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Thanks, here are details.
Canada Learning Bond
8 H( H; b6 U: cThe Federal Government, in the 2004 Budget, introduced the Canada Learning
9 W8 q: ?8 ?/ _4 O+ x# j6 l# HBond. The Bond is aimed at helping low-income families save for their children’s% r* G4 x: s$ e/ H$ F
post-secondary education pursuits. Beginning in 2004, each child born to lowincome/ D3 M) k9 ^: A5 { \' n! i% j
families, those earning $35,000 or less and who are also entitled to receive
& k; `. \% Y; Z( Zthe National Child Benefit, will receive a $500 Canada Learning Bond.! P+ o( V$ f6 m4 h" `, _- u$ V& p
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 X8 Q/ P7 }# L2 j3 d% |continue to receive $100.00 in each subsequent year in Canada Learning Bond
j( E1 ]8 A w3 a( g2 Winstallments. The Federal Government projects that the Canada Learning Bond will
1 M% V# }9 t; c( N' L7 w9 r. dcarry a cost of up to $85 million this year and up to 120,000 children will benefit2 h3 n. Y! [# d( ]
from the program2. The government says a child living in a low-income household3 |" \; ^+ S9 j# [( ^# ^- U
could receive up to $2,000 for their education.
2 c6 ~8 L3 R& R9 gAdditionally, in terms of post-secondary education and low-income families, the* q1 z# {/ C% T7 O- I( I% p4 F C
government has introduced a new one-time grant of up to $3,000 for first-year1 }5 _! t/ `5 k
students whose family income hovers around $35,000 or less a year.$ @6 t5 g( W% x6 D x( ^( x
Alberta Centennial Education Savings Plan Act
6 B& o3 X' u0 v; D1 n) bDuring the 2004 Spring Sitting, the Alberta Government introduced and
}! E) j' ~. b/ [; v. f/ A, s, wsubsequently passed the Alberta Centennial Education Savings Plan Act. The
+ ^4 Z$ f% m7 [0 hprogram created by the Act is available only to residents of Alberta who have
5 T) I( k, H8 S8 {" T8 O/ schildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
8 |9 b( @2 R& ^4 @- oglance, seems quite simple in scope but it does have many intricate details that,2 ~7 f6 k; t5 R- z5 i
once communicated, reveal a complicated program that relies on proactive parents
. l) k' E6 Z+ N3 U7 @to absorb the full benefit of the program.
$ G- |* Q ]* E# M0 D% ZAlberta residents, who have a baby born on January 1, 2005, or after, will be, r& x" {2 {, r' m8 R
eligible for a $500.00 grant toward the baby’s established RESP. The grant will0 r3 q; B4 Y$ ~2 Z9 i+ S
only be awarded if a RESP is established within the first year of the baby’s birth
* c! B, M1 p/ s* c; l(though Alberta Learning is looking to extend this deadline to two years or, albeit1 X s4 K$ H, v. F! q, z
unlikely, extending the deadline until the baby has reached their first year of- q5 ~* p! E, G/ _: p* e
schooling). Should a year elapse and the parents do not arrange an RESP account,: o! D5 b4 Y. I6 r
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
4 y) c A( a5 z$ o9 l$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
; M4 Q1 o/ _' c3 gthose grants will require parents to provide matching dollars to qualify. These
: d+ U4 j8 {3 F' n6 ?% k, e' ygrants are awarded with the same limitations and restrictions as the initial $500.00
8 }( b, a j, M2 E+ V% \( e& kgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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