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Thanks, here are details.
Canada Learning Bond
. X8 r9 L# `' i# b2 [. F8 e/ P% {The Federal Government, in the 2004 Budget, introduced the Canada Learning
' s& p, X8 _2 ABond. The Bond is aimed at helping low-income families save for their children’s
2 i: V3 D' [5 N: w: g9 m; `5 i$ zpost-secondary education pursuits. Beginning in 2004, each child born to lowincome2 |" c _+ K4 y3 u, u
families, those earning $35,000 or less and who are also entitled to receive
" X Z( f; \5 W( xthe National Child Benefit, will receive a $500 Canada Learning Bond.& |% s9 J5 C, x7 |' j3 I/ B+ }
Assuming a child remains qualified for the Canada Learning Bond, the child will
, d# f6 a( B: P' }continue to receive $100.00 in each subsequent year in Canada Learning Bond
, h5 J) P+ F. H& a5 f- G5 R; |9 kinstallments. The Federal Government projects that the Canada Learning Bond will
; i! R# a& j% ]! m8 _1 pcarry a cost of up to $85 million this year and up to 120,000 children will benefit
% V0 N6 |7 b" N9 r- ~# ^from the program2. The government says a child living in a low-income household
, q/ O2 B) ~; F9 \ M0 \( Fcould receive up to $2,000 for their education.
. h: y% i6 i/ g m% X0 ^2 P3 @Additionally, in terms of post-secondary education and low-income families, the
, d; C; L0 i; Z" d/ Ogovernment has introduced a new one-time grant of up to $3,000 for first-year
6 X, I' j- O' ^. fstudents whose family income hovers around $35,000 or less a year.
% w& u* _( v) @. b4 sAlberta Centennial Education Savings Plan Act% ^8 w! E9 O" @7 c9 _
During the 2004 Spring Sitting, the Alberta Government introduced and
- Q+ M+ `0 @, L" X& e: C/ Osubsequently passed the Alberta Centennial Education Savings Plan Act. The& f- W! R0 ?. q
program created by the Act is available only to residents of Alberta who have' z1 p- s! A. Y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
" U% J5 b$ B5 l/ Q1 Eglance, seems quite simple in scope but it does have many intricate details that,
" ^! S/ S7 a9 v9 F- ]7 monce communicated, reveal a complicated program that relies on proactive parents
1 n6 v. s5 Z3 K" {, v8 {to absorb the full benefit of the program.
3 x; L) \$ e0 W2 ~+ P' C& O/ j* T. PAlberta residents, who have a baby born on January 1, 2005, or after, will be
* W7 E( a' F6 z6 L8 p% k. @( q4 ieligible for a $500.00 grant toward the baby’s established RESP. The grant will" ~ ]$ e5 O5 P" T* S! y; m9 O2 M
only be awarded if a RESP is established within the first year of the baby’s birth* x; S" K7 ? l+ u
(though Alberta Learning is looking to extend this deadline to two years or, albeit
' S3 e$ w# r% M, d( Sunlikely, extending the deadline until the baby has reached their first year of
+ }. w: A5 b; i$ j, Rschooling). Should a year elapse and the parents do not arrange an RESP account,
5 K9 d: }9 M- u. x' \2 s/ Q! ]" @for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# r" h5 U5 j5 C& Z$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of) `4 I {! @% a* B" S
those grants will require parents to provide matching dollars to qualify. These- ^( x$ a0 c8 h- P9 ?+ U. Y* L
grants are awarded with the same limitations and restrictions as the initial $500.00
- }: h9 \! W1 Z; d: Dgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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