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Thanks, here are details.
Canada Learning Bond
( X; c1 e V: P. q; `The Federal Government, in the 2004 Budget, introduced the Canada Learning
8 Y1 X0 W; R. B% C4 _2 JBond. The Bond is aimed at helping low-income families save for their children’s4 [! _# X- F* s/ N! L
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
; {3 r0 ?' \5 u) k& n, W& tfamilies, those earning $35,000 or less and who are also entitled to receive" A5 u+ o6 s$ p" F+ @
the National Child Benefit, will receive a $500 Canada Learning Bond./ j: c: H% ?; F, \& w; n
Assuming a child remains qualified for the Canada Learning Bond, the child will
K# a5 ~- P* h9 W* H1 g9 x4 Hcontinue to receive $100.00 in each subsequent year in Canada Learning Bond9 n: I3 e! V1 `. I
installments. The Federal Government projects that the Canada Learning Bond will
& A* v0 f; [4 P: f1 B j" N1 ecarry a cost of up to $85 million this year and up to 120,000 children will benefit" |2 e$ k/ Q6 j+ ~4 ?5 t* `
from the program2. The government says a child living in a low-income household
! y4 ?4 ^' {2 e; d5 A$ zcould receive up to $2,000 for their education.- J& D0 X4 `8 V8 X5 u$ F
Additionally, in terms of post-secondary education and low-income families, the
1 X# E) f# K1 _2 r+ A: w4 p8 @government has introduced a new one-time grant of up to $3,000 for first-year4 r! T3 f* f; X; o
students whose family income hovers around $35,000 or less a year.2 z% h: C, J2 ^! K8 C5 `) R
Alberta Centennial Education Savings Plan Act
$ P$ e& H8 G" ]$ nDuring the 2004 Spring Sitting, the Alberta Government introduced and5 i0 m" ~" `$ ?2 F; J% f* O
subsequently passed the Alberta Centennial Education Savings Plan Act. The
" P5 {- E1 Z6 I. c( w: K: t6 ^program created by the Act is available only to residents of Alberta who have" p6 B" o% W* l$ z% N: R7 s+ P, z
children born after January 1, 2005 (Alberta’s Centennial). The program, at first' j5 o- u1 ?% h" B1 W4 } ~
glance, seems quite simple in scope but it does have many intricate details that,: a$ ~, @2 d+ J' S1 p! v1 o5 f& J
once communicated, reveal a complicated program that relies on proactive parents \. y) ?! ?8 I) w
to absorb the full benefit of the program.. O* a. A4 ?9 F, o8 D$ y
Alberta residents, who have a baby born on January 1, 2005, or after, will be
& h; p& W: @- {3 ^5 T- H, `eligible for a $500.00 grant toward the baby’s established RESP. The grant will5 G' X) q& d. ^/ f _
only be awarded if a RESP is established within the first year of the baby’s birth
: K+ f" J8 f; B(though Alberta Learning is looking to extend this deadline to two years or, albeit2 P3 n, F7 C7 M" j; M2 x. K8 `
unlikely, extending the deadline until the baby has reached their first year of
$ x5 O( }! V. L3 p' Q3 p1 a+ |& Vschooling). Should a year elapse and the parents do not arrange an RESP account,/ i. D! X3 a3 X3 Y
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent% W; j; g6 t' T+ ~, _: F5 ^
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
" ?$ J4 d1 j. I0 Hthose grants will require parents to provide matching dollars to qualify. These1 F6 N" @+ K) K9 A B
grants are awarded with the same limitations and restrictions as the initial $500.00
. j2 J' U w6 C! e' \grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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