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Thanks, here are details.
Canada Learning Bond4 F* d. g5 {9 n! J
The Federal Government, in the 2004 Budget, introduced the Canada Learning
) y, P/ Q+ _ R6 JBond. The Bond is aimed at helping low-income families save for their children’s& n$ k, I; b3 @
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
" G4 G! H- A$ P% p" v9 E% C( [families, those earning $35,000 or less and who are also entitled to receive
; B; Q$ s. a( q2 N5 Z8 }5 g1 tthe National Child Benefit, will receive a $500 Canada Learning Bond.6 c; `8 j- Q s
Assuming a child remains qualified for the Canada Learning Bond, the child will/ W2 f9 |( C' \$ ^
continue to receive $100.00 in each subsequent year in Canada Learning Bond
3 C( o, C; U+ L! q7 N j; Linstallments. The Federal Government projects that the Canada Learning Bond will
7 ^/ O, Z3 U' a* V7 Ncarry a cost of up to $85 million this year and up to 120,000 children will benefit
+ u+ ]8 J+ q; mfrom the program2. The government says a child living in a low-income household
" J$ {( F r, \; z7 l: Ycould receive up to $2,000 for their education.
9 I6 l9 |3 U# U+ |& EAdditionally, in terms of post-secondary education and low-income families, the1 u- B( X- e2 y A5 g( f/ W
government has introduced a new one-time grant of up to $3,000 for first-year
. P0 H' V+ l' L6 Wstudents whose family income hovers around $35,000 or less a year.
, ]! K. n7 X/ U4 [! y$ }" aAlberta Centennial Education Savings Plan Act
9 ^' J1 {! F Q; Z! L0 }During the 2004 Spring Sitting, the Alberta Government introduced and
6 Q) Q C& l7 h; Ksubsequently passed the Alberta Centennial Education Savings Plan Act. The
" ]/ R9 r, g: c* }program created by the Act is available only to residents of Alberta who have e% {( t5 i$ c5 ?6 q6 C0 a4 G
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
+ `' X, o0 o1 i- wglance, seems quite simple in scope but it does have many intricate details that,
! l: P, ~+ }: Tonce communicated, reveal a complicated program that relies on proactive parents
5 l1 K( }$ ~5 O( P% s1 I& Wto absorb the full benefit of the program.3 L0 w3 G) B, W; W2 _# Z; B. ]
Alberta residents, who have a baby born on January 1, 2005, or after, will be9 g1 i# e0 Q8 o3 N; I# }5 u
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
+ o, a3 q C' i- W Q: ^+ Konly be awarded if a RESP is established within the first year of the baby’s birth: x2 q2 r0 Z/ Q7 C) s7 P
(though Alberta Learning is looking to extend this deadline to two years or, albeit% F. ?( Q; J5 c' F t! d
unlikely, extending the deadline until the baby has reached their first year of
9 H: j) |8 M: a6 [$ ^' l7 oschooling). Should a year elapse and the parents do not arrange an RESP account,9 J, H& H: E5 V# x. L
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
! D5 y7 f& a3 j0 g$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
' Y5 g$ Q7 w. E$ H4 ythose grants will require parents to provide matching dollars to qualify. These
! ?/ m, f# {) q, D) K( C3 h; mgrants are awarded with the same limitations and restrictions as the initial $500.002 Z, ^& w: q5 |% u5 `
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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