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Thanks, here are details.
Canada Learning Bond$ t1 g. j5 }& N
The Federal Government, in the 2004 Budget, introduced the Canada Learning
& _+ Z! r" n8 G/ f1 h7 J2 a2 M9 gBond. The Bond is aimed at helping low-income families save for their children’s
1 j' a$ F0 m; X9 [- jpost-secondary education pursuits. Beginning in 2004, each child born to lowincome3 P) n8 `& i) r K7 O
families, those earning $35,000 or less and who are also entitled to receive
" n/ A' s: P4 Z7 ]. Jthe National Child Benefit, will receive a $500 Canada Learning Bond.
" r1 g( `4 i' P5 n% B& @Assuming a child remains qualified for the Canada Learning Bond, the child will
4 a* L3 z+ ^ G; U/ lcontinue to receive $100.00 in each subsequent year in Canada Learning Bond& B6 S/ H, ~9 n3 S4 i w/ }
installments. The Federal Government projects that the Canada Learning Bond will
* Q9 }* q* E J0 qcarry a cost of up to $85 million this year and up to 120,000 children will benefit
% y7 Y6 p' D- P2 B7 f5 Vfrom the program2. The government says a child living in a low-income household- v9 g( _) I- `+ R/ t9 v8 Z
could receive up to $2,000 for their education.7 j6 u# a+ m% V _9 ?
Additionally, in terms of post-secondary education and low-income families, the
' H6 }# B( @. _+ zgovernment has introduced a new one-time grant of up to $3,000 for first-year
4 i/ N, F# X0 b! k; U8 @students whose family income hovers around $35,000 or less a year.8 q. u$ w. b& ]8 C2 h1 P
Alberta Centennial Education Savings Plan Act$ V0 [5 R* d; {2 W9 a
During the 2004 Spring Sitting, the Alberta Government introduced and8 R8 K& g5 w' J R
subsequently passed the Alberta Centennial Education Savings Plan Act. The4 ]. n5 W5 v# ?
program created by the Act is available only to residents of Alberta who have0 e/ ?9 i' M5 q' |0 M
children born after January 1, 2005 (Alberta’s Centennial). The program, at first: B0 m6 A' Y. @! A6 J8 B! e1 A6 F; u
glance, seems quite simple in scope but it does have many intricate details that,
; k; G3 L; O5 `once communicated, reveal a complicated program that relies on proactive parents
0 x/ j2 L8 n9 Z: n- U( Hto absorb the full benefit of the program.
; I: s+ D; v# U4 e: sAlberta residents, who have a baby born on January 1, 2005, or after, will be5 Q0 m, ^- J( p( Y; E2 |; o
eligible for a $500.00 grant toward the baby’s established RESP. The grant will% `6 b7 @! W' G6 H
only be awarded if a RESP is established within the first year of the baby’s birth1 T% K) ]1 N6 ]2 l/ y
(though Alberta Learning is looking to extend this deadline to two years or, albeit2 i- j- q. y6 i, q+ @/ U. p9 F
unlikely, extending the deadline until the baby has reached their first year of H- r! T5 |0 B' V
schooling). Should a year elapse and the parents do not arrange an RESP account,
i3 H( L; g1 ?0 `! N& I$ n/ s6 Ifor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
& {. f, H$ w' J( r$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of2 r* c/ y5 ]* T. @5 D
those grants will require parents to provide matching dollars to qualify. These+ b: s, F' `4 f# e) ]# V1 h8 R
grants are awarded with the same limitations and restrictions as the initial $500.00* K' `& B, r; k9 H5 {$ ~( D
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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