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Thanks, here are details.
Canada Learning Bond
( e$ D' z! d/ F, n2 Z# V8 O% WThe Federal Government, in the 2004 Budget, introduced the Canada Learning
" W' C, a X1 j) V/ V! {2 MBond. The Bond is aimed at helping low-income families save for their children’s
, I; ~3 r% `/ \9 }" _3 u* M- i' Bpost-secondary education pursuits. Beginning in 2004, each child born to lowincome; N; H3 t; D- H5 E4 @: y
families, those earning $35,000 or less and who are also entitled to receive
/ s- L- g9 F. ` `the National Child Benefit, will receive a $500 Canada Learning Bond.) A7 |/ V5 s7 i( q
Assuming a child remains qualified for the Canada Learning Bond, the child will* Q; J) M& S9 s7 z
continue to receive $100.00 in each subsequent year in Canada Learning Bond
0 a- C$ B& M1 H- E4 |/ j3 O0 C# Oinstallments. The Federal Government projects that the Canada Learning Bond will
! y, B( A0 j+ D0 B& ~2 Zcarry a cost of up to $85 million this year and up to 120,000 children will benefit
: u4 s' X# m# m! U, mfrom the program2. The government says a child living in a low-income household E8 E0 E8 x6 D7 c5 n( _
could receive up to $2,000 for their education.0 N+ D5 W5 a2 K2 a
Additionally, in terms of post-secondary education and low-income families, the
5 ~8 M3 l0 @ ]government has introduced a new one-time grant of up to $3,000 for first-year4 @% z* N2 X& {3 h3 \+ R! O
students whose family income hovers around $35,000 or less a year.: O- B! B5 H& e+ u( l- x: ?! O
Alberta Centennial Education Savings Plan Act
/ ]: a' J7 w0 m8 _3 W" |During the 2004 Spring Sitting, the Alberta Government introduced and
0 y G" q% Y& o, ~. vsubsequently passed the Alberta Centennial Education Savings Plan Act. The; u$ w8 G. T& c
program created by the Act is available only to residents of Alberta who have
5 o7 l! G+ c. E) L- qchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first# B5 k6 J6 ?0 W; _
glance, seems quite simple in scope but it does have many intricate details that,
$ j' r- m7 `; e F# a+ g! }; bonce communicated, reveal a complicated program that relies on proactive parents
8 b! ?" U3 V" e! X0 {$ Y+ r7 F. bto absorb the full benefit of the program.
5 E( n' R7 e! x2 `# wAlberta residents, who have a baby born on January 1, 2005, or after, will be
$ U* ]1 d) f( seligible for a $500.00 grant toward the baby’s established RESP. The grant will
' F! M( ?$ u* C- {9 r4 @ `only be awarded if a RESP is established within the first year of the baby’s birth
. ^- Q `% z# m, G' S(though Alberta Learning is looking to extend this deadline to two years or, albeit
3 z O- _! a: R* Yunlikely, extending the deadline until the baby has reached their first year of0 I' j3 O- T1 J
schooling). Should a year elapse and the parents do not arrange an RESP account,
5 C. B) w B0 d- l( Q1 _7 hfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent/ f7 P( v( H* ^- p: G3 l
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of- r! ~3 K3 {2 l: @* i7 v g
those grants will require parents to provide matching dollars to qualify. These0 G! H: B# T- x5 j( x/ G
grants are awarded with the same limitations and restrictions as the initial $500.00
1 o ?* K9 \( w4 b C9 Q& D( {grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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