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Thanks, here are details.
Canada Learning Bond1 E$ z% q) }2 r' Q& L
The Federal Government, in the 2004 Budget, introduced the Canada Learning1 N/ c6 t6 i5 O
Bond. The Bond is aimed at helping low-income families save for their children’s
# j4 c) E; l8 ]4 R, Spost-secondary education pursuits. Beginning in 2004, each child born to lowincome2 H/ g) B9 g0 T* ]8 t6 U7 @ o8 \3 z
families, those earning $35,000 or less and who are also entitled to receive
% @1 x9 F, {6 L0 i1 Ithe National Child Benefit, will receive a $500 Canada Learning Bond.. K% [9 l9 N' l2 h: ]) T
Assuming a child remains qualified for the Canada Learning Bond, the child will/ O$ b U3 U# F6 V& W
continue to receive $100.00 in each subsequent year in Canada Learning Bond
* U2 [' Y6 ?5 Oinstallments. The Federal Government projects that the Canada Learning Bond will
: n. m* Y8 l, a7 tcarry a cost of up to $85 million this year and up to 120,000 children will benefit
2 }" n8 C( n5 ?) \& F/ Vfrom the program2. The government says a child living in a low-income household: M* R+ ?+ Y b/ G' ^0 X
could receive up to $2,000 for their education.
/ j6 f: f- j: ~" dAdditionally, in terms of post-secondary education and low-income families, the8 E& Z4 ?8 A t
government has introduced a new one-time grant of up to $3,000 for first-year' A- F5 P8 n( ]5 K( T
students whose family income hovers around $35,000 or less a year.; r! `9 H$ V' T7 b% r6 a) H9 k+ W+ \
Alberta Centennial Education Savings Plan Act
6 K) O6 b$ R4 E4 D. H+ f6 Q' @5 {During the 2004 Spring Sitting, the Alberta Government introduced and: z# h/ E* Y a% s5 u# X+ e
subsequently passed the Alberta Centennial Education Savings Plan Act. The
8 u) m0 u( t: }5 M/ h) _ bprogram created by the Act is available only to residents of Alberta who have
; Z9 Y- @% p, [: w" l* fchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first2 b8 K+ g3 s( N3 n0 j o3 \
glance, seems quite simple in scope but it does have many intricate details that,
# u( R- L6 ~5 z+ T/ F2 Konce communicated, reveal a complicated program that relies on proactive parents
/ m$ |) s5 B. g0 [to absorb the full benefit of the program.0 L1 R3 ~' Z- L/ P) ^
Alberta residents, who have a baby born on January 1, 2005, or after, will be
4 P* [$ t7 K4 l! P, Celigible for a $500.00 grant toward the baby’s established RESP. The grant will
0 O+ \/ Q% ]) O lonly be awarded if a RESP is established within the first year of the baby’s birth
, c T5 Z! d% W( r6 ]8 I. r(though Alberta Learning is looking to extend this deadline to two years or, albeit
$ a# \ u1 D7 S* ?) Funlikely, extending the deadline until the baby has reached their first year of
7 u- M4 X7 O7 d4 J. jschooling). Should a year elapse and the parents do not arrange an RESP account,7 X: o) C1 m' r. z
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent6 H9 d; e! [# \: w
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of1 @( U1 |0 y/ O H" Y& u6 V! L9 G
those grants will require parents to provide matching dollars to qualify. These. r0 @8 o _) `3 F, a' D/ n5 `
grants are awarded with the same limitations and restrictions as the initial $500.00
5 C+ t1 Q9 U I, j: a: ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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