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Thanks, here are details.
Canada Learning Bond
8 c [! `5 K& @' ?! D& x4 w/ l# t, I' _The Federal Government, in the 2004 Budget, introduced the Canada Learning
" B( l! p2 I2 C ]$ c+ L; P9 i* GBond. The Bond is aimed at helping low-income families save for their children’s! o* y4 F/ _! l! v: y! S4 t
post-secondary education pursuits. Beginning in 2004, each child born to lowincome$ E! ~/ U; d# M, }/ C# N
families, those earning $35,000 or less and who are also entitled to receive0 P3 E. B4 O/ _ e' l8 M
the National Child Benefit, will receive a $500 Canada Learning Bond.
1 b& N# t S q& |4 \: J8 WAssuming a child remains qualified for the Canada Learning Bond, the child will! q8 u @6 _2 F( v Z4 \+ }: U
continue to receive $100.00 in each subsequent year in Canada Learning Bond; E" `) i! `1 Q8 V0 i: q! h
installments. The Federal Government projects that the Canada Learning Bond will
' K' a8 K, V1 F+ m- Xcarry a cost of up to $85 million this year and up to 120,000 children will benefit
- I- O0 ^8 | S: _, G% p% U# Mfrom the program2. The government says a child living in a low-income household
0 A9 A! o! U8 x! |- Vcould receive up to $2,000 for their education.
# q, H' N: f3 e# B2 L6 a5 JAdditionally, in terms of post-secondary education and low-income families, the
2 |" \- A5 ~6 ]/ [4 o# s$ `- Zgovernment has introduced a new one-time grant of up to $3,000 for first-year
! R2 Y8 S) t1 ]! y6 fstudents whose family income hovers around $35,000 or less a year.
& @' n8 e+ r. r( w6 MAlberta Centennial Education Savings Plan Act3 Y4 i) w$ Y. u; R/ F7 i1 o! h7 e+ Z
During the 2004 Spring Sitting, the Alberta Government introduced and
' [6 M; O: r$ ~* n- T7 t3 ysubsequently passed the Alberta Centennial Education Savings Plan Act. The! }: o& t6 ^$ Y- `+ Q' f% ?
program created by the Act is available only to residents of Alberta who have
* ?* Y1 {5 @* B3 Z4 Z( W5 n0 Vchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
( Z D; N5 Q( j: f+ S3 [glance, seems quite simple in scope but it does have many intricate details that, ]0 m8 P) M% {/ I+ s7 x! s
once communicated, reveal a complicated program that relies on proactive parents
, E) J) A1 ? d! oto absorb the full benefit of the program.. ?% I$ A+ M; z! ?
Alberta residents, who have a baby born on January 1, 2005, or after, will be- J5 p9 `- f. ?' x+ N2 j: V: j& P
eligible for a $500.00 grant toward the baby’s established RESP. The grant will# C; N; v% L) `2 A+ L# |5 e
only be awarded if a RESP is established within the first year of the baby’s birth
7 r3 f8 A3 B) H5 U. Y(though Alberta Learning is looking to extend this deadline to two years or, albeit2 H$ Z! p" b" M3 i3 Y
unlikely, extending the deadline until the baby has reached their first year of# j" M5 _) |+ ?0 v; n: ~# \
schooling). Should a year elapse and the parents do not arrange an RESP account,
1 ]3 l4 I" Z/ N9 a% ~for the baby, then the baby will not receive the $500.00 grant, period. Subsequent Q! D I$ A) K& i# r( `
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 Q1 v* k8 ^/ h- U; d7 Uthose grants will require parents to provide matching dollars to qualify. These
- H' E# h b- V3 S! Wgrants are awarded with the same limitations and restrictions as the initial $500.00 w8 e9 ~) X+ _! C, G
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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