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Thanks, here are details.
Canada Learning Bond _0 D9 l' t% V0 Z: I; D/ F3 J
The Federal Government, in the 2004 Budget, introduced the Canada Learning
, l$ c( C# X: k' e4 C3 M% T1 DBond. The Bond is aimed at helping low-income families save for their children’s! s, o# A* ?* z+ w$ s8 [
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
! }1 ^8 m2 b5 w" Y# f! c5 f; Hfamilies, those earning $35,000 or less and who are also entitled to receive( T# [) W' X! ~4 e- v/ E
the National Child Benefit, will receive a $500 Canada Learning Bond.2 d5 a" J! s& A3 r8 i+ I# |" b6 A
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 T9 J8 o \7 O1 Lcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
5 x( C8 O1 x4 finstallments. The Federal Government projects that the Canada Learning Bond will
9 P& g6 I3 B7 Q: q+ Ncarry a cost of up to $85 million this year and up to 120,000 children will benefit
4 H& l* X7 F; M- sfrom the program2. The government says a child living in a low-income household0 [5 a! F4 K9 W, O
could receive up to $2,000 for their education.9 S3 ]5 ~- f1 M: ?0 |: d. b
Additionally, in terms of post-secondary education and low-income families, the
+ B. Z1 l0 z6 F( K" j/ Qgovernment has introduced a new one-time grant of up to $3,000 for first-year+ J4 e0 l m5 k7 A- f9 b
students whose family income hovers around $35,000 or less a year.
, t3 t" Z* D: E3 P. mAlberta Centennial Education Savings Plan Act$ l" E4 L$ {2 M9 t3 A
During the 2004 Spring Sitting, the Alberta Government introduced and* h" T) y+ }& ]3 t+ y {
subsequently passed the Alberta Centennial Education Savings Plan Act. The
2 c. O9 X! M$ z0 |" \program created by the Act is available only to residents of Alberta who have
4 R- y& g. n1 k6 rchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first( r( z- g' ^& E+ o
glance, seems quite simple in scope but it does have many intricate details that,3 K2 F/ H$ u; M/ y. I
once communicated, reveal a complicated program that relies on proactive parents
3 O: j; H( p' j$ J8 v8 ?/ Q: x7 {: `to absorb the full benefit of the program.* q. B: z& u( m8 c( j+ s: K, {
Alberta residents, who have a baby born on January 1, 2005, or after, will be+ W. l9 K& q) C* ]
eligible for a $500.00 grant toward the baby’s established RESP. The grant will1 K) e+ h' Z/ u5 O" {. E( d
only be awarded if a RESP is established within the first year of the baby’s birth
0 ?8 `/ b& y. U( X! {(though Alberta Learning is looking to extend this deadline to two years or, albeit4 [# {: v. s% v7 n S; C9 n' W
unlikely, extending the deadline until the baby has reached their first year of% a, }9 V; ^+ C' G
schooling). Should a year elapse and the parents do not arrange an RESP account,5 P2 i [0 o, v5 V, ~5 ^: A
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 {% A" E" U& k7 x$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
+ I! g+ \* a3 _8 w) ]5 ^8 Rthose grants will require parents to provide matching dollars to qualify. These
, m* ? y w$ w4 [, H& xgrants are awarded with the same limitations and restrictions as the initial $500.00
! a( q. o$ a, ~4 j" z% y% Agrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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