parents do not arrange an RESP account,
3 s3 ]$ a/ x0 S) \' J9 B' yfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent, K) D! ]5 c/ I; ?+ B E! X/ f
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
% ]: i6 Q2 \2 F1 K8 \0 @those grants will require parents to provide matching dollars to qualify. These+ v; C& l8 R* {$ B
grants are awarded with the same limitations and restrictions as the initial $500.001 [( _5 {7 V" Y6 b% z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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