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Thanks, here are details.
Canada Learning Bond
; P o8 ~: F2 p7 J+ ZThe Federal Government, in the 2004 Budget, introduced the Canada Learning4 x8 v' b" V1 |+ d8 N& B
Bond. The Bond is aimed at helping low-income families save for their children’s
; P1 V+ v; y- g8 ?! Xpost-secondary education pursuits. Beginning in 2004, each child born to lowincome% J7 \$ Y: I+ r
families, those earning $35,000 or less and who are also entitled to receive
. G2 a( B. X) \& Uthe National Child Benefit, will receive a $500 Canada Learning Bond.& T% n! g+ `6 J6 L; {( n9 O
Assuming a child remains qualified for the Canada Learning Bond, the child will
1 ]" F- {: {/ R# z8 V }8 p6 Zcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
. r0 l" H% c( e5 [. P& L9 xinstallments. The Federal Government projects that the Canada Learning Bond will: W, T: K" w! y9 C2 h' R+ x8 i
carry a cost of up to $85 million this year and up to 120,000 children will benefit
+ Z+ C& X G, z# ?5 rfrom the program2. The government says a child living in a low-income household
6 X! K/ A) o% @! f& _5 Z7 @- G/ Wcould receive up to $2,000 for their education.
, t1 n3 ~6 I) S1 G0 a# oAdditionally, in terms of post-secondary education and low-income families, the, T, i# y5 d9 ~& J( Y
government has introduced a new one-time grant of up to $3,000 for first-year4 c# p$ _" @7 |
students whose family income hovers around $35,000 or less a year.
5 e$ N3 {. P: c& O3 ]% S/ A6 dAlberta Centennial Education Savings Plan Act% @' `5 x. Y/ L
During the 2004 Spring Sitting, the Alberta Government introduced and9 |9 N7 h) S% a+ V
subsequently passed the Alberta Centennial Education Savings Plan Act. The! a+ _3 ^) G+ h9 ^0 }' B& T
program created by the Act is available only to residents of Alberta who have8 A9 ^. H' H E; h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
7 C$ f8 r# m% Z9 z& E. eglance, seems quite simple in scope but it does have many intricate details that,
! P# S$ h3 f( F( g7 O0 W p. ronce communicated, reveal a complicated program that relies on proactive parents
/ a7 \4 p# h; F9 Yto absorb the full benefit of the program.3 b# \/ B) P4 V* K& G! m" D
Alberta residents, who have a baby born on January 1, 2005, or after, will be
' k: h) { l2 e. h j) K, celigible for a $500.00 grant toward the baby’s established RESP. The grant will
' P9 G7 g4 I+ |4 E" f% P0 Y8 konly be awarded if a RESP is established within the first year of the baby’s birth' h6 ~* j% M1 @
(though Alberta Learning is looking to extend this deadline to two years or, albeit
( n4 s% R$ }( M7 ^3 ?( R7 _unlikely, extending the deadline until the baby has reached their first year of
- q& L# r# v$ v5 _5 Lschooling). Should a year elapse and the parents do not arrange an RESP account,% Q; Q8 |8 Z) {8 n. [8 w) ~, ^
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent7 ]" n" C6 h* d9 d5 d
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
' Q( \9 M+ ~' Uthose grants will require parents to provide matching dollars to qualify. These2 l/ Q9 Q. b( y0 p* D; Z: N
grants are awarded with the same limitations and restrictions as the initial $500.00
7 j H. |& `: E' G- T: N/ [grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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