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Thanks, here are details.
Canada Learning Bond) P" k" t$ h2 R R( [. z3 M% f
The Federal Government, in the 2004 Budget, introduced the Canada Learning
; t0 c+ S9 F! Q+ l; j% a# VBond. The Bond is aimed at helping low-income families save for their children’s
: `( ^5 ]) R6 |' |* `5 X8 xpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
" b4 i' F: [% {families, those earning $35,000 or less and who are also entitled to receive
! y0 ~% m4 G) F1 Z' ^' o) uthe National Child Benefit, will receive a $500 Canada Learning Bond.
( |" G- B: ^8 [4 ]! ^Assuming a child remains qualified for the Canada Learning Bond, the child will
; B8 t8 J- Z" z' O! x( j8 e( rcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
& G* x) a# T4 c `* Einstallments. The Federal Government projects that the Canada Learning Bond will# [& d$ v) A4 h' r( O
carry a cost of up to $85 million this year and up to 120,000 children will benefit
5 T% I1 Y& O# b9 ~0 cfrom the program2. The government says a child living in a low-income household
' ]& h+ _; b2 @# l; W( X" `6 e Bcould receive up to $2,000 for their education., e3 J7 `- a5 S! J, ?6 I' e
Additionally, in terms of post-secondary education and low-income families, the0 T# H- \0 F1 S* z: v/ \
government has introduced a new one-time grant of up to $3,000 for first-year2 W; k5 ^% {. T3 }5 ^8 y0 Q
students whose family income hovers around $35,000 or less a year./ {. d3 F, k, ?6 q$ K
Alberta Centennial Education Savings Plan Act5 q7 r; Z; j* e4 Q0 `
During the 2004 Spring Sitting, the Alberta Government introduced and3 a1 R/ M* M; R& K2 z& C, }
subsequently passed the Alberta Centennial Education Savings Plan Act. The# W9 N w2 h( E: b: K/ P _
program created by the Act is available only to residents of Alberta who have+ a3 Q/ X5 Q# h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first/ F7 ~/ m& |8 o/ {$ d) w# ^9 U
glance, seems quite simple in scope but it does have many intricate details that,. @$ L/ z7 v. n
once communicated, reveal a complicated program that relies on proactive parents
& ~3 I5 j9 n# m: E4 c0 @' R. `) Kto absorb the full benefit of the program.
% |3 i4 z. D# c5 Z7 H3 |3 t& wAlberta residents, who have a baby born on January 1, 2005, or after, will be
. E& R& V- @, @3 ~$ peligible for a $500.00 grant toward the baby’s established RESP. The grant will7 @2 l! u5 W% K
only be awarded if a RESP is established within the first year of the baby’s birth
' C1 F% Z+ T l& f& q(though Alberta Learning is looking to extend this deadline to two years or, albeit8 M, U$ F0 v8 J
unlikely, extending the deadline until the baby has reached their first year of
# J6 p5 J S, w i. Uschooling). Should a year elapse and the parents do not arrange an RESP account,
6 V$ N. P3 B2 @, \% l, v! n8 Z7 Xfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent R N8 ~3 ^% b) U, K
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
; D+ L0 ]: J, n1 @) }- \1 @those grants will require parents to provide matching dollars to qualify. These
$ j& R' l8 i9 |$ I: ogrants are awarded with the same limitations and restrictions as the initial $500.00
8 w- G5 C% K0 Z! ogrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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