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Thanks, here are details.
Canada Learning Bond4 _- t9 [* c# V$ z! o
The Federal Government, in the 2004 Budget, introduced the Canada Learning; C; c+ ?* {' @/ T4 e
Bond. The Bond is aimed at helping low-income families save for their children’s! H9 N* @( t' P2 P
post-secondary education pursuits. Beginning in 2004, each child born to lowincome# [; t( `( ~1 Y0 z2 L: Y% q% O. W
families, those earning $35,000 or less and who are also entitled to receive
+ x3 t2 W( y6 g3 f+ o0 T* ithe National Child Benefit, will receive a $500 Canada Learning Bond.. {6 O5 c$ e3 _' G- w' _2 q
Assuming a child remains qualified for the Canada Learning Bond, the child will( {6 f! |* b9 H% o1 @$ @( f8 @
continue to receive $100.00 in each subsequent year in Canada Learning Bond( q) i# N6 m: {. r
installments. The Federal Government projects that the Canada Learning Bond will; y l8 a y6 w/ R! z% v
carry a cost of up to $85 million this year and up to 120,000 children will benefit" }' e: X( F9 \( ]
from the program2. The government says a child living in a low-income household
- M2 Q5 j# P: r! W0 @, \9 Lcould receive up to $2,000 for their education.2 g( \+ S }( h) c7 @
Additionally, in terms of post-secondary education and low-income families, the
+ \/ e; f' V5 [ l% j( w6 c: mgovernment has introduced a new one-time grant of up to $3,000 for first-year" i) R: _& f7 G; d2 r h+ c
students whose family income hovers around $35,000 or less a year.: `7 G, f' e) u
Alberta Centennial Education Savings Plan Act3 E0 q/ y% U* z0 V7 _
During the 2004 Spring Sitting, the Alberta Government introduced and: S7 Q) A" K, N4 G
subsequently passed the Alberta Centennial Education Savings Plan Act. The
( J/ |9 h& k- Z0 X2 l# eprogram created by the Act is available only to residents of Alberta who have
5 }/ D4 S! y$ u1 b- s( kchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first0 K5 f$ @' @5 c$ _4 L" p
glance, seems quite simple in scope but it does have many intricate details that,
- Y( z8 {: X4 n2 `' [3 e7 E) w" Ponce communicated, reveal a complicated program that relies on proactive parents
& X( S+ K W' g, |- c8 d Zto absorb the full benefit of the program.$ K3 e: _/ N# m" N6 p0 ~; H) W8 B
Alberta residents, who have a baby born on January 1, 2005, or after, will be3 j7 o' e$ e2 w" v6 |$ m$ `
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
2 ?9 l9 o& T0 D9 _; e9 D" n) tonly be awarded if a RESP is established within the first year of the baby’s birth
% V$ `+ ]! ?/ h. B# T(though Alberta Learning is looking to extend this deadline to two years or, albeit
0 r3 x8 H* k: b: x3 O! _ z8 D lunlikely, extending the deadline until the baby has reached their first year of
+ x% J0 |! m% J$ d5 `schooling). Should a year elapse and the parents do not arrange an RESP account,
# ^0 ~7 Q( W4 M) M( E3 K2 Ofor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
. f% f+ S7 o* \3 p2 q5 R c9 e$ j- \$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
) M1 J% j) a, v* u8 Ythose grants will require parents to provide matching dollars to qualify. These
/ M* v, r$ S# e# v T5 g9 egrants are awarded with the same limitations and restrictions as the initial $500.00
/ k4 S; }1 a7 C4 p* w5 w/ _grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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