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Thanks, here are details.
Canada Learning Bond
: p1 b4 _; `& g. b3 W6 x; {The Federal Government, in the 2004 Budget, introduced the Canada Learning- O9 E' L! P7 {, H% q
Bond. The Bond is aimed at helping low-income families save for their children’s( u9 R% o4 K; @/ Y4 v
post-secondary education pursuits. Beginning in 2004, each child born to lowincome5 \6 X' B) I0 n' B2 X$ s+ A
families, those earning $35,000 or less and who are also entitled to receive
3 R; Y0 I* B! ? pthe National Child Benefit, will receive a $500 Canada Learning Bond.
6 y1 T4 `: P3 v! j( ~Assuming a child remains qualified for the Canada Learning Bond, the child will
+ X: ]1 O3 S$ _+ c, econtinue to receive $100.00 in each subsequent year in Canada Learning Bond' ]" V/ p* H9 N( S7 `. t
installments. The Federal Government projects that the Canada Learning Bond will
: o g9 E$ C" k0 e; q2 ccarry a cost of up to $85 million this year and up to 120,000 children will benefit
! x# v& v- R1 bfrom the program2. The government says a child living in a low-income household
: F; F0 t. Q4 w& s% ^could receive up to $2,000 for their education.- P! g% M; S- Y4 B* O- K- [! Q( l
Additionally, in terms of post-secondary education and low-income families, the, N% U7 @7 A7 }2 ?8 [* k/ H
government has introduced a new one-time grant of up to $3,000 for first-year" e% N4 E/ y( ?8 A
students whose family income hovers around $35,000 or less a year.: B! `: \ _/ } k
Alberta Centennial Education Savings Plan Act
* r# C) C* p6 A$ n" ~ iDuring the 2004 Spring Sitting, the Alberta Government introduced and# ^' M1 Z$ u( i. n& ]
subsequently passed the Alberta Centennial Education Savings Plan Act. The! U+ V3 r1 B! ?: q
program created by the Act is available only to residents of Alberta who have
3 P$ x6 [% j" z' B5 Fchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
) X/ c! W N+ sglance, seems quite simple in scope but it does have many intricate details that,
& Y) N V# X1 h& tonce communicated, reveal a complicated program that relies on proactive parents6 Y" ? R% z7 ?/ I
to absorb the full benefit of the program.
% H5 q+ }! D9 f) b0 XAlberta residents, who have a baby born on January 1, 2005, or after, will be* O& T7 c8 K' g# t& O
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
- ?/ V% G( Y; Ionly be awarded if a RESP is established within the first year of the baby’s birth& @3 R& o- o1 M4 L! e3 d$ X$ l$ ]; l
(though Alberta Learning is looking to extend this deadline to two years or, albeit! d. O2 M* O$ l6 ]
unlikely, extending the deadline until the baby has reached their first year of
% L* J& `7 A* o: q$ V, l& Vschooling). Should a year elapse and the parents do not arrange an RESP account,
4 z. J, p& h8 ?& @for the baby, then the baby will not receive the $500.00 grant, period. Subsequent V: y7 ~8 v0 S2 X* @ U' [- g
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of* V+ Y8 g* }7 }2 V: t, o. X
those grants will require parents to provide matching dollars to qualify. These
1 V) |; m# B: V3 A1 y X7 Jgrants are awarded with the same limitations and restrictions as the initial $500.00
4 U4 V' V2 U2 fgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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