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Thanks, here are details.
Canada Learning Bond! u, u+ F$ J* L7 F7 c
The Federal Government, in the 2004 Budget, introduced the Canada Learning
- y# W2 P9 N4 A; _Bond. The Bond is aimed at helping low-income families save for their children’s
3 j7 e7 L" N9 {. R% ^post-secondary education pursuits. Beginning in 2004, each child born to lowincome+ H9 r; G! w/ s. h8 q2 `
families, those earning $35,000 or less and who are also entitled to receive) K8 I. ]7 n" C8 p+ a
the National Child Benefit, will receive a $500 Canada Learning Bond.
% l/ @- b* N& d- f: SAssuming a child remains qualified for the Canada Learning Bond, the child will, o* b. \, }. X# C @- G: f' m
continue to receive $100.00 in each subsequent year in Canada Learning Bond
: K+ h# J- p8 @) t, Zinstallments. The Federal Government projects that the Canada Learning Bond will
3 L9 v- U6 B( _+ a$ t1 Q; w0 S" B7 ocarry a cost of up to $85 million this year and up to 120,000 children will benefit5 g8 e9 J, k- E/ I$ Y/ H" v1 W
from the program2. The government says a child living in a low-income household" P: \, a" j3 S6 U3 J" [, D
could receive up to $2,000 for their education.& n$ p, X, @& \1 ^5 T
Additionally, in terms of post-secondary education and low-income families, the& L. V/ g7 X9 ^* }: K6 l9 N$ ] e
government has introduced a new one-time grant of up to $3,000 for first-year
$ F! X9 x6 h" A. o7 p; L' estudents whose family income hovers around $35,000 or less a year.1 ]* p! V: p/ A4 ^ R% M& t# _
Alberta Centennial Education Savings Plan Act$ D- N$ c8 Y. ~- g- O1 \
During the 2004 Spring Sitting, the Alberta Government introduced and$ K0 A1 _5 b; R% T; c5 p' x) c5 d
subsequently passed the Alberta Centennial Education Savings Plan Act. The9 e9 s. {3 C. D7 |9 k) s8 q8 x
program created by the Act is available only to residents of Alberta who have
9 w0 R/ f5 `. E" _% Zchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first& N7 \% u0 Z8 @- t3 a H3 c* q4 Z1 O
glance, seems quite simple in scope but it does have many intricate details that,
* U% z( U/ r2 w' U& Wonce communicated, reveal a complicated program that relies on proactive parents" v* l$ O# r( E v& X
to absorb the full benefit of the program.: T4 p" U3 z9 O9 }0 @
Alberta residents, who have a baby born on January 1, 2005, or after, will be' A9 v% D& b* H7 {7 N0 I
eligible for a $500.00 grant toward the baby’s established RESP. The grant will$ n% J8 I+ [7 {* [, W
only be awarded if a RESP is established within the first year of the baby’s birth, ]. ?# j- p2 q( x' p5 W! C2 w' [
(though Alberta Learning is looking to extend this deadline to two years or, albeit
2 F7 I+ m. h7 X+ O6 Uunlikely, extending the deadline until the baby has reached their first year of
/ w$ d0 |: F; J \( z! }* bschooling). Should a year elapse and the parents do not arrange an RESP account,0 y) S" J; f& ^0 p( Y' \0 T
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent0 L S( L! y& C' N' f
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
" J5 E3 M9 |7 d/ othose grants will require parents to provide matching dollars to qualify. These0 b2 [2 K! `2 ]4 f, F9 X9 @ |& r
grants are awarded with the same limitations and restrictions as the initial $500.00
; B" [2 ^. U0 Q7 \0 ?0 Egrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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