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Thanks, here are details.
Canada Learning Bond
) z0 k7 H: W+ U3 Q0 vThe Federal Government, in the 2004 Budget, introduced the Canada Learning
, J( v M2 r# KBond. The Bond is aimed at helping low-income families save for their children’s% V7 l* {5 k. H0 |( {. Q3 N
post-secondary education pursuits. Beginning in 2004, each child born to lowincome: P: p8 X6 Y. s: |! g, Q2 K
families, those earning $35,000 or less and who are also entitled to receive! V4 i' f' i% M+ Q
the National Child Benefit, will receive a $500 Canada Learning Bond.
$ z4 m, W* k9 @$ d7 ?: S _Assuming a child remains qualified for the Canada Learning Bond, the child will
6 C" d) q6 M- m4 X: a- M( }5 `( K* Ccontinue to receive $100.00 in each subsequent year in Canada Learning Bond& x0 f) P! v: H5 f' x
installments. The Federal Government projects that the Canada Learning Bond will
5 ]6 ~! v: j, Icarry a cost of up to $85 million this year and up to 120,000 children will benefit! O4 F6 D$ P4 F8 y6 X4 Y* D& L! R2 r
from the program2. The government says a child living in a low-income household
. U) C% [( e0 ?8 K) c$ ^could receive up to $2,000 for their education.
* n' T2 G4 {1 SAdditionally, in terms of post-secondary education and low-income families, the
' j' W6 [2 t. z5 Z, igovernment has introduced a new one-time grant of up to $3,000 for first-year; c' |5 e3 K/ b5 b( w
students whose family income hovers around $35,000 or less a year.5 j' [; p4 E1 X* j" `/ F8 k9 ^
Alberta Centennial Education Savings Plan Act* v2 B8 `; R" d) Z4 I, Q
During the 2004 Spring Sitting, the Alberta Government introduced and
, E- B% a/ P( L( I: `& v; y2 Lsubsequently passed the Alberta Centennial Education Savings Plan Act. The6 U% \- s" C; `$ U! U
program created by the Act is available only to residents of Alberta who have V ~* I- F# q3 t" N
children born after January 1, 2005 (Alberta’s Centennial). The program, at first" W9 Y, y% h4 c4 W
glance, seems quite simple in scope but it does have many intricate details that,/ ?7 r" p }" _* \
once communicated, reveal a complicated program that relies on proactive parents7 E" P# I. ^) r2 ]& ?7 `' N4 S6 V
to absorb the full benefit of the program.
( T4 x4 a$ y6 x6 ^- h9 PAlberta residents, who have a baby born on January 1, 2005, or after, will be
- A+ |5 o- @! D. y0 `0 W- {8 U5 q0 }eligible for a $500.00 grant toward the baby’s established RESP. The grant will5 S) j1 _5 e5 z% H' R
only be awarded if a RESP is established within the first year of the baby’s birth
5 x4 I( ^+ Q6 P0 d(though Alberta Learning is looking to extend this deadline to two years or, albeit- ]( v$ d: a/ M! C0 J0 _6 s
unlikely, extending the deadline until the baby has reached their first year of
2 f2 R& \0 @* {! ? \) d. D) jschooling). Should a year elapse and the parents do not arrange an RESP account,2 h) O. _) y$ ]' H8 |) b4 Y$ T9 b
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent( t) Y" Y/ U9 ]: h* k4 x5 e
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 }' p# a% j0 o' b, M& }, qthose grants will require parents to provide matching dollars to qualify. These
3 O& X V7 r" @- [1 Mgrants are awarded with the same limitations and restrictions as the initial $500.00& N1 }* |( d/ f8 O* W
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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