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Thanks, here are details.
Canada Learning Bond
6 o: s1 h$ i) G9 UThe Federal Government, in the 2004 Budget, introduced the Canada Learning0 q8 l4 }' _7 B3 h
Bond. The Bond is aimed at helping low-income families save for their children’s4 B9 m# g2 f. h+ p) M" E" b+ E
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
7 T1 Y' F3 P! t- ]families, those earning $35,000 or less and who are also entitled to receive
- T6 f3 v% x% A. F5 sthe National Child Benefit, will receive a $500 Canada Learning Bond.* Z& }# j$ @- J( q8 E# t( Q
Assuming a child remains qualified for the Canada Learning Bond, the child will: W5 j( R) B" q/ O5 z0 b( q
continue to receive $100.00 in each subsequent year in Canada Learning Bond1 W0 B1 k# o+ P* Q- _ r# I- l7 U
installments. The Federal Government projects that the Canada Learning Bond will) K) t- c5 P% N- e9 G8 S. A
carry a cost of up to $85 million this year and up to 120,000 children will benefit/ c* m3 f6 l6 M- l! m8 A
from the program2. The government says a child living in a low-income household s: f$ \6 G2 }9 \2 _2 V
could receive up to $2,000 for their education.
4 o [& `% K1 U+ s. H3 v1 H" [Additionally, in terms of post-secondary education and low-income families, the
" ?6 p6 r! b1 K9 f" Hgovernment has introduced a new one-time grant of up to $3,000 for first-year( q+ h4 ^" X: _! ~4 t5 Q
students whose family income hovers around $35,000 or less a year.8 K+ {- F2 H, Q6 a5 i( l
Alberta Centennial Education Savings Plan Act) g" W5 I* t W2 o5 H
During the 2004 Spring Sitting, the Alberta Government introduced and: I6 x% s7 ]0 z8 J9 a, W1 h# P9 I, X
subsequently passed the Alberta Centennial Education Savings Plan Act. The1 O" ^8 n' u3 G$ F6 M
program created by the Act is available only to residents of Alberta who have
2 A% y8 G! u A( l6 Y$ A4 _children born after January 1, 2005 (Alberta’s Centennial). The program, at first
3 U# a* H! Z6 t8 nglance, seems quite simple in scope but it does have many intricate details that,, p4 {& m. b0 e; n I
once communicated, reveal a complicated program that relies on proactive parents
; E2 Z: ?8 w/ Y+ M3 vto absorb the full benefit of the program.
8 }/ q4 m0 L6 i& ?Alberta residents, who have a baby born on January 1, 2005, or after, will be5 m6 f/ t7 j$ B2 ~8 s
eligible for a $500.00 grant toward the baby’s established RESP. The grant will9 o( s2 V: I. Z; b/ u' Z5 `
only be awarded if a RESP is established within the first year of the baby’s birth
+ c+ K( S( z9 f& m" f) e7 p(though Alberta Learning is looking to extend this deadline to two years or, albeit
0 s/ D Y g% H0 zunlikely, extending the deadline until the baby has reached their first year of
# Q' H# f* I: T/ K+ i% W1 B% W+ Q3 Sschooling). Should a year elapse and the parents do not arrange an RESP account,& f6 T& }4 |# e
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent! p) d# {) a- K0 |% N3 Q
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
" n4 y3 C# O8 p- v* @. j% {those grants will require parents to provide matching dollars to qualify. These' X4 r4 f& b9 F& P: E6 d, `" L
grants are awarded with the same limitations and restrictions as the initial $500.00
! I' F$ x: ]- x+ J4 \grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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