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Thanks, here are details.
Canada Learning Bond
/ {/ x5 M4 E3 [. s! c+ v# c; f/ uThe Federal Government, in the 2004 Budget, introduced the Canada Learning
% a' F! S V+ Y! a u' ^3 dBond. The Bond is aimed at helping low-income families save for their children’s2 Z. Z, r6 Q+ P5 z, ^0 p2 Y
post-secondary education pursuits. Beginning in 2004, each child born to lowincome; K& a5 o* y+ Y; A. u: e
families, those earning $35,000 or less and who are also entitled to receive `! d; s4 s: R- [! W) i
the National Child Benefit, will receive a $500 Canada Learning Bond.
: `8 i" q, S. u2 T' H' bAssuming a child remains qualified for the Canada Learning Bond, the child will+ x! Y% h" \4 _* t
continue to receive $100.00 in each subsequent year in Canada Learning Bond8 {) O. D" N3 w3 }2 j
installments. The Federal Government projects that the Canada Learning Bond will0 C) m/ s6 [5 k5 f5 j L* N6 {
carry a cost of up to $85 million this year and up to 120,000 children will benefit
! u# m9 c2 w. W5 e! b( @from the program2. The government says a child living in a low-income household
% _) {" y) o4 M& U, rcould receive up to $2,000 for their education.! T, Y7 t. l0 E* \; U
Additionally, in terms of post-secondary education and low-income families, the# f; _ \! k- L3 M, o8 A* o- O
government has introduced a new one-time grant of up to $3,000 for first-year
$ P/ o1 i' y( sstudents whose family income hovers around $35,000 or less a year.
O4 E7 O4 t5 V+ E6 uAlberta Centennial Education Savings Plan Act
; K( y+ V0 R$ _During the 2004 Spring Sitting, the Alberta Government introduced and( x# A& N5 i* x9 F5 Z0 ?
subsequently passed the Alberta Centennial Education Savings Plan Act. The% @7 r5 G: B. j# a( q8 C
program created by the Act is available only to residents of Alberta who have6 w0 l0 i9 ]: v, O. E& j* u) g
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 r( }3 G& X) V* mglance, seems quite simple in scope but it does have many intricate details that,, c8 ]' X- B( z0 c8 d2 n9 O5 E
once communicated, reveal a complicated program that relies on proactive parents1 P6 _7 e( x b3 K% W3 S% g9 W
to absorb the full benefit of the program.
" u/ [# S* ]# {; ~. ]+ I: NAlberta residents, who have a baby born on January 1, 2005, or after, will be
' j4 v5 }" i. C$ L8 K- |9 {' deligible for a $500.00 grant toward the baby’s established RESP. The grant will/ r, _, B7 l( S, e& {+ V
only be awarded if a RESP is established within the first year of the baby’s birth9 E7 M( S- x1 y, ~$ [# O8 N
(though Alberta Learning is looking to extend this deadline to two years or, albeit, Z3 H+ P. h- n y4 x( x
unlikely, extending the deadline until the baby has reached their first year of+ S! L7 [8 Z; i0 X# N9 p* b
schooling). Should a year elapse and the parents do not arrange an RESP account,
, K u% g" B# Lfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 a! p% w7 r* X6 O A. {$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
# G3 d( `* n- ~5 Fthose grants will require parents to provide matching dollars to qualify. These- a0 [& C4 N) Z' U- y
grants are awarded with the same limitations and restrictions as the initial $500.00
6 r5 `1 C1 {. z; i2 B8 K, x9 ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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