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Thanks, here are details.
Canada Learning Bond4 S' p+ y: K% r
The Federal Government, in the 2004 Budget, introduced the Canada Learning0 n) Q1 W: P& i0 {: A, G ~# C+ L6 u
Bond. The Bond is aimed at helping low-income families save for their children’s: Y }6 f' L# X( f- u! Y
post-secondary education pursuits. Beginning in 2004, each child born to lowincome, f, }5 ^) ?7 J2 c
families, those earning $35,000 or less and who are also entitled to receive9 i: j; p5 Q0 o: M' I8 D
the National Child Benefit, will receive a $500 Canada Learning Bond.
& R# x( v" k7 H2 VAssuming a child remains qualified for the Canada Learning Bond, the child will ^/ Y _" P8 @1 L, ^
continue to receive $100.00 in each subsequent year in Canada Learning Bond
% Y* g6 d, l1 W/ j. Ainstallments. The Federal Government projects that the Canada Learning Bond will- C& P1 {: W% _1 o- V0 O
carry a cost of up to $85 million this year and up to 120,000 children will benefit b7 \4 T9 Q" e& }2 E! X
from the program2. The government says a child living in a low-income household
) m) H. {& K$ Q0 a1 `) W1 Bcould receive up to $2,000 for their education.) K( g# X- Q3 H4 |% r8 ?% k; Q& R0 \
Additionally, in terms of post-secondary education and low-income families, the
3 i, l# G0 z F% Vgovernment has introduced a new one-time grant of up to $3,000 for first-year; i) e' @( f' J r+ Z* {' c& d) x! p
students whose family income hovers around $35,000 or less a year.
+ j; f% R4 f3 I% }Alberta Centennial Education Savings Plan Act9 e5 l) \0 O* V$ m6 o# m1 ^4 ]' |( ?
During the 2004 Spring Sitting, the Alberta Government introduced and
5 n1 x$ Y: P/ O9 A/ psubsequently passed the Alberta Centennial Education Savings Plan Act. The. E8 Y$ B$ w' p6 e! T: O
program created by the Act is available only to residents of Alberta who have
6 G. G" |3 {; ychildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
; I' s3 A4 s( }# Jglance, seems quite simple in scope but it does have many intricate details that,
+ p# ?, v5 R' \: v6 d% Ionce communicated, reveal a complicated program that relies on proactive parents
6 q: X) Y" J# Zto absorb the full benefit of the program.
O6 I& |" d( S' e7 uAlberta residents, who have a baby born on January 1, 2005, or after, will be
$ Z% ^0 X) a3 d' Oeligible for a $500.00 grant toward the baby’s established RESP. The grant will& \3 E9 v% T. K& n9 W+ g
only be awarded if a RESP is established within the first year of the baby’s birth
1 G) _# z+ N" ?# y(though Alberta Learning is looking to extend this deadline to two years or, albeit9 ^3 X8 H1 W0 u2 v
unlikely, extending the deadline until the baby has reached their first year of
) R! N3 e/ g6 V6 z# l( fschooling). Should a year elapse and the parents do not arrange an RESP account,/ C$ S( A0 t0 m* \' p1 b
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent' S/ M# e' T8 g& E0 l+ R7 h6 g
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of- [* P) c- `. l7 q6 [
those grants will require parents to provide matching dollars to qualify. These
6 w9 O$ \1 k; Bgrants are awarded with the same limitations and restrictions as the initial $500.00
, t; x; T- {% I* i0 Z/ {+ Hgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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