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Thanks, here are details.
Canada Learning Bond
5 X' Q- x* a- \/ _9 I; v2 D4 eThe Federal Government, in the 2004 Budget, introduced the Canada Learning1 W' _- @% ]& d |7 N+ W
Bond. The Bond is aimed at helping low-income families save for their children’s
; C1 x: h4 G# E6 E [+ D& Dpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
- u) e6 s6 N( @: }1 cfamilies, those earning $35,000 or less and who are also entitled to receive
$ R5 P% a; X# d: J* C, Ithe National Child Benefit, will receive a $500 Canada Learning Bond.
5 b! p- t: C% c/ X# d7 F' N' TAssuming a child remains qualified for the Canada Learning Bond, the child will% v7 }" T- P+ E" a
continue to receive $100.00 in each subsequent year in Canada Learning Bond
: N" j5 c! p: z0 a; {+ d2 C0 tinstallments. The Federal Government projects that the Canada Learning Bond will
& _" {( q3 Z! F1 O! @; P4 L) L) r8 qcarry a cost of up to $85 million this year and up to 120,000 children will benefit) j; ]3 r) U2 c% I) [# v
from the program2. The government says a child living in a low-income household) I+ K% z; _ t
could receive up to $2,000 for their education.' \5 l, ]- s3 R& k
Additionally, in terms of post-secondary education and low-income families, the
* E1 O2 X4 G/ K4 Xgovernment has introduced a new one-time grant of up to $3,000 for first-year* O5 s' z8 c- ^% K m
students whose family income hovers around $35,000 or less a year.
! U' A* c0 Q: A3 M: s) eAlberta Centennial Education Savings Plan Act7 H. S9 m+ Y6 Z$ c
During the 2004 Spring Sitting, the Alberta Government introduced and
3 [( y( X7 g" C6 i% q) K% Usubsequently passed the Alberta Centennial Education Savings Plan Act. The
f' E/ p; v$ X9 U; r, fprogram created by the Act is available only to residents of Alberta who have
& a* Y3 X) p; r! f5 Gchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first9 X9 t& u2 x6 [) H0 ~2 b/ S \
glance, seems quite simple in scope but it does have many intricate details that,
# V: n, _ j6 jonce communicated, reveal a complicated program that relies on proactive parents4 N( B d0 ^0 l6 A* D$ ?
to absorb the full benefit of the program.% [9 @2 _. L6 c/ c4 z
Alberta residents, who have a baby born on January 1, 2005, or after, will be
5 g d& B. d& S! k% i, Celigible for a $500.00 grant toward the baby’s established RESP. The grant will" b' [- G+ x0 J, ~4 Y
only be awarded if a RESP is established within the first year of the baby’s birth( w1 ^+ g4 M0 y7 O4 H/ U
(though Alberta Learning is looking to extend this deadline to two years or, albeit5 Q! J% T* ?1 ^/ X; P( |
unlikely, extending the deadline until the baby has reached their first year of
' F, S2 s" |% L* i) f/ I$ q+ \( aschooling). Should a year elapse and the parents do not arrange an RESP account,
1 e8 i3 {4 Q6 s+ N$ x( nfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
3 r" B0 b8 {: s: m# B0 y$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
3 M7 c* W5 I' |/ L7 W% A8 ithose grants will require parents to provide matching dollars to qualify. These
" |' a% l- }, B$ [2 F pgrants are awarded with the same limitations and restrictions as the initial $500.00' }/ P6 Y! a% F. b0 t
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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