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Thanks, here are details.
Canada Learning Bond' W9 Z# {0 R! \! p( W6 ?
The Federal Government, in the 2004 Budget, introduced the Canada Learning
0 n# e5 j& U( \* u8 N# [* j% {1 ^Bond. The Bond is aimed at helping low-income families save for their children’s0 q4 d$ T- a2 x/ e, T. r
post-secondary education pursuits. Beginning in 2004, each child born to lowincome) B9 f6 F A! u; ^5 b& r6 m
families, those earning $35,000 or less and who are also entitled to receive& k9 [' y9 X: Q; ?1 t
the National Child Benefit, will receive a $500 Canada Learning Bond.
( i* ^/ `, a3 L' B H9 `4 iAssuming a child remains qualified for the Canada Learning Bond, the child will
' C+ M% [( d6 k- E9 Icontinue to receive $100.00 in each subsequent year in Canada Learning Bond
7 `- p/ r" p* t4 G! f3 ninstallments. The Federal Government projects that the Canada Learning Bond will+ V2 M9 J- b' l( M7 p7 _
carry a cost of up to $85 million this year and up to 120,000 children will benefit m" m* E* z8 |
from the program2. The government says a child living in a low-income household( J. B0 K. w9 l3 d9 j- D
could receive up to $2,000 for their education.
! L! V4 p, \9 H" d& l3 ZAdditionally, in terms of post-secondary education and low-income families, the: A6 }: b- B9 J( q
government has introduced a new one-time grant of up to $3,000 for first-year
# x* x# k, u# V: e6 S' xstudents whose family income hovers around $35,000 or less a year.$ s4 M2 Y* ~( ~, p" s
Alberta Centennial Education Savings Plan Act
- M3 k3 [& F* N" qDuring the 2004 Spring Sitting, the Alberta Government introduced and
+ x1 H% f7 a1 q- g `7 Y- wsubsequently passed the Alberta Centennial Education Savings Plan Act. The" m& F6 Y! L: N/ l
program created by the Act is available only to residents of Alberta who have! I) N1 ^/ ?: }
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
/ K, u1 K- W$ r' E2 {glance, seems quite simple in scope but it does have many intricate details that,2 h" A4 U$ A0 a+ s1 Z" P' A
once communicated, reveal a complicated program that relies on proactive parents/ `3 r* u, E% c0 t. a
to absorb the full benefit of the program. ]* p( U0 ^2 J
Alberta residents, who have a baby born on January 1, 2005, or after, will be0 p% ]: ?, T: ~) ]) }7 v! o" d' M
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
" E, M' B7 o) o: T# |6 k" t# h- m& L2 [. Donly be awarded if a RESP is established within the first year of the baby’s birth
2 B0 @ ~' C2 J1 ?(though Alberta Learning is looking to extend this deadline to two years or, albeit
- J6 g9 C. P+ K5 P* f4 Vunlikely, extending the deadline until the baby has reached their first year of
' W$ `6 B$ E' Y% _4 Uschooling). Should a year elapse and the parents do not arrange an RESP account,* `# t/ G+ p! B6 ]7 S( _4 y4 _0 p4 J
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent! ~) t8 W4 s/ `5 X- o
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
* {* @/ C+ {7 P# W3 n, e+ xthose grants will require parents to provide matching dollars to qualify. These
* g! ?8 X8 j& V5 v6 |5 dgrants are awarded with the same limitations and restrictions as the initial $500.00/ T. k1 U0 ]* Q% \! g& i5 D; P
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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