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Thanks, here are details.
Canada Learning Bond
; ]/ x2 _8 @. k. @% j4 g* T3 w uThe Federal Government, in the 2004 Budget, introduced the Canada Learning% n' F! u3 x2 ^7 s3 j
Bond. The Bond is aimed at helping low-income families save for their children’s
* [" i5 {* [$ U2 k+ t9 ?. p9 Cpost-secondary education pursuits. Beginning in 2004, each child born to lowincome2 m1 A" u* P$ n9 [5 q
families, those earning $35,000 or less and who are also entitled to receive, r# a3 O! v8 ]
the National Child Benefit, will receive a $500 Canada Learning Bond.
+ k S9 i# _' _3 KAssuming a child remains qualified for the Canada Learning Bond, the child will1 d" Q% U8 o1 |1 a( ^" p5 G/ q6 y/ S
continue to receive $100.00 in each subsequent year in Canada Learning Bond
" }5 s; Z9 F. jinstallments. The Federal Government projects that the Canada Learning Bond will
7 b9 I8 m( v4 z ocarry a cost of up to $85 million this year and up to 120,000 children will benefit
# T9 K8 O6 i! G0 g& C! K+ Hfrom the program2. The government says a child living in a low-income household- R5 @5 Q1 I# a
could receive up to $2,000 for their education.9 W7 Q# \' u+ m
Additionally, in terms of post-secondary education and low-income families, the. p7 t# y# e5 V7 U2 ~; v
government has introduced a new one-time grant of up to $3,000 for first-year0 Q' ~5 n8 ?$ f& E
students whose family income hovers around $35,000 or less a year.
2 }( x- q0 H7 w! H3 ZAlberta Centennial Education Savings Plan Act
" [" `- u6 l- _) P6 ]During the 2004 Spring Sitting, the Alberta Government introduced and
( o. q) E; \7 n5 G. r- bsubsequently passed the Alberta Centennial Education Savings Plan Act. The
% S+ w; s) V- |program created by the Act is available only to residents of Alberta who have7 V/ ]2 B: s# \" Y4 ^3 S
children born after January 1, 2005 (Alberta’s Centennial). The program, at first! @) \. v# i8 C, n
glance, seems quite simple in scope but it does have many intricate details that,( }5 y9 U. s, Z5 o+ e
once communicated, reveal a complicated program that relies on proactive parents' m9 J8 Q, t3 D# T/ P7 ^: i0 b
to absorb the full benefit of the program.
# n/ D U& l9 j5 PAlberta residents, who have a baby born on January 1, 2005, or after, will be# I8 Z3 n: L$ {0 g4 }
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
! z4 d7 ^2 ~) G+ e1 Honly be awarded if a RESP is established within the first year of the baby’s birth
' `+ ^8 Z- y2 F/ o2 U! d$ m9 `(though Alberta Learning is looking to extend this deadline to two years or, albeit
( C: [ i h: i" W2 u. x2 G8 F2 vunlikely, extending the deadline until the baby has reached their first year of
7 i' f$ D& a' G7 D* R- Y& lschooling). Should a year elapse and the parents do not arrange an RESP account,- M% i1 D5 N. w, V# u/ i
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent9 f9 c& T' Q% K1 j3 [
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of5 Y* {' [9 ?( R! h, H4 R9 z4 {& j
those grants will require parents to provide matching dollars to qualify. These
* ]/ J; x% E" s. _* z) w* Tgrants are awarded with the same limitations and restrictions as the initial $500.00
( ?: w8 y% i% Z# g D" ^3 N4 wgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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