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Thanks, here are details.
Canada Learning Bond
: J: B7 a6 Y2 {1 L1 K/ C% SThe Federal Government, in the 2004 Budget, introduced the Canada Learning
* R/ U ~8 C4 ~3 zBond. The Bond is aimed at helping low-income families save for their children’s( P7 D, u: `8 s/ P
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
7 w3 N7 Z/ q) H% b" Mfamilies, those earning $35,000 or less and who are also entitled to receive
- |' |! @# ] W# `the National Child Benefit, will receive a $500 Canada Learning Bond.
2 I& F! l @. _+ C: b- Q' sAssuming a child remains qualified for the Canada Learning Bond, the child will& r4 z6 D* r/ v( B1 S
continue to receive $100.00 in each subsequent year in Canada Learning Bond
5 E4 Z0 ]3 ]. r/ minstallments. The Federal Government projects that the Canada Learning Bond will
! p6 L; f% |4 mcarry a cost of up to $85 million this year and up to 120,000 children will benefit
. Y( o( O4 x4 ~7 i+ q6 ?2 C8 _from the program2. The government says a child living in a low-income household6 |5 c9 @ o2 m! o, @, c: k( K$ q" m
could receive up to $2,000 for their education.5 O# o5 N$ w8 e; w: b1 X
Additionally, in terms of post-secondary education and low-income families, the
% l+ W8 u: B0 Xgovernment has introduced a new one-time grant of up to $3,000 for first-year
& @2 w6 l8 ^5 {( X, I1 I! hstudents whose family income hovers around $35,000 or less a year.
+ S$ I1 z4 ~- c* nAlberta Centennial Education Savings Plan Act
9 p' f5 j7 Z+ W0 `, M3 C8 X' z& aDuring the 2004 Spring Sitting, the Alberta Government introduced and0 K2 [: x# c' V8 E
subsequently passed the Alberta Centennial Education Savings Plan Act. The
q& `9 j4 Z+ B- X) g5 M7 L7 O' W# Tprogram created by the Act is available only to residents of Alberta who have
8 e( L" n0 k5 E: a- r6 lchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
# J$ S' Y" @) m/ Pglance, seems quite simple in scope but it does have many intricate details that,' q) `. b4 O& U" r0 ^* b
once communicated, reveal a complicated program that relies on proactive parents, I3 i5 e8 ?3 S: j4 W
to absorb the full benefit of the program.
- ], v& D( V, Q- d Y% lAlberta residents, who have a baby born on January 1, 2005, or after, will be
7 ?. L; [1 O4 |! s% F3 Veligible for a $500.00 grant toward the baby’s established RESP. The grant will
) V' ]- X7 Y6 I nonly be awarded if a RESP is established within the first year of the baby’s birth# i7 `. V/ r2 C3 U# H! c/ ~0 U; r
(though Alberta Learning is looking to extend this deadline to two years or, albeit
N. w$ o' a4 x& {5 Ounlikely, extending the deadline until the baby has reached their first year of
0 r8 ?7 R2 y- Y/ @5 P1 `- ^schooling). Should a year elapse and the parents do not arrange an RESP account,) Q! d2 j! s) R4 @$ v O
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- ^( x3 x, x% e1 W4 {$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of+ F' I E( Q7 z/ a4 C
those grants will require parents to provide matching dollars to qualify. These
7 W/ \: J9 J! u* h) s% E8 U7 S0 lgrants are awarded with the same limitations and restrictions as the initial $500.00" d; F1 ~* T' t& U2 _; ~0 [6 x) _
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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