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Thanks, here are details.
Canada Learning Bond
% @& Z+ F* A3 {' J. \; Y5 sThe Federal Government, in the 2004 Budget, introduced the Canada Learning
+ O- E8 q4 B* n, ~! q! i6 z& SBond. The Bond is aimed at helping low-income families save for their children’s
M& c$ V/ R' ]+ A) U0 epost-secondary education pursuits. Beginning in 2004, each child born to lowincome1 `- G7 {5 h# w+ F" b
families, those earning $35,000 or less and who are also entitled to receive
: I! y) a5 a# }1 \" N; H k& lthe National Child Benefit, will receive a $500 Canada Learning Bond.4 k8 z5 e M$ ^
Assuming a child remains qualified for the Canada Learning Bond, the child will4 N3 c4 e8 x( S' o
continue to receive $100.00 in each subsequent year in Canada Learning Bond2 Z4 K: ~4 t: M( v5 |6 r3 X
installments. The Federal Government projects that the Canada Learning Bond will
* d) n, C4 c5 Mcarry a cost of up to $85 million this year and up to 120,000 children will benefit2 @9 W0 M' V/ V9 A# c
from the program2. The government says a child living in a low-income household+ x6 S: l8 s: V+ Q+ z8 \
could receive up to $2,000 for their education., }* j( ~ \2 E2 t3 ]; Y/ J9 p) @/ K
Additionally, in terms of post-secondary education and low-income families, the+ a+ c! P: u% ~* Q; N4 ]7 n. b- d
government has introduced a new one-time grant of up to $3,000 for first-year
% A9 W k! C+ H5 `0 C5 T0 n3 pstudents whose family income hovers around $35,000 or less a year.
6 m* [9 X: ^1 W+ B! iAlberta Centennial Education Savings Plan Act
7 T2 J6 W& F# d+ m0 |9 u6 IDuring the 2004 Spring Sitting, the Alberta Government introduced and+ N7 V8 s( F, i. y4 v
subsequently passed the Alberta Centennial Education Savings Plan Act. The- k2 [/ f T1 V6 g
program created by the Act is available only to residents of Alberta who have; b; J5 c8 I$ y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first/ Z. G7 e( g8 w8 B' r
glance, seems quite simple in scope but it does have many intricate details that,) ~8 M9 O2 U8 T5 K) N
once communicated, reveal a complicated program that relies on proactive parents0 i/ m- W. L8 A- [# S; F% {
to absorb the full benefit of the program.3 _1 E5 l! C/ d8 q0 a5 I7 d, O6 z
Alberta residents, who have a baby born on January 1, 2005, or after, will be G3 f5 Q2 D- T( Z1 ]; R
eligible for a $500.00 grant toward the baby’s established RESP. The grant will I* C* Y% A4 n5 x1 a. R
only be awarded if a RESP is established within the first year of the baby’s birth
# N+ {9 F4 w3 T9 L(though Alberta Learning is looking to extend this deadline to two years or, albeit
s+ f- _, h C5 |( [) t) Eunlikely, extending the deadline until the baby has reached their first year of
4 J. q+ U r7 ?schooling). Should a year elapse and the parents do not arrange an RESP account,8 u5 a, w" v$ J) l, A& v6 V
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent' a- {# B8 L, Y' h4 u" u* j( ^+ i
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 P; r8 N' p2 [1 Nthose grants will require parents to provide matching dollars to qualify. These1 q# k8 t% V$ R" c. z+ @
grants are awarded with the same limitations and restrictions as the initial $500.00
: D2 c9 P& ]2 b, }9 Z# lgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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