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Thanks, here are details.
Canada Learning Bond
2 W7 C6 l, Y% y# F" l5 lThe Federal Government, in the 2004 Budget, introduced the Canada Learning" G& l t/ [$ H! ?
Bond. The Bond is aimed at helping low-income families save for their children’s
/ Z) _; A% y) i7 a8 `+ b3 bpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
% Z: y9 k: Q; [) ?: lfamilies, those earning $35,000 or less and who are also entitled to receive
) i) r. m; \1 F4 W! s6 Zthe National Child Benefit, will receive a $500 Canada Learning Bond.
7 o% T- L L- M. K* UAssuming a child remains qualified for the Canada Learning Bond, the child will1 u, X) r7 |. D1 `2 P
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 t- d; d+ }2 i6 W. T. M+ rinstallments. The Federal Government projects that the Canada Learning Bond will+ V7 g g" Y& L" G+ e3 b K
carry a cost of up to $85 million this year and up to 120,000 children will benefit
! v0 e' v. b1 o: s6 t) ]from the program2. The government says a child living in a low-income household
s w4 @$ J3 t$ t9 bcould receive up to $2,000 for their education.
9 F. O2 m+ ]) j4 u5 t% WAdditionally, in terms of post-secondary education and low-income families, the* V) `& `2 W. z" K, s. E
government has introduced a new one-time grant of up to $3,000 for first-year
; Z! }) o) ? {* V1 t- L5 Ostudents whose family income hovers around $35,000 or less a year.6 X$ \8 A6 p) G3 r
Alberta Centennial Education Savings Plan Act
' K3 p; q% k L- ~& xDuring the 2004 Spring Sitting, the Alberta Government introduced and
4 K0 l! w0 F& K5 }% Gsubsequently passed the Alberta Centennial Education Savings Plan Act. The
( F' U* x) S+ l8 rprogram created by the Act is available only to residents of Alberta who have
: Q: M$ m$ g2 l0 Uchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first L" m+ z. o n+ u
glance, seems quite simple in scope but it does have many intricate details that,
4 P5 i6 Q4 o' f- [- `once communicated, reveal a complicated program that relies on proactive parents
/ x: d% G& T- ]7 Fto absorb the full benefit of the program.4 d; U: `' }# r: `4 y9 b: J
Alberta residents, who have a baby born on January 1, 2005, or after, will be
$ b8 z, o. w6 Q" C* Leligible for a $500.00 grant toward the baby’s established RESP. The grant will+ w* \7 a8 K& N% `
only be awarded if a RESP is established within the first year of the baby’s birth4 w! D( R1 {! t8 b! E% t2 n& a) e
(though Alberta Learning is looking to extend this deadline to two years or, albeit7 G2 q! I* I+ [5 ~. a2 j6 x* l
unlikely, extending the deadline until the baby has reached their first year of
: y6 z; K( g$ ^3 gschooling). Should a year elapse and the parents do not arrange an RESP account,
8 ?9 N- [- G- T9 c; W* k9 H7 hfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent# m) Y# b" H! b# S; v$ N
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
, o' x: ?2 i. `( v/ y: K* \those grants will require parents to provide matching dollars to qualify. These" M! }8 W) C' A( A% h
grants are awarded with the same limitations and restrictions as the initial $500.00
" O0 z! A; h! |- |/ m! E" \7 rgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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