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Thanks, here are details.
Canada Learning Bond
- A- o, i+ C- c; s; C" pThe Federal Government, in the 2004 Budget, introduced the Canada Learning
4 f3 R% a; _. q' S, gBond. The Bond is aimed at helping low-income families save for their children’s
- H9 @0 k+ K9 q/ Fpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
9 v+ r4 _$ b& J/ f9 Dfamilies, those earning $35,000 or less and who are also entitled to receive
7 l$ C9 H- N8 @7 U5 S: jthe National Child Benefit, will receive a $500 Canada Learning Bond.8 b( F% Q/ L/ ?% j$ ?9 n$ r
Assuming a child remains qualified for the Canada Learning Bond, the child will1 w, ^8 g4 b. {0 y4 A" e
continue to receive $100.00 in each subsequent year in Canada Learning Bond0 F2 ?3 }3 \5 Q, c
installments. The Federal Government projects that the Canada Learning Bond will5 G! J8 J% y; P' Y9 i
carry a cost of up to $85 million this year and up to 120,000 children will benefit* k: [' K0 F u
from the program2. The government says a child living in a low-income household) t- K' }# ^3 c O- ]$ H
could receive up to $2,000 for their education.
) X7 m2 B' |4 K3 B2 i$ N+ P! G9 uAdditionally, in terms of post-secondary education and low-income families, the3 P( o, l1 Q1 c5 V, N
government has introduced a new one-time grant of up to $3,000 for first-year
! Y0 m( S; R4 c" k$ Pstudents whose family income hovers around $35,000 or less a year.
) `8 | T( `( ~, T6 |& {Alberta Centennial Education Savings Plan Act$ t1 @: b- d L3 B5 M! Z
During the 2004 Spring Sitting, the Alberta Government introduced and8 u, z' y, D. @
subsequently passed the Alberta Centennial Education Savings Plan Act. The+ X) O H& V/ H Z* ?
program created by the Act is available only to residents of Alberta who have
) I, @/ ^3 W2 K, y% i- }1 R" Ochildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
: ~! r) v0 X8 {6 ^) Eglance, seems quite simple in scope but it does have many intricate details that,: _: S0 `9 I, p+ n% w
once communicated, reveal a complicated program that relies on proactive parents
& w+ D* X9 M. Z5 \to absorb the full benefit of the program.; P, [7 f( i" j7 ?4 j) L& u
Alberta residents, who have a baby born on January 1, 2005, or after, will be
* ~, G1 ?! W c# ?$ L0 d7 beligible for a $500.00 grant toward the baby’s established RESP. The grant will
3 I& a. E$ r" ?/ ]only be awarded if a RESP is established within the first year of the baby’s birth9 Q/ l+ ^' g2 ?& I8 Q
(though Alberta Learning is looking to extend this deadline to two years or, albeit- d5 | V2 ]) U, ~6 x
unlikely, extending the deadline until the baby has reached their first year of' o! w5 r( ]& I, k
schooling). Should a year elapse and the parents do not arrange an RESP account,
- B( c" g" r: J) j* n* y; \9 wfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent, G# f# ^. L7 w: S. G
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 e ^" D% a, L, @ H) s) m6 Hthose grants will require parents to provide matching dollars to qualify. These* O9 \* k* x6 E g* w8 m9 U. s! w$ T% `
grants are awarded with the same limitations and restrictions as the initial $500.00
( R7 M* q% b4 U% A: s, a4 Jgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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