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Thanks, here are details.
Canada Learning Bond
) i! U( _- h9 S% K2 Z( EThe Federal Government, in the 2004 Budget, introduced the Canada Learning
. d/ O, E! G( v( i% N' WBond. The Bond is aimed at helping low-income families save for their children’s# V2 z6 b' d5 u8 v
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
$ G* e3 _/ l7 K' P6 ifamilies, those earning $35,000 or less and who are also entitled to receive8 \, u# L7 y7 X- D6 Y, h, s
the National Child Benefit, will receive a $500 Canada Learning Bond.; S8 z* p2 t; b) @, e' b4 i9 ?* o
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 {: e# _" a# h8 |4 _0 }continue to receive $100.00 in each subsequent year in Canada Learning Bond9 u$ U6 e. o* T
installments. The Federal Government projects that the Canada Learning Bond will
( I) q7 W+ b( a" K; A2 T- i( v2 Gcarry a cost of up to $85 million this year and up to 120,000 children will benefit
$ @: U4 ^% A0 hfrom the program2. The government says a child living in a low-income household3 v5 X. n7 s! E; s
could receive up to $2,000 for their education.9 J: s. n( _( j$ S% p
Additionally, in terms of post-secondary education and low-income families, the2 ^: i6 R0 [. k& q
government has introduced a new one-time grant of up to $3,000 for first-year/ r2 f! ~$ J" z, G3 M+ Z2 w
students whose family income hovers around $35,000 or less a year.
& n0 ^- Y$ G( U0 B; h; x/ Q0 ~* o) IAlberta Centennial Education Savings Plan Act
. n9 [( x; X' ~2 x2 T# MDuring the 2004 Spring Sitting, the Alberta Government introduced and
# u6 n7 c) F7 I. @4 Vsubsequently passed the Alberta Centennial Education Savings Plan Act. The
W7 g9 w/ Q) [" t* a- d3 i" Wprogram created by the Act is available only to residents of Alberta who have B% ^, J" c4 e; s+ k6 V, |
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
" ~. `( J, D ~3 m4 M6 ?+ {glance, seems quite simple in scope but it does have many intricate details that,
/ \$ U3 i/ S. {, yonce communicated, reveal a complicated program that relies on proactive parents: g8 `% t/ v3 |* u
to absorb the full benefit of the program.* x8 }2 [3 `- V! ]
Alberta residents, who have a baby born on January 1, 2005, or after, will be; s9 Z6 S' n- C, h1 L
eligible for a $500.00 grant toward the baby’s established RESP. The grant will2 h* n/ n- `2 ^ Y6 R- e/ B C
only be awarded if a RESP is established within the first year of the baby’s birth
* u# q: @' x) w2 C1 i5 x(though Alberta Learning is looking to extend this deadline to two years or, albeit5 Q3 m3 b5 q; x! }# J5 x
unlikely, extending the deadline until the baby has reached their first year of% _6 b! F$ H9 i, \& y
schooling). Should a year elapse and the parents do not arrange an RESP account,/ p7 X- p* c4 I4 |) j- `1 m
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
6 F0 f/ e) v" l0 w8 w5 ^4 H, X$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
. y- K s' \, y0 ^7 Zthose grants will require parents to provide matching dollars to qualify. These
7 I( ?1 `; _9 D( ~" wgrants are awarded with the same limitations and restrictions as the initial $500.00
* y6 U2 ^; }5 t2 p2 N: [grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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