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Thanks, here are details.
Canada Learning Bond
& g6 b2 p) C n; t% a& E0 BThe Federal Government, in the 2004 Budget, introduced the Canada Learning
1 p. {2 y: D. tBond. The Bond is aimed at helping low-income families save for their children’s
+ |$ W; N1 u$ ~post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 c+ j+ k' N% ufamilies, those earning $35,000 or less and who are also entitled to receive- \+ X+ g$ k, ^: P3 ?8 E
the National Child Benefit, will receive a $500 Canada Learning Bond.! P$ ]0 j! [8 }
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 z8 x) M* x2 j0 h0 r1 bcontinue to receive $100.00 in each subsequent year in Canada Learning Bond, n# ]1 `1 d& A2 z$ Q( k8 o' s
installments. The Federal Government projects that the Canada Learning Bond will
1 G- g. V0 d$ `; M) T; ecarry a cost of up to $85 million this year and up to 120,000 children will benefit& F0 G1 p3 ?6 x$ X% D( _( ?
from the program2. The government says a child living in a low-income household' J; A* S/ Q" p! o. K
could receive up to $2,000 for their education.) I- _; c4 V- y5 B/ H& d! s
Additionally, in terms of post-secondary education and low-income families, the8 w! y" `0 ` o6 A) y/ L3 _! j
government has introduced a new one-time grant of up to $3,000 for first-year% {( H D( ~$ K# ^9 q1 ~6 y
students whose family income hovers around $35,000 or less a year.- d2 [0 v7 x( K7 E. h
Alberta Centennial Education Savings Plan Act
- x4 y7 q c9 p8 g$ C( YDuring the 2004 Spring Sitting, the Alberta Government introduced and/ ^7 L" F% o; ?. ]/ H2 M: }
subsequently passed the Alberta Centennial Education Savings Plan Act. The
" O9 t1 G6 }7 Nprogram created by the Act is available only to residents of Alberta who have
6 e: \7 j& ~( rchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first: u8 `6 I9 e! L5 U O. l3 M
glance, seems quite simple in scope but it does have many intricate details that,- u8 B7 W6 Q; f( }1 l% S; ^) Z6 O
once communicated, reveal a complicated program that relies on proactive parents
/ Q: D2 e" ^- \8 X! Z9 lto absorb the full benefit of the program.+ }3 n6 X. R/ V; b; L `5 F/ _* k& {
Alberta residents, who have a baby born on January 1, 2005, or after, will be) s5 T: H5 w } ]2 a6 O: @. I
eligible for a $500.00 grant toward the baby’s established RESP. The grant will* X2 e& B8 ~: }3 _/ V
only be awarded if a RESP is established within the first year of the baby’s birth
! d- W# r o* k d: o" b(though Alberta Learning is looking to extend this deadline to two years or, albeit9 h1 j1 T& @& g
unlikely, extending the deadline until the baby has reached their first year of
# U/ t6 f% |$ P3 [ t/ {) o- U! E$ Jschooling). Should a year elapse and the parents do not arrange an RESP account,
$ m) u2 { I% \& Hfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- |' \, g b2 c) C( p2 v$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of7 R$ c* L) a8 [; g0 ?( ?! U
those grants will require parents to provide matching dollars to qualify. These
! I% u8 R9 l$ H/ j. |- w8 bgrants are awarded with the same limitations and restrictions as the initial $500.00: ^- V* b$ \7 ?7 I& N
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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