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Thanks, here are details.
Canada Learning Bond& A) a! z# o% | I. N; Q' H
The Federal Government, in the 2004 Budget, introduced the Canada Learning- L8 H- T. M I7 M1 r- F" U4 h: q; C
Bond. The Bond is aimed at helping low-income families save for their children’s
0 ` g' E7 ^: l* ] Y t: jpost-secondary education pursuits. Beginning in 2004, each child born to lowincome. \5 M3 ?( u7 b8 J
families, those earning $35,000 or less and who are also entitled to receive% J; I3 P7 b/ k7 \
the National Child Benefit, will receive a $500 Canada Learning Bond., |( j# Y3 X/ l" c' S4 |5 r4 X! S
Assuming a child remains qualified for the Canada Learning Bond, the child will' G6 V& T% h+ h3 L4 J+ g
continue to receive $100.00 in each subsequent year in Canada Learning Bond
# _! g; D% c5 H* Einstallments. The Federal Government projects that the Canada Learning Bond will
+ F- H& X0 U0 ]# R# Icarry a cost of up to $85 million this year and up to 120,000 children will benefit
8 W' H" l- @) d* `% u* @" k- r! Ofrom the program2. The government says a child living in a low-income household4 L) S. L5 w) Z7 c- c& @$ V
could receive up to $2,000 for their education.
, R5 J! v _" `* pAdditionally, in terms of post-secondary education and low-income families, the
) t9 Y X0 j# }government has introduced a new one-time grant of up to $3,000 for first-year
7 h- z( O# A/ |1 Lstudents whose family income hovers around $35,000 or less a year.: u* K3 X+ J. k# ~* M# r
Alberta Centennial Education Savings Plan Act
) `1 B' x8 R/ P1 zDuring the 2004 Spring Sitting, the Alberta Government introduced and
- c$ e+ U& [ v$ i5 G; d' Wsubsequently passed the Alberta Centennial Education Savings Plan Act. The5 I. @/ v9 _* X4 Z# q3 z( ?3 Y6 G
program created by the Act is available only to residents of Alberta who have9 j# ~/ W- e- O
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
8 L; K6 u, [ o6 t% t7 ~) uglance, seems quite simple in scope but it does have many intricate details that,
# R- Z6 F2 p; g/ k" donce communicated, reveal a complicated program that relies on proactive parents$ M- F+ b, ?0 u: |0 ^8 c1 u
to absorb the full benefit of the program.
( Y" d' O1 ?+ B9 R8 [Alberta residents, who have a baby born on January 1, 2005, or after, will be
. i5 O; N4 G+ Z: Seligible for a $500.00 grant toward the baby’s established RESP. The grant will
, B4 G" x, Z5 T$ K- bonly be awarded if a RESP is established within the first year of the baby’s birth* H" W d6 m* Q7 N* Z
(though Alberta Learning is looking to extend this deadline to two years or, albeit
) o! g; i9 F0 v: N gunlikely, extending the deadline until the baby has reached their first year of
5 ^. R+ ~9 R- [* J% `2 ?6 e& l, hschooling). Should a year elapse and the parents do not arrange an RESP account,
6 Q7 @/ Q! A, ]# h. ]9 afor the baby, then the baby will not receive the $500.00 grant, period. Subsequent5 T/ K8 k' u- d1 _* z& U; M
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of6 K2 S! g& x) P! k# V/ Y/ [
those grants will require parents to provide matching dollars to qualify. These; f6 {$ E/ B& ]. v' L
grants are awarded with the same limitations and restrictions as the initial $500.00
! H- Y: T7 I8 f7 M* `" @- H8 igrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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