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Thanks, here are details.
Canada Learning Bond
5 Z3 R) c# q" o' HThe Federal Government, in the 2004 Budget, introduced the Canada Learning
! Y7 f( y3 p9 J+ MBond. The Bond is aimed at helping low-income families save for their children’s" b, ?* }( j+ T6 n7 k w& V* T
post-secondary education pursuits. Beginning in 2004, each child born to lowincome3 U1 \3 _, w5 ?4 r& k& N. s& I9 ^$ n
families, those earning $35,000 or less and who are also entitled to receive4 e" q! u( @; i( W7 o1 C
the National Child Benefit, will receive a $500 Canada Learning Bond.
3 A) C9 h0 t h0 E2 {Assuming a child remains qualified for the Canada Learning Bond, the child will
' I F" y+ Q* T' `continue to receive $100.00 in each subsequent year in Canada Learning Bond5 B! t+ V9 I& ~3 R, h6 T
installments. The Federal Government projects that the Canada Learning Bond will' @/ F) x. l; V& n: q
carry a cost of up to $85 million this year and up to 120,000 children will benefit- O- U; F; L+ X R& e1 y
from the program2. The government says a child living in a low-income household
6 W. I2 l1 p0 scould receive up to $2,000 for their education.
{ W( A' D' q* Q: S, vAdditionally, in terms of post-secondary education and low-income families, the
* u! W6 e3 l3 \* d" b1 k/ Q8 r {government has introduced a new one-time grant of up to $3,000 for first-year& i1 u/ Q7 p0 H2 O
students whose family income hovers around $35,000 or less a year.
+ D5 W5 k! j2 g9 u* yAlberta Centennial Education Savings Plan Act
& o7 e, ^6 m8 g$ C3 ^% Z5 {4 TDuring the 2004 Spring Sitting, the Alberta Government introduced and3 k- l$ b& K; m
subsequently passed the Alberta Centennial Education Savings Plan Act. The
1 H2 T6 T+ ]4 J5 W" k0 q( Mprogram created by the Act is available only to residents of Alberta who have4 j8 Z6 F6 t0 M7 I
children born after January 1, 2005 (Alberta’s Centennial). The program, at first; T' D% ?/ X$ F5 T7 g: b
glance, seems quite simple in scope but it does have many intricate details that,7 X/ Q8 Q1 j' ?4 }: P4 ?! v$ c
once communicated, reveal a complicated program that relies on proactive parents8 u7 O: S. }; n! h1 H; F; ]
to absorb the full benefit of the program.% |- Y& o8 f& Y# i3 C( @
Alberta residents, who have a baby born on January 1, 2005, or after, will be
" A: ]' V. m# }9 F1 Z% Qeligible for a $500.00 grant toward the baby’s established RESP. The grant will
* P# A' V; \2 ^& Monly be awarded if a RESP is established within the first year of the baby’s birth1 |3 S) N1 W0 c! Q! W; p; d& l+ ?8 K
(though Alberta Learning is looking to extend this deadline to two years or, albeit( ~4 X8 ? L3 X5 a4 k% |
unlikely, extending the deadline until the baby has reached their first year of( L6 I2 H) Z# T4 s' M8 j6 j+ l$ L
schooling). Should a year elapse and the parents do not arrange an RESP account,& S8 a" O1 F8 t" F; `
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
1 u0 H7 F& u( Z/ f' A$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
$ W7 h& Q! c' f. r' m$ xthose grants will require parents to provide matching dollars to qualify. These
7 ^8 w" @! u' M) e& |% Rgrants are awarded with the same limitations and restrictions as the initial $500.004 M$ Y9 q- c [/ ~9 _7 z- O
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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