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Thanks, here are details.
Canada Learning Bond
" i& g/ \+ E+ g5 k4 NThe Federal Government, in the 2004 Budget, introduced the Canada Learning
% v: w0 j0 L7 h: e5 \2 IBond. The Bond is aimed at helping low-income families save for their children’s
6 Z) W3 a( C+ W! y i/ {post-secondary education pursuits. Beginning in 2004, each child born to lowincome, j# V( C$ f2 {: m" E! W
families, those earning $35,000 or less and who are also entitled to receive8 G+ S9 E9 m: C& G% n) }
the National Child Benefit, will receive a $500 Canada Learning Bond.
. ~+ s2 ~; v" i6 ?9 T7 iAssuming a child remains qualified for the Canada Learning Bond, the child will: ?! u) P2 g: i9 Y; ~+ |
continue to receive $100.00 in each subsequent year in Canada Learning Bond L# ]8 @" H6 o5 ]2 U% u/ o
installments. The Federal Government projects that the Canada Learning Bond will2 t6 A1 V# g6 [
carry a cost of up to $85 million this year and up to 120,000 children will benefit
" T2 _( _6 [9 y/ Hfrom the program2. The government says a child living in a low-income household' W$ X g, _1 Y; c
could receive up to $2,000 for their education.
& D, _7 c9 u0 P& }6 \Additionally, in terms of post-secondary education and low-income families, the
) v$ k3 Y; M B6 i2 U6 Agovernment has introduced a new one-time grant of up to $3,000 for first-year4 Y8 V% m+ Y" ? o& p
students whose family income hovers around $35,000 or less a year.
2 U* }# \9 y% x5 L JAlberta Centennial Education Savings Plan Act
& q& s6 |8 R" n3 a3 U' }During the 2004 Spring Sitting, the Alberta Government introduced and6 [! @$ P3 j+ n2 N6 V" c
subsequently passed the Alberta Centennial Education Savings Plan Act. The
3 G% F* w/ }% I* c ?program created by the Act is available only to residents of Alberta who have
8 d9 I" h) c; Ychildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
4 M! @5 F8 T. Mglance, seems quite simple in scope but it does have many intricate details that,) I' O, W6 X) h7 {% t
once communicated, reveal a complicated program that relies on proactive parents
5 l+ E7 N& [& b" ]0 a' [to absorb the full benefit of the program.
" N& L0 `2 r* j2 RAlberta residents, who have a baby born on January 1, 2005, or after, will be
' L2 k' r7 g# e: oeligible for a $500.00 grant toward the baby’s established RESP. The grant will3 `- b5 u7 W) p7 b4 f% g w. B
only be awarded if a RESP is established within the first year of the baby’s birth
8 T; C; o9 ~2 c' r; j% y(though Alberta Learning is looking to extend this deadline to two years or, albeit
% l* s( h2 @! ~% Y! c M1 Iunlikely, extending the deadline until the baby has reached their first year of+ A' z& b. v! m+ i( P- I
schooling). Should a year elapse and the parents do not arrange an RESP account,
0 d' {. n+ L ^for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
7 i, [2 Z9 V; ]) A% |$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of8 M% c% S2 S2 B+ g; _
those grants will require parents to provide matching dollars to qualify. These" u R5 j0 D: n0 \+ w% \
grants are awarded with the same limitations and restrictions as the initial $500.00) {; s* ^$ n' m, |
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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