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Thanks, here are details.
Canada Learning Bond
& E, A4 X; g L6 |5 r# oThe Federal Government, in the 2004 Budget, introduced the Canada Learning- D) h/ `( d" H& y
Bond. The Bond is aimed at helping low-income families save for their children’s
( k! n, i$ w3 j8 j% ?post-secondary education pursuits. Beginning in 2004, each child born to lowincome0 f6 c! r1 R( R- |- Q9 R0 C
families, those earning $35,000 or less and who are also entitled to receive J# y2 K* C# N0 {8 p6 e+ p9 h
the National Child Benefit, will receive a $500 Canada Learning Bond.
' L: ?& U7 Q6 w( ~Assuming a child remains qualified for the Canada Learning Bond, the child will
" y: w/ J' X8 J9 T: P. v# s7 P) d4 zcontinue to receive $100.00 in each subsequent year in Canada Learning Bond* ?7 i6 X7 D1 n9 k
installments. The Federal Government projects that the Canada Learning Bond will
8 p8 T. B) p7 S3 Y' ncarry a cost of up to $85 million this year and up to 120,000 children will benefit* ^. P9 ]3 D# O
from the program2. The government says a child living in a low-income household& ]2 ~/ O( |$ g5 n; W* I
could receive up to $2,000 for their education.3 G# c' C9 |6 _. Y
Additionally, in terms of post-secondary education and low-income families, the
+ H8 x q: t, r, f" Z6 Y! D' p" _government has introduced a new one-time grant of up to $3,000 for first-year
; K9 H/ w$ k2 q6 M, N' ustudents whose family income hovers around $35,000 or less a year.
) d) u- F+ e; E& E" k, K& j6 ^( SAlberta Centennial Education Savings Plan Act/ r& N; j, O8 o9 e
During the 2004 Spring Sitting, the Alberta Government introduced and
+ c$ F3 ^5 N( }9 Nsubsequently passed the Alberta Centennial Education Savings Plan Act. The; w" s) m7 |/ {
program created by the Act is available only to residents of Alberta who have, k3 k% {- }6 N
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
9 L3 Q1 D5 L/ T5 [glance, seems quite simple in scope but it does have many intricate details that,* I8 C+ y% i! W/ f& c x
once communicated, reveal a complicated program that relies on proactive parents
. A1 R4 R# {! f8 {to absorb the full benefit of the program., ~. f5 v, U2 D) D I
Alberta residents, who have a baby born on January 1, 2005, or after, will be7 D- c- D3 \+ \" ~. i. @
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
, l y0 p f0 r" y. a: ronly be awarded if a RESP is established within the first year of the baby’s birth
8 u2 L) l" p- P5 ](though Alberta Learning is looking to extend this deadline to two years or, albeit
7 |" d7 P, G2 h7 kunlikely, extending the deadline until the baby has reached their first year of' p b* [) A/ t9 N+ t( n
schooling). Should a year elapse and the parents do not arrange an RESP account,& u( n' T7 _$ H- _$ i: h$ e3 X
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
/ }5 n6 D+ u* ` _7 k- `& ]# k$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of, @6 B# S) e& X( ^& u" M/ l
those grants will require parents to provide matching dollars to qualify. These: a: e5 n: Y3 u' J) [
grants are awarded with the same limitations and restrictions as the initial $500.007 S0 @3 ~1 ]$ p- v
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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