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Thanks, here are details.
Canada Learning Bond+ C- P, u$ i3 `7 G
The Federal Government, in the 2004 Budget, introduced the Canada Learning
5 w7 M6 r, S1 R3 e5 m p8 dBond. The Bond is aimed at helping low-income families save for their children’s) j, D8 A" {. v7 z' f
post-secondary education pursuits. Beginning in 2004, each child born to lowincome. b% Q& _ g+ ~9 @7 X$ Y
families, those earning $35,000 or less and who are also entitled to receive
( {+ t" M! o6 _0 Bthe National Child Benefit, will receive a $500 Canada Learning Bond.
/ H; k [* K. PAssuming a child remains qualified for the Canada Learning Bond, the child will+ y' f* {3 [# p k8 n! ?1 w
continue to receive $100.00 in each subsequent year in Canada Learning Bond! J8 S. ?1 I4 T, ^& G' N
installments. The Federal Government projects that the Canada Learning Bond will
2 l3 k" ?2 o8 b6 M- [carry a cost of up to $85 million this year and up to 120,000 children will benefit4 v9 k- Z9 x6 U a0 z, l% k8 k
from the program2. The government says a child living in a low-income household
/ v8 t& p \/ L6 o3 ?+ J) xcould receive up to $2,000 for their education.9 |' a% s* E/ z1 P: Z( k0 q1 ?3 Z
Additionally, in terms of post-secondary education and low-income families, the
# N- [! H- x) W2 |* bgovernment has introduced a new one-time grant of up to $3,000 for first-year+ B R! u( p& b6 D4 o$ B
students whose family income hovers around $35,000 or less a year.. g; m2 e3 A7 H- H( a# F
Alberta Centennial Education Savings Plan Act1 A7 D+ M; h! `! g/ I! Q4 p
During the 2004 Spring Sitting, the Alberta Government introduced and
4 Y+ l+ r3 e, Q4 L- t2 w8 `! J osubsequently passed the Alberta Centennial Education Savings Plan Act. The
A# c9 T, w2 L2 f1 Z6 t; Kprogram created by the Act is available only to residents of Alberta who have
1 p8 a! R9 i' Y; X4 t) w3 b6 X: Echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first. I7 C. g7 m$ b G
glance, seems quite simple in scope but it does have many intricate details that,. H) ~1 J, K& `0 a( ?9 T
once communicated, reveal a complicated program that relies on proactive parents- m4 a* C9 K% J- \+ O! v/ M
to absorb the full benefit of the program.: P+ b4 ]9 G; t; D0 M, A8 ^
Alberta residents, who have a baby born on January 1, 2005, or after, will be; q$ A l1 a) k- |" T1 @
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
s1 I$ o1 F( {; K! tonly be awarded if a RESP is established within the first year of the baby’s birth6 z7 c" E$ }7 ^4 J7 K$ K+ r, V2 ~
(though Alberta Learning is looking to extend this deadline to two years or, albeit
5 U `$ O0 m" Iunlikely, extending the deadline until the baby has reached their first year of# k/ y& S% G! P' X
schooling). Should a year elapse and the parents do not arrange an RESP account," F7 W8 W. t6 O
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent1 p1 L+ f; `7 j# f4 e B
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of. y: e* {- f) i# t1 {
those grants will require parents to provide matching dollars to qualify. These/ ]# K5 K: P* x3 q1 U7 X/ ?
grants are awarded with the same limitations and restrictions as the initial $500.00* E: C- O/ o* z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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