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Thanks, here are details.
Canada Learning Bond) G3 \ r1 e8 ]8 k+ `% ?9 o
The Federal Government, in the 2004 Budget, introduced the Canada Learning: o' |3 x/ ?% ~: ?
Bond. The Bond is aimed at helping low-income families save for their children’s
$ F: T, w& a2 `+ Vpost-secondary education pursuits. Beginning in 2004, each child born to lowincome9 g7 B) L! L: X. F/ G
families, those earning $35,000 or less and who are also entitled to receive+ M3 y1 \; g/ j% o& z& Y" a
the National Child Benefit, will receive a $500 Canada Learning Bond.( k" P. S+ G8 v) U
Assuming a child remains qualified for the Canada Learning Bond, the child will
, c3 f7 L4 M( @- vcontinue to receive $100.00 in each subsequent year in Canada Learning Bond5 g! W! g- F; |0 H' ?8 t
installments. The Federal Government projects that the Canada Learning Bond will
! G# d% j! S: T) ~, s6 h4 ncarry a cost of up to $85 million this year and up to 120,000 children will benefit
6 @: i( \4 H0 d; E+ j4 b) r2 F2 {( n! xfrom the program2. The government says a child living in a low-income household, k8 c4 @! L( C
could receive up to $2,000 for their education.- r" Q6 y! p# Y% p( i+ ]( f
Additionally, in terms of post-secondary education and low-income families, the
! T8 `* W/ x5 q r; n3 vgovernment has introduced a new one-time grant of up to $3,000 for first-year
! U$ k- o! q0 e$ y! e& {& Fstudents whose family income hovers around $35,000 or less a year.
' k9 N( v7 p7 K: mAlberta Centennial Education Savings Plan Act% R7 X6 L5 v4 h) H6 s/ `$ y
During the 2004 Spring Sitting, the Alberta Government introduced and# H% l% J) a/ {8 v! A8 ~3 X) U
subsequently passed the Alberta Centennial Education Savings Plan Act. The6 _9 ]+ U5 P4 p
program created by the Act is available only to residents of Alberta who have
% D( b+ f# Y R3 D8 O8 ]0 Vchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
6 w" u0 I$ B, W% Z4 y' _( h: `4 qglance, seems quite simple in scope but it does have many intricate details that,! T, Z% b1 K3 `) \/ O0 V1 U
once communicated, reveal a complicated program that relies on proactive parents
8 n7 `( G3 e9 a0 r5 Vto absorb the full benefit of the program.
( y" Z G' @" {2 c4 M6 ?Alberta residents, who have a baby born on January 1, 2005, or after, will be% Y3 B4 t0 k" M4 y; M
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
$ g7 E; n7 _% X. j7 O0 Q; w) Y5 {; Lonly be awarded if a RESP is established within the first year of the baby’s birth
! y. q. w5 M J u( b: P(though Alberta Learning is looking to extend this deadline to two years or, albeit
2 e0 Z& G. O. F0 s$ k7 Cunlikely, extending the deadline until the baby has reached their first year of0 M, D t) ], i2 _# S
schooling). Should a year elapse and the parents do not arrange an RESP account,
$ |/ M) O* K4 P& bfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 ]8 V0 [; }8 j+ q1 O) `$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of+ j4 y+ G- A* S8 k p% _, h' I8 u
those grants will require parents to provide matching dollars to qualify. These
/ F$ G! ^6 K6 R: n5 ggrants are awarded with the same limitations and restrictions as the initial $500.005 c/ Z2 {. O; q4 _7 F; ^
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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