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Thanks, here are details.
Canada Learning Bond
4 m) L# V& o t9 RThe Federal Government, in the 2004 Budget, introduced the Canada Learning
; u" U" a! S9 l# [* Z- m" K4 \Bond. The Bond is aimed at helping low-income families save for their children’s
7 v9 _' C4 D& s" G- I* _! d+ qpost-secondary education pursuits. Beginning in 2004, each child born to lowincome; t @% {- M. k( e
families, those earning $35,000 or less and who are also entitled to receive# Q) r; R: w9 C/ D, l
the National Child Benefit, will receive a $500 Canada Learning Bond.
K* Z g0 T/ P, ?- v i& V% uAssuming a child remains qualified for the Canada Learning Bond, the child will2 q& D8 x# ]* a
continue to receive $100.00 in each subsequent year in Canada Learning Bond& M6 k# Q" q: }4 Y( D; a% B7 E
installments. The Federal Government projects that the Canada Learning Bond will
( W. D4 N+ r& L& O4 _, kcarry a cost of up to $85 million this year and up to 120,000 children will benefit4 ]5 g1 H3 i% b* P" T: x! J$ s
from the program2. The government says a child living in a low-income household* H7 G% O8 ?' u
could receive up to $2,000 for their education.1 B6 x/ V' i, f6 M4 @7 l
Additionally, in terms of post-secondary education and low-income families, the
- S; V1 {/ O" @3 D' J1 a; hgovernment has introduced a new one-time grant of up to $3,000 for first-year
4 C) ?. Q6 } G9 V, G) Dstudents whose family income hovers around $35,000 or less a year.$ N* u: p5 D# X. I( t' K" w
Alberta Centennial Education Savings Plan Act, _5 [4 m* T0 C" C3 `$ c
During the 2004 Spring Sitting, the Alberta Government introduced and
# [3 B6 e5 g# R) C! h2 ~1 rsubsequently passed the Alberta Centennial Education Savings Plan Act. The
4 E0 Y n! f4 e, N* Y n: L. ^program created by the Act is available only to residents of Alberta who have
$ a8 n5 j4 D1 m. n' c, m% P4 n4 zchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
. f; e$ A6 T; r; a, ] H0 Bglance, seems quite simple in scope but it does have many intricate details that,
4 s1 {+ \" i1 J, Ponce communicated, reveal a complicated program that relies on proactive parents: M1 y3 ^( h6 o! n( X5 Q& a3 {
to absorb the full benefit of the program.
x! e$ l _# Q( H4 p/ V( GAlberta residents, who have a baby born on January 1, 2005, or after, will be
, A) w; D0 e7 s& }& ^1 _0 zeligible for a $500.00 grant toward the baby’s established RESP. The grant will
1 g) G% N" |4 W' tonly be awarded if a RESP is established within the first year of the baby’s birth9 r# r n* z/ ~' W* A! e
(though Alberta Learning is looking to extend this deadline to two years or, albeit. R$ @) V0 G5 F: _+ @ z D
unlikely, extending the deadline until the baby has reached their first year of
7 r( v+ Y& e. p% z+ I4 Hschooling). Should a year elapse and the parents do not arrange an RESP account,
) o' G. a: O. T( Dfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
1 o( b+ C1 b9 p3 h1 ?: {$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
) U7 O8 v* _3 `" X& rthose grants will require parents to provide matching dollars to qualify. These: g* B+ Y+ X& Y$ q6 C5 A
grants are awarded with the same limitations and restrictions as the initial $500.00
( i6 O: ?; r4 k& I/ Ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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