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Thanks, here are details.
Canada Learning Bond6 `. h- x8 @7 H/ d) [
The Federal Government, in the 2004 Budget, introduced the Canada Learning1 Z1 p. E1 `% N. k8 N
Bond. The Bond is aimed at helping low-income families save for their children’s
5 k7 L0 z r; c7 P5 h3 Ppost-secondary education pursuits. Beginning in 2004, each child born to lowincome
5 i0 ^/ f. B- z: Q; wfamilies, those earning $35,000 or less and who are also entitled to receive8 X5 d7 j9 t0 d+ {8 Q( I; A; A
the National Child Benefit, will receive a $500 Canada Learning Bond.. G0 m1 c" K" k% |& I4 M
Assuming a child remains qualified for the Canada Learning Bond, the child will
" ]* a, m N+ B+ G7 ^continue to receive $100.00 in each subsequent year in Canada Learning Bond9 c; l- q: S5 X3 M( U+ v* v7 g
installments. The Federal Government projects that the Canada Learning Bond will
9 c' F, |$ p6 e; ^carry a cost of up to $85 million this year and up to 120,000 children will benefit
0 ~/ U( O4 q& ^3 W+ }& lfrom the program2. The government says a child living in a low-income household
4 [6 F4 H* r+ l6 X% i3 f" {. |could receive up to $2,000 for their education.9 \5 C/ Y, [& Z& F4 b! b, I8 _: Z
Additionally, in terms of post-secondary education and low-income families, the
/ J( S' d: r$ }government has introduced a new one-time grant of up to $3,000 for first-year
$ J$ o/ F. F, [4 Mstudents whose family income hovers around $35,000 or less a year.$ _3 l1 a7 \8 P: m2 Y
Alberta Centennial Education Savings Plan Act- U* W" E' H8 i) s
During the 2004 Spring Sitting, the Alberta Government introduced and( g9 k+ X, h: B& z* Z8 t
subsequently passed the Alberta Centennial Education Savings Plan Act. The
6 }- ^# _7 L% G* y6 ?1 B! b" E% |program created by the Act is available only to residents of Alberta who have
C5 i' x- a! u6 `children born after January 1, 2005 (Alberta’s Centennial). The program, at first" m6 z$ _" @2 `) U3 ^$ R( L
glance, seems quite simple in scope but it does have many intricate details that,, t% U% ^, ?9 x- I; b# U: q
once communicated, reveal a complicated program that relies on proactive parents' ]7 w( g, I/ Z7 @6 S
to absorb the full benefit of the program.
5 @& w9 ?- z8 _; W2 s+ X( OAlberta residents, who have a baby born on January 1, 2005, or after, will be& E# k- o: C' R0 D2 L
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
- M3 E* ]1 U" t0 y, zonly be awarded if a RESP is established within the first year of the baby’s birth
5 ^0 Q8 H; i3 _: C: Z(though Alberta Learning is looking to extend this deadline to two years or, albeit- M# T! ~. D; E
unlikely, extending the deadline until the baby has reached their first year of+ ?* I# E. F& o2 V
schooling). Should a year elapse and the parents do not arrange an RESP account,
* T/ p8 _/ b/ |" ^, e6 e2 Z3 r- k; nfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent3 a# d3 R: D+ x1 Q4 K" x6 p" [9 w, n
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
( M7 R7 P: O4 U/ ?. T9 W( C- Bthose grants will require parents to provide matching dollars to qualify. These
# H% C2 ^4 ~0 F, D W% d) ?7 B) Ugrants are awarded with the same limitations and restrictions as the initial $500.00
9 O" K' C: `0 l! h' f( U: ~2 {' xgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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