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Thanks, here are details.
Canada Learning Bond
; I: F" L Y qThe Federal Government, in the 2004 Budget, introduced the Canada Learning
1 ]$ {9 P( |6 s- j8 MBond. The Bond is aimed at helping low-income families save for their children’s$ m* M* \- V; L- g
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
0 X; H1 O$ X( M, i. c) X) z6 Ifamilies, those earning $35,000 or less and who are also entitled to receive
* G; m$ `* W7 F# d4 _& g" N4 Uthe National Child Benefit, will receive a $500 Canada Learning Bond.
! D' g7 G' R7 HAssuming a child remains qualified for the Canada Learning Bond, the child will0 b- y8 x& f- R; N* C7 |
continue to receive $100.00 in each subsequent year in Canada Learning Bond1 {6 w. s. N1 l" D( ]9 s6 m
installments. The Federal Government projects that the Canada Learning Bond will
1 c; O2 k- P* K' Q7 t: p, kcarry a cost of up to $85 million this year and up to 120,000 children will benefit* q: e$ B+ {1 M$ |" D
from the program2. The government says a child living in a low-income household. J0 k4 w) l/ F6 P
could receive up to $2,000 for their education.) S! [* E4 B* t/ c7 ?* m
Additionally, in terms of post-secondary education and low-income families, the/ m1 B5 B1 p$ O0 j
government has introduced a new one-time grant of up to $3,000 for first-year2 i9 k" y4 r4 V: n& u3 o) P
students whose family income hovers around $35,000 or less a year.
" g8 G* }& T1 l' v7 l7 UAlberta Centennial Education Savings Plan Act
) m! Z, h' s4 F9 L# ?During the 2004 Spring Sitting, the Alberta Government introduced and% b& o5 N! ~/ L- {+ T. j
subsequently passed the Alberta Centennial Education Savings Plan Act. The) P+ ]$ ]) k) j/ I+ j& f
program created by the Act is available only to residents of Alberta who have
' c( t2 u3 p. M! Lchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first) g0 `2 M9 M& |0 c
glance, seems quite simple in scope but it does have many intricate details that,: b# D4 D$ P* R, T$ D
once communicated, reveal a complicated program that relies on proactive parents$ k& A- R8 |3 _6 x
to absorb the full benefit of the program.) }8 m+ D" _8 W! H$ O v! Q4 O
Alberta residents, who have a baby born on January 1, 2005, or after, will be
/ A d0 e x# V9 J; ?eligible for a $500.00 grant toward the baby’s established RESP. The grant will% e& ^2 L8 }$ v j! h- @: Z' X
only be awarded if a RESP is established within the first year of the baby’s birth' y. n( c, G# p7 `/ z' Y
(though Alberta Learning is looking to extend this deadline to two years or, albeit P; \, H% B; `& Y
unlikely, extending the deadline until the baby has reached their first year of
% y, a/ R" G/ Hschooling). Should a year elapse and the parents do not arrange an RESP account,
( E, V' {+ y& B! ^( v0 `2 K S2 @for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
1 J7 o! ]5 n. `4 b" d; u$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
, {; z4 z) L+ O% Y1 d- A9 {. uthose grants will require parents to provide matching dollars to qualify. These
5 [; D0 p: I8 N6 |# ngrants are awarded with the same limitations and restrictions as the initial $500.00
( ^6 ~; E6 f% t2 `. U" \ Y7 I4 C' Ugrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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