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Thanks, here are details.
Canada Learning Bond; f( f, X+ V/ d' v! m; W2 Q# q
The Federal Government, in the 2004 Budget, introduced the Canada Learning; P! b: V/ |5 z! E
Bond. The Bond is aimed at helping low-income families save for their children’s
! j' h2 z8 c/ H' Tpost-secondary education pursuits. Beginning in 2004, each child born to lowincome+ Q' U6 M$ g3 u4 P3 p0 n
families, those earning $35,000 or less and who are also entitled to receive8 T; ~! S- X& o3 Y" h
the National Child Benefit, will receive a $500 Canada Learning Bond.0 D0 E$ w' x$ w# @4 h4 ^2 R3 i5 y/ V
Assuming a child remains qualified for the Canada Learning Bond, the child will
" B4 `4 W% Y# K6 |. A. H: j' Q9 d5 vcontinue to receive $100.00 in each subsequent year in Canada Learning Bond X; J( x- o! p. A1 {7 j6 T5 K
installments. The Federal Government projects that the Canada Learning Bond will
% y! c6 l+ Q, Icarry a cost of up to $85 million this year and up to 120,000 children will benefit
9 S) }' ^6 @9 N; {& L I3 _from the program2. The government says a child living in a low-income household/ _; j2 f/ R; i( A2 N, N( {! u
could receive up to $2,000 for their education.
1 h, p2 ^& a+ F i* ]Additionally, in terms of post-secondary education and low-income families, the
2 C ?; N9 O, U6 w) I/ ?; mgovernment has introduced a new one-time grant of up to $3,000 for first-year
! ~; w1 `* O6 r6 dstudents whose family income hovers around $35,000 or less a year.
, k' r+ x( E" A: Y5 sAlberta Centennial Education Savings Plan Act
1 i* f9 ]8 L! t3 {0 h2 NDuring the 2004 Spring Sitting, the Alberta Government introduced and
9 R1 U7 X8 q$ a3 q5 p3 bsubsequently passed the Alberta Centennial Education Savings Plan Act. The
/ G/ v# q- `9 hprogram created by the Act is available only to residents of Alberta who have6 `* n2 O: C# b; Q: N" f
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 Q" m' L4 I4 m1 hglance, seems quite simple in scope but it does have many intricate details that,* P; y5 |" S7 ^8 j
once communicated, reveal a complicated program that relies on proactive parents) z5 M/ k5 a. r9 x# R
to absorb the full benefit of the program.
( A# s6 A& b) R3 c; _3 ]Alberta residents, who have a baby born on January 1, 2005, or after, will be4 c2 V! n+ \- ~
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
m) f! U) c5 Yonly be awarded if a RESP is established within the first year of the baby’s birth
' D f/ V. ~1 _+ E* E(though Alberta Learning is looking to extend this deadline to two years or, albeit
2 F3 o2 X: r2 [2 s2 Cunlikely, extending the deadline until the baby has reached their first year of
/ |8 u5 N B# \# xschooling). Should a year elapse and the parents do not arrange an RESP account,
& A- o- J: p% v- j! Z/ ?3 {0 pfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent5 F% W' F8 d8 ^$ k
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
/ r; [+ m0 A9 g2 d1 Q" pthose grants will require parents to provide matching dollars to qualify. These
% N( Y6 V+ a+ c2 }) d( @grants are awarded with the same limitations and restrictions as the initial $500.00/ ~, i4 z. i% H$ |, A9 M
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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