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Thanks, here are details.
Canada Learning Bond
- s8 R% }: f1 B' }# k# G6 @8 D. iThe Federal Government, in the 2004 Budget, introduced the Canada Learning: |. g) q7 Q/ m, K- \
Bond. The Bond is aimed at helping low-income families save for their children’s, C& F& m2 C: }& @$ `7 q- t n; F
post-secondary education pursuits. Beginning in 2004, each child born to lowincome/ x' i6 ]) `9 Z9 u+ y
families, those earning $35,000 or less and who are also entitled to receive8 ~1 A" `3 r) {
the National Child Benefit, will receive a $500 Canada Learning Bond.) H. ^8 Z! y+ f
Assuming a child remains qualified for the Canada Learning Bond, the child will, M. W7 s7 S2 D# D( ]
continue to receive $100.00 in each subsequent year in Canada Learning Bond7 C, N. Q* a U c& s3 o
installments. The Federal Government projects that the Canada Learning Bond will
. \5 w7 G$ k0 M* U& S. h* wcarry a cost of up to $85 million this year and up to 120,000 children will benefit
6 V; P* b2 g/ p# |( @# \* T) yfrom the program2. The government says a child living in a low-income household
( U6 K, O4 W6 b" }could receive up to $2,000 for their education.
; Z0 h. M6 G2 S5 M' y. r4 LAdditionally, in terms of post-secondary education and low-income families, the, f; `+ L( G; ? h1 i
government has introduced a new one-time grant of up to $3,000 for first-year' i T- O$ I$ R) I k# I. T0 V5 s
students whose family income hovers around $35,000 or less a year.
2 B! O) |! A+ Z& O" B) H( QAlberta Centennial Education Savings Plan Act
' T. e7 B, q3 P. NDuring the 2004 Spring Sitting, the Alberta Government introduced and5 _% q2 `# [* [
subsequently passed the Alberta Centennial Education Savings Plan Act. The' M: G: l% j0 p+ f5 B X
program created by the Act is available only to residents of Alberta who have
' [; L2 s u# {& J8 n: J8 n5 [children born after January 1, 2005 (Alberta’s Centennial). The program, at first' V$ t7 Y& a: d' h+ T, b
glance, seems quite simple in scope but it does have many intricate details that,
) o% N9 X% [1 P# Uonce communicated, reveal a complicated program that relies on proactive parents5 q# i. q$ k/ }' z D
to absorb the full benefit of the program.- q8 F$ P0 ?2 D) i. u1 H/ f
Alberta residents, who have a baby born on January 1, 2005, or after, will be& |, H" p6 Q) ?% R) @
eligible for a $500.00 grant toward the baby’s established RESP. The grant will* X1 c' c" `) P9 S' S* b" e
only be awarded if a RESP is established within the first year of the baby’s birth
( o6 M& T% B' I! M(though Alberta Learning is looking to extend this deadline to two years or, albeit/ A; N. J0 ~- a, f! H l
unlikely, extending the deadline until the baby has reached their first year of
) W" E1 o) g; ~ |: D: O+ Q# @0 c# ?schooling). Should a year elapse and the parents do not arrange an RESP account,- o: Q% [3 n3 F& Z9 W+ s
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent2 Y6 o3 F$ p; q! {1 f5 w0 P0 _/ T- t
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
! y4 w! g! D) b* q1 [. F cthose grants will require parents to provide matching dollars to qualify. These
" ]) A2 }* C; Z! u7 O" D3 |$ Rgrants are awarded with the same limitations and restrictions as the initial $500.00
( j) p3 O, P5 g! J, ~, E1 @7 U. a% H7 Jgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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