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Thanks, here are details.
Canada Learning Bond) U/ D6 u5 j( I, {+ R2 E# \1 ?1 U
The Federal Government, in the 2004 Budget, introduced the Canada Learning2 f3 b" b7 {0 V0 }+ |. V, V
Bond. The Bond is aimed at helping low-income families save for their children’s
v/ J. {. S2 I7 ]post-secondary education pursuits. Beginning in 2004, each child born to lowincome% d' [- W/ E( p9 ]+ F- z
families, those earning $35,000 or less and who are also entitled to receive: N% k2 J8 ?" n$ R8 X1 {# q
the National Child Benefit, will receive a $500 Canada Learning Bond.* u, ^* s+ E2 a) u
Assuming a child remains qualified for the Canada Learning Bond, the child will5 f; S- b; D) K( O- J
continue to receive $100.00 in each subsequent year in Canada Learning Bond
1 J: K, k/ f% Q' @: _: Oinstallments. The Federal Government projects that the Canada Learning Bond will, M! Z0 j2 q4 n0 z5 K% i, T$ R& e
carry a cost of up to $85 million this year and up to 120,000 children will benefit. @3 l% l `1 s
from the program2. The government says a child living in a low-income household! o+ [1 [" \. f9 t( B
could receive up to $2,000 for their education.( c) i8 t I C
Additionally, in terms of post-secondary education and low-income families, the
+ b$ Q, ^5 U( x4 Tgovernment has introduced a new one-time grant of up to $3,000 for first-year- r8 Y; ]+ ?% z0 i- R8 a& j( M
students whose family income hovers around $35,000 or less a year.. j6 x: J4 S/ b9 D$ ^
Alberta Centennial Education Savings Plan Act
0 Q2 ~8 y; n, H, m8 oDuring the 2004 Spring Sitting, the Alberta Government introduced and/ Y+ q% B: w9 b: Z
subsequently passed the Alberta Centennial Education Savings Plan Act. The
# k" u4 N# X6 A7 @4 Q: Vprogram created by the Act is available only to residents of Alberta who have: e0 J! e6 N4 ~ S Z+ k
children born after January 1, 2005 (Alberta’s Centennial). The program, at first2 X$ K- e3 s( b+ z7 [
glance, seems quite simple in scope but it does have many intricate details that,
% b% G+ h7 B% zonce communicated, reveal a complicated program that relies on proactive parents* {8 o( z C1 s* {
to absorb the full benefit of the program.) I7 B8 ]) Y3 U1 D9 \. h! s& P: ?
Alberta residents, who have a baby born on January 1, 2005, or after, will be' D4 ^1 v+ Z: h1 W! G6 u) V
eligible for a $500.00 grant toward the baby’s established RESP. The grant will2 a( {' @3 e( ~% z
only be awarded if a RESP is established within the first year of the baby’s birth, a+ e I/ S! |4 z* ^
(though Alberta Learning is looking to extend this deadline to two years or, albeit) Y; @% O# A, O: G
unlikely, extending the deadline until the baby has reached their first year of% r3 q y4 j1 P5 `+ v' O
schooling). Should a year elapse and the parents do not arrange an RESP account,
% ~$ Q6 e2 o, z$ afor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# e9 u% G* k; U$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of D: r( `0 R d* T4 v# {1 U% J& e
those grants will require parents to provide matching dollars to qualify. These- k% ~: I* V5 l2 v( y7 [
grants are awarded with the same limitations and restrictions as the initial $500.00! t& W8 ~, h* s* B$ b7 I Q
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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