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Thanks, here are details.
Canada Learning Bond3 [5 c* R2 I8 w& W: U1 y
The Federal Government, in the 2004 Budget, introduced the Canada Learning7 B6 w' m" Q+ F0 L9 k; J
Bond. The Bond is aimed at helping low-income families save for their children’s
* P0 @- f/ H2 v. G2 lpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
9 h1 e' s- G7 b5 t. ffamilies, those earning $35,000 or less and who are also entitled to receive* R, w0 X$ K! ]7 V+ q, n
the National Child Benefit, will receive a $500 Canada Learning Bond.4 V' \# y/ E( [! ?* q$ l- r' @
Assuming a child remains qualified for the Canada Learning Bond, the child will
/ ]* n; x$ B7 ]2 g. |' [continue to receive $100.00 in each subsequent year in Canada Learning Bond ^ m, [1 k, w! ^& g% s
installments. The Federal Government projects that the Canada Learning Bond will W1 R* k( t1 [3 q2 j) `1 f3 L
carry a cost of up to $85 million this year and up to 120,000 children will benefit
& m' u, N8 h! q* a: _; Ifrom the program2. The government says a child living in a low-income household
. r$ t5 P0 q, L( G" Gcould receive up to $2,000 for their education.
2 N# ~2 @3 N3 u$ d |% q- f5 Q Y5 v" jAdditionally, in terms of post-secondary education and low-income families, the1 A/ c& {# D9 d* O+ P8 A( T
government has introduced a new one-time grant of up to $3,000 for first-year
+ b$ L( E/ \/ e. G3 ustudents whose family income hovers around $35,000 or less a year.6 g4 L" ?2 m5 z6 y# d9 W7 Q8 m
Alberta Centennial Education Savings Plan Act
! S5 I* c, i- e2 R1 ]9 hDuring the 2004 Spring Sitting, the Alberta Government introduced and/ u- o% A* X, @# C+ M- S
subsequently passed the Alberta Centennial Education Savings Plan Act. The1 S; E! _( l4 f
program created by the Act is available only to residents of Alberta who have
* X8 D9 Q9 l6 a% E. S+ p2 fchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
% W6 K2 ?, h& Rglance, seems quite simple in scope but it does have many intricate details that,
. P/ ~) a, k! L: `% L8 e% ?! C0 @5 donce communicated, reveal a complicated program that relies on proactive parents, [7 p; l$ g5 a/ f; G3 [; g' q
to absorb the full benefit of the program.8 o3 \+ m+ K$ d0 ?
Alberta residents, who have a baby born on January 1, 2005, or after, will be$ W+ g# `' B+ o6 [6 Z0 g* o& }
eligible for a $500.00 grant toward the baby’s established RESP. The grant will3 E2 A* r) B+ E. b1 U! S
only be awarded if a RESP is established within the first year of the baby’s birth+ }$ q9 ^( Q8 u, i5 S
(though Alberta Learning is looking to extend this deadline to two years or, albeit. u( c# v t/ w! N. k
unlikely, extending the deadline until the baby has reached their first year of
: I v5 |0 M& e1 G9 \; `# Tschooling). Should a year elapse and the parents do not arrange an RESP account,
* B+ @# [( f0 ?! j+ J4 xfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent a2 u+ I' G. R' \
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of- Q; L- T: p. U H2 e* |
those grants will require parents to provide matching dollars to qualify. These
" y f/ ~ K( ?grants are awarded with the same limitations and restrictions as the initial $500.00
. I# U$ W$ U8 Igrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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