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Thanks, here are details.
Canada Learning Bond
+ B7 ^& I4 `; dThe Federal Government, in the 2004 Budget, introduced the Canada Learning E- @& N0 |! X' ], D
Bond. The Bond is aimed at helping low-income families save for their children’s
9 v0 L6 @" t# l3 m) i0 vpost-secondary education pursuits. Beginning in 2004, each child born to lowincome1 g6 @4 y9 q+ t! `$ V5 f0 W- e
families, those earning $35,000 or less and who are also entitled to receive4 W# o. s! _# u _4 G
the National Child Benefit, will receive a $500 Canada Learning Bond.
* Z Y/ r/ e9 x0 QAssuming a child remains qualified for the Canada Learning Bond, the child will. Y3 @( K9 g% ]: x" B, {- D3 z
continue to receive $100.00 in each subsequent year in Canada Learning Bond& f! F/ Y! _# y+ U9 o U8 B
installments. The Federal Government projects that the Canada Learning Bond will$ f1 Q5 f3 L* @
carry a cost of up to $85 million this year and up to 120,000 children will benefit: C# F* e) D( a, X9 C
from the program2. The government says a child living in a low-income household
3 w1 E G }: m/ Mcould receive up to $2,000 for their education.
* K3 h9 s/ Z- t. _; Z! `" |Additionally, in terms of post-secondary education and low-income families, the
7 t) a* S g6 q1 z" ^government has introduced a new one-time grant of up to $3,000 for first-year2 c, R% Z; M# }0 ]
students whose family income hovers around $35,000 or less a year.
# w+ F$ c6 \4 ^( i' w! c; VAlberta Centennial Education Savings Plan Act3 k8 b8 C' }. W) u
During the 2004 Spring Sitting, the Alberta Government introduced and) y$ R/ ^; F* D8 ~. c' f6 |
subsequently passed the Alberta Centennial Education Savings Plan Act. The9 h8 u6 m; g4 B8 j
program created by the Act is available only to residents of Alberta who have
) {3 N9 O0 Z6 Cchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first3 w4 l" n% H1 R) |" v4 W0 v% T
glance, seems quite simple in scope but it does have many intricate details that,+ p* c! f6 @ L9 s; o) C
once communicated, reveal a complicated program that relies on proactive parents- L& Y& l+ T5 l3 s& x7 @& O) l
to absorb the full benefit of the program.: I9 V4 T6 c. p3 Q5 D) [. {0 A
Alberta residents, who have a baby born on January 1, 2005, or after, will be% N& H% V) F" h# x+ }4 Z
eligible for a $500.00 grant toward the baby’s established RESP. The grant will k ^' S7 {/ y! b: ?! H& C# R# l
only be awarded if a RESP is established within the first year of the baby’s birth
; y9 B3 Y, \; p) s S(though Alberta Learning is looking to extend this deadline to two years or, albeit+ q0 P3 ~4 ^/ X, {% f
unlikely, extending the deadline until the baby has reached their first year of
5 k6 |) C# r. L, vschooling). Should a year elapse and the parents do not arrange an RESP account,
S* H" x# s& w1 }# \for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
' W) D8 ~. d+ M2 j$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of) ^+ o ]: w5 M* m0 z4 K
those grants will require parents to provide matching dollars to qualify. These& b& w ?7 u1 i: \+ s# U U
grants are awarded with the same limitations and restrictions as the initial $500.002 i4 F6 I% J0 l' x
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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