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Thanks, here are details.
Canada Learning Bond
8 J) E6 @ J9 A) R" ]' A8 HThe Federal Government, in the 2004 Budget, introduced the Canada Learning( d! z; Y% G& b' Z8 L; g# u
Bond. The Bond is aimed at helping low-income families save for their children’s
" N# a3 J8 T) ^+ i5 v C! @post-secondary education pursuits. Beginning in 2004, each child born to lowincome2 o" @5 J# z S* W- X8 c6 o
families, those earning $35,000 or less and who are also entitled to receive2 ^! I( H: C6 Q5 G; d$ T* i
the National Child Benefit, will receive a $500 Canada Learning Bond.6 Z) p7 S, k* _; w' Z
Assuming a child remains qualified for the Canada Learning Bond, the child will0 f5 U4 v, m+ ^
continue to receive $100.00 in each subsequent year in Canada Learning Bond
5 o2 V' C' A6 _& P1 O6 tinstallments. The Federal Government projects that the Canada Learning Bond will P7 X. f; e F' f+ F1 \9 ?
carry a cost of up to $85 million this year and up to 120,000 children will benefit8 p% S# ^& F: e! N& G% g
from the program2. The government says a child living in a low-income household
& I: H7 D% j2 L6 w. icould receive up to $2,000 for their education.
9 R' E# O, ~5 E: }, \) ]* Q( w" g: d$ ~Additionally, in terms of post-secondary education and low-income families, the
1 j3 Q9 F) t( z+ rgovernment has introduced a new one-time grant of up to $3,000 for first-year
: Y7 S3 {0 R. ^students whose family income hovers around $35,000 or less a year.! W1 k/ [. e- h8 B* L
Alberta Centennial Education Savings Plan Act# u0 c7 n( x/ t5 V+ m
During the 2004 Spring Sitting, the Alberta Government introduced and1 A' ?& g! s% i7 ]% K
subsequently passed the Alberta Centennial Education Savings Plan Act. The+ C' s7 A* w. ^4 C
program created by the Act is available only to residents of Alberta who have
4 `$ v1 E R; |; x7 Wchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first. f+ [0 S& s8 B6 }4 }
glance, seems quite simple in scope but it does have many intricate details that,4 ?9 A# G+ \6 h" P6 E9 z
once communicated, reveal a complicated program that relies on proactive parents' m# d/ i$ Q: o% \
to absorb the full benefit of the program.* [7 i/ `, ?6 Q" L8 o9 { Q
Alberta residents, who have a baby born on January 1, 2005, or after, will be* L+ i d* j+ Y3 c
eligible for a $500.00 grant toward the baby’s established RESP. The grant will& [1 s+ }2 L1 v$ _1 u
only be awarded if a RESP is established within the first year of the baby’s birth2 k3 A4 @9 }% b% P, M' v1 ~- j
(though Alberta Learning is looking to extend this deadline to two years or, albeit* M: I0 c3 M- y2 ]9 B6 {: O$ }7 Y
unlikely, extending the deadline until the baby has reached their first year of
4 a! [, W1 ?$ [ L( Uschooling). Should a year elapse and the parents do not arrange an RESP account,+ l; j1 |2 l+ `0 V6 i# [3 u
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
) l7 c# X( L) \5 d2 w$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of8 v |; [8 I1 n6 J5 U8 T5 f
those grants will require parents to provide matching dollars to qualify. These" h* U' Y @- j( q5 W0 `' }
grants are awarded with the same limitations and restrictions as the initial $500.00- \0 A& G( N& r: O
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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