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Thanks, here are details.
Canada Learning Bond
o3 `' V4 `8 e4 M% q9 gThe Federal Government, in the 2004 Budget, introduced the Canada Learning- l+ B @ |% I) F8 Z
Bond. The Bond is aimed at helping low-income families save for their children’s
/ C& m! ]* w: |/ n% K4 f/ ?5 H- }( dpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 J* Y' `0 s6 c& V9 n0 c3 Tfamilies, those earning $35,000 or less and who are also entitled to receive
% g; r% H! t' m- b( [! A# Y0 uthe National Child Benefit, will receive a $500 Canada Learning Bond.$ o# B9 {! W+ p3 V: _+ g
Assuming a child remains qualified for the Canada Learning Bond, the child will; u" U: l1 Z6 s; y, ~# ^
continue to receive $100.00 in each subsequent year in Canada Learning Bond+ u. |9 _9 D4 t
installments. The Federal Government projects that the Canada Learning Bond will
! S6 G! L- J3 |/ tcarry a cost of up to $85 million this year and up to 120,000 children will benefit
6 B) ^9 E, L, i2 K; y4 T% B: E dfrom the program2. The government says a child living in a low-income household8 z4 l# I. e" U0 l& M; j/ P
could receive up to $2,000 for their education.
I* h. @% m6 ~Additionally, in terms of post-secondary education and low-income families, the+ i; b7 n; s6 O5 s! z+ p
government has introduced a new one-time grant of up to $3,000 for first-year
m Y* ?( U1 Z; ?0 F( mstudents whose family income hovers around $35,000 or less a year.
* ?* C- s, U- @# H0 b! l0 dAlberta Centennial Education Savings Plan Act
! X4 j! b o- {9 o, g9 T1 h# VDuring the 2004 Spring Sitting, the Alberta Government introduced and
8 j0 `) |* T7 usubsequently passed the Alberta Centennial Education Savings Plan Act. The) M0 K+ S F/ w$ e3 v: [* M) ]4 ]; A
program created by the Act is available only to residents of Alberta who have
9 P, d1 p: b% zchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
* A' \, @8 t: Y# gglance, seems quite simple in scope but it does have many intricate details that,3 _) e1 k5 K( _* ~" Y* Z
once communicated, reveal a complicated program that relies on proactive parents
/ L! N/ U% Y" N+ V; z3 p- ito absorb the full benefit of the program.
/ D k' E3 @6 p2 e2 |& x; RAlberta residents, who have a baby born on January 1, 2005, or after, will be
' a/ f# S3 D% w9 [* P! o7 Oeligible for a $500.00 grant toward the baby’s established RESP. The grant will* o& Y' i# r) v8 r0 q- K
only be awarded if a RESP is established within the first year of the baby’s birth& ?! ]4 v, D2 R
(though Alberta Learning is looking to extend this deadline to two years or, albeit
" `6 ^; g' p- yunlikely, extending the deadline until the baby has reached their first year of
8 n9 Q+ e% O4 b. w2 Uschooling). Should a year elapse and the parents do not arrange an RESP account,
/ [; B' o W1 `for the baby, then the baby will not receive the $500.00 grant, period. Subsequent }8 c$ C% ~" z
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; [9 d/ F" W7 k; j" D" E( q
those grants will require parents to provide matching dollars to qualify. These
3 P+ K& I' u: p, e8 L5 g3 K$ p2 C3 ygrants are awarded with the same limitations and restrictions as the initial $500.00
3 O5 z: n4 ?7 N, qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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