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Thanks, here are details.
Canada Learning Bond
" c# j+ ?- y/ i* NThe Federal Government, in the 2004 Budget, introduced the Canada Learning3 g- g# N/ U9 c4 e) a
Bond. The Bond is aimed at helping low-income families save for their children’s- D) }. g4 }! o
post-secondary education pursuits. Beginning in 2004, each child born to lowincome4 E4 {. z" r1 r! E: [$ ?
families, those earning $35,000 or less and who are also entitled to receive
6 K& s: y0 p E7 J% p [1 W* ^the National Child Benefit, will receive a $500 Canada Learning Bond.5 M' p! r1 }9 T4 V5 W. L2 D5 _$ l
Assuming a child remains qualified for the Canada Learning Bond, the child will# U8 s8 q* X6 \5 `- m- q$ K! C
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 b h7 L' I7 }) m% g( U5 v! cinstallments. The Federal Government projects that the Canada Learning Bond will1 U8 W3 W% [& T+ h& P/ w) S
carry a cost of up to $85 million this year and up to 120,000 children will benefit# ]- v- I( ~+ {
from the program2. The government says a child living in a low-income household
" h+ J% h$ X! |' e- {! G8 qcould receive up to $2,000 for their education.5 K+ S+ n9 z% y3 Y1 P0 t
Additionally, in terms of post-secondary education and low-income families, the* n; j: f- T$ {2 z6 P
government has introduced a new one-time grant of up to $3,000 for first-year k2 c- m% y+ |& ~
students whose family income hovers around $35,000 or less a year.
0 R& E* t! ~: Q. G0 xAlberta Centennial Education Savings Plan Act9 {+ C) E. @- O6 M* B' N8 c
During the 2004 Spring Sitting, the Alberta Government introduced and
' {# N* V; z/ E1 x% {) h: j* |subsequently passed the Alberta Centennial Education Savings Plan Act. The- \% K# Y6 W+ r' G5 F' S. S
program created by the Act is available only to residents of Alberta who have( z; _8 e4 h8 V8 G ?
children born after January 1, 2005 (Alberta’s Centennial). The program, at first: \" U2 Q2 b8 }5 b y a
glance, seems quite simple in scope but it does have many intricate details that,
6 v) ~. L% k( ~8 H) Oonce communicated, reveal a complicated program that relies on proactive parents5 u0 s2 |, H+ X/ E, |( h
to absorb the full benefit of the program.2 J+ {1 b L( y- `; ^; |
Alberta residents, who have a baby born on January 1, 2005, or after, will be
8 v5 `& ^; `1 t# F, b L% n& g4 q6 ^eligible for a $500.00 grant toward the baby’s established RESP. The grant will
, j" T9 F; ^1 R2 K; f! G H9 xonly be awarded if a RESP is established within the first year of the baby’s birth
6 B/ @" _8 G' S+ d: j0 U(though Alberta Learning is looking to extend this deadline to two years or, albeit
# v+ b7 v: K' y) s) s) ^% y% hunlikely, extending the deadline until the baby has reached their first year of ^) v4 Z ^2 n5 S7 W; r/ u1 |1 R
schooling). Should a year elapse and the parents do not arrange an RESP account,
8 [2 P* u o' S. kfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# _4 I0 ^0 r1 D, M. }& Z7 \$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
! @+ c; H! _5 h/ Gthose grants will require parents to provide matching dollars to qualify. These: C6 ^4 ^1 E, s8 |8 c( |
grants are awarded with the same limitations and restrictions as the initial $500.00
# {, t/ o$ s Y4 o; m" Mgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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