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Thanks, here are details.
Canada Learning Bond0 {8 T/ ]# @, h( {/ Y
The Federal Government, in the 2004 Budget, introduced the Canada Learning$ A/ s2 q$ }3 S0 g
Bond. The Bond is aimed at helping low-income families save for their children’s
! ~3 D. k# H6 ypost-secondary education pursuits. Beginning in 2004, each child born to lowincome
! L, m `7 l- V- Z* Lfamilies, those earning $35,000 or less and who are also entitled to receive
3 P% W6 X, S6 B% X+ _" _4 rthe National Child Benefit, will receive a $500 Canada Learning Bond.
6 ~* @9 k2 L4 k% XAssuming a child remains qualified for the Canada Learning Bond, the child will
8 h. g! l) n: p/ T. fcontinue to receive $100.00 in each subsequent year in Canada Learning Bond8 K) O; O) U1 U
installments. The Federal Government projects that the Canada Learning Bond will1 ^( F" `6 b+ G0 r% g0 i, i* w5 S
carry a cost of up to $85 million this year and up to 120,000 children will benefit
! ^; U) l& L0 `: ]7 Ofrom the program2. The government says a child living in a low-income household, c7 Q( Z! r# i$ [$ ?8 G
could receive up to $2,000 for their education.1 A9 I, o& H1 Z4 C9 R8 Q% a
Additionally, in terms of post-secondary education and low-income families, the9 t* @2 j& ^8 z7 F3 O. S
government has introduced a new one-time grant of up to $3,000 for first-year+ K4 j- b7 O1 x( A& `+ ~
students whose family income hovers around $35,000 or less a year.
4 }* u3 j; [: N$ }Alberta Centennial Education Savings Plan Act
+ { T6 f) ^; W, `+ t" n; \; MDuring the 2004 Spring Sitting, the Alberta Government introduced and
$ G$ q; A# z3 i* Bsubsequently passed the Alberta Centennial Education Savings Plan Act. The
; D/ b$ T- h: P1 {: Iprogram created by the Act is available only to residents of Alberta who have
/ U3 t5 M' k/ I5 Vchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
|6 Y; W( [1 o8 T1 q1 F4 Aglance, seems quite simple in scope but it does have many intricate details that,
+ g* E. Z; I H" Z6 j, v3 |& _) y2 G wonce communicated, reveal a complicated program that relies on proactive parents+ p1 e, F# [5 J" r
to absorb the full benefit of the program.
4 C! c5 m1 s3 y6 @' FAlberta residents, who have a baby born on January 1, 2005, or after, will be
# H* H* D: J$ Y) eeligible for a $500.00 grant toward the baby’s established RESP. The grant will
. J6 @$ ~ d2 J: F1 bonly be awarded if a RESP is established within the first year of the baby’s birth
9 N' V' I* w! H& k, W; Q* O7 d# {4 [(though Alberta Learning is looking to extend this deadline to two years or, albeit0 l# U4 e5 ?) u, k" i
unlikely, extending the deadline until the baby has reached their first year of
, K2 J6 \7 v9 E1 H4 s# n0 R+ Gschooling). Should a year elapse and the parents do not arrange an RESP account,
3 f7 E8 ]3 W1 P6 M' w/ G( }for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
* G9 [! C2 |4 @! ~+ U, k8 } q$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
% O, n( Y: ]7 y4 Q/ \. Xthose grants will require parents to provide matching dollars to qualify. These' g1 M; h+ |0 {4 `
grants are awarded with the same limitations and restrictions as the initial $500.00
; j1 q0 [ q+ y7 z+ Mgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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