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Thanks, here are details.
Canada Learning Bond
4 C* ~) V1 i: z% E4 t) i4 P$ ZThe Federal Government, in the 2004 Budget, introduced the Canada Learning2 c6 y1 _7 F' m/ w$ X2 I$ m
Bond. The Bond is aimed at helping low-income families save for their children’s( o. R: K. m$ M& ]- P, {$ ?: A) {
post-secondary education pursuits. Beginning in 2004, each child born to lowincome( S1 r- s) b. e7 e! O5 M3 y9 l ^, y
families, those earning $35,000 or less and who are also entitled to receive, j! G8 _1 G" ~; r6 A
the National Child Benefit, will receive a $500 Canada Learning Bond.
/ }7 E5 E5 b7 G; ^( ?4 M& IAssuming a child remains qualified for the Canada Learning Bond, the child will
- Q1 S8 T8 ?+ h/ B ^$ t% n0 lcontinue to receive $100.00 in each subsequent year in Canada Learning Bond, v( H* _& N- t6 o
installments. The Federal Government projects that the Canada Learning Bond will# g3 |: n0 V9 W) N7 q) ]1 ~$ B1 P
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 ?& v' c1 y: Jfrom the program2. The government says a child living in a low-income household
# i( W2 `9 Y1 j- h$ rcould receive up to $2,000 for their education.
6 y0 c0 A" ?2 ?4 OAdditionally, in terms of post-secondary education and low-income families, the
$ z0 p+ j4 l C7 mgovernment has introduced a new one-time grant of up to $3,000 for first-year4 f+ | R' F }5 [
students whose family income hovers around $35,000 or less a year./ o4 \: O& j( ~2 w2 n
Alberta Centennial Education Savings Plan Act3 K: X& H4 ^( ~1 c* w
During the 2004 Spring Sitting, the Alberta Government introduced and4 V" @( Y6 r( d. O$ L' L
subsequently passed the Alberta Centennial Education Savings Plan Act. The
7 i v) X, T* s5 Q cprogram created by the Act is available only to residents of Alberta who have
# J' a; X. U b: ^0 Tchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first8 p9 G2 H) Y( N% m: G
glance, seems quite simple in scope but it does have many intricate details that,$ \, W) ]: M2 ?4 H& p* w- u
once communicated, reveal a complicated program that relies on proactive parents
$ ?+ G- n+ f) d/ G% `! }) @) b+ T7 Q5 yto absorb the full benefit of the program.
; I: Y" H/ Y1 yAlberta residents, who have a baby born on January 1, 2005, or after, will be }8 E0 D, |# c; r( U( f) Y
eligible for a $500.00 grant toward the baby’s established RESP. The grant will1 S4 a/ w, s4 e4 }
only be awarded if a RESP is established within the first year of the baby’s birth" @0 d8 E7 X, V% E- |
(though Alberta Learning is looking to extend this deadline to two years or, albeit
# C7 y6 R& Z% o8 V+ }unlikely, extending the deadline until the baby has reached their first year of
% k- E/ N, X7 z: y1 \# Nschooling). Should a year elapse and the parents do not arrange an RESP account,
2 ]( N9 F3 g/ [! P* b. ^for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
6 [0 y' r0 G; L& [; v$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of5 w" i( N X1 U
those grants will require parents to provide matching dollars to qualify. These0 e# }4 L- B& M" B F6 t
grants are awarded with the same limitations and restrictions as the initial $500.00
3 _/ u1 s5 R' t$ Ygrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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