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Thanks, here are details.
Canada Learning Bond
' [ x9 c4 D4 w5 ~7 f7 T% v7 C( hThe Federal Government, in the 2004 Budget, introduced the Canada Learning( [3 I; d) e2 T; Q- \
Bond. The Bond is aimed at helping low-income families save for their children’s
! ]$ i' `# W/ _8 I" O0 ipost-secondary education pursuits. Beginning in 2004, each child born to lowincome0 d. e5 {3 G N& Z$ `9 ^* G% n
families, those earning $35,000 or less and who are also entitled to receive
7 q, z1 l% _: f, d/ `1 j! nthe National Child Benefit, will receive a $500 Canada Learning Bond.
8 q7 _' G$ o9 o3 i8 AAssuming a child remains qualified for the Canada Learning Bond, the child will
# s, t5 [" l: m' w3 ^continue to receive $100.00 in each subsequent year in Canada Learning Bond1 v* u5 T( _1 }! N# X
installments. The Federal Government projects that the Canada Learning Bond will% k, B- N- R( x' w
carry a cost of up to $85 million this year and up to 120,000 children will benefit0 M$ o; Q& i9 a5 ^4 ^$ b/ Q
from the program2. The government says a child living in a low-income household" n$ ]1 _. @" _* d" ]
could receive up to $2,000 for their education.: \4 C; i5 m0 o5 g0 b& K2 Z4 H M
Additionally, in terms of post-secondary education and low-income families, the& @% A* k+ _, q5 w- V3 b
government has introduced a new one-time grant of up to $3,000 for first-year* f: m! o% K3 X- ^
students whose family income hovers around $35,000 or less a year.3 ~4 C3 g9 r- Z* [! [4 I
Alberta Centennial Education Savings Plan Act5 B l& s% \% R2 ^# c; o) y- X' @
During the 2004 Spring Sitting, the Alberta Government introduced and. p5 Q; Q, l5 |$ F& H- t
subsequently passed the Alberta Centennial Education Savings Plan Act. The$ D+ M$ G$ q* p. l& ]1 f
program created by the Act is available only to residents of Alberta who have m5 n; Z5 Z* n( h3 A2 W
children born after January 1, 2005 (Alberta’s Centennial). The program, at first4 w) q& H) ?# w5 ?4 f1 q! ]
glance, seems quite simple in scope but it does have many intricate details that,
7 V6 f8 o9 R5 H5 _* yonce communicated, reveal a complicated program that relies on proactive parents3 H4 ^$ e) y* [8 }& @7 g+ A
to absorb the full benefit of the program.
' |, `; i: s8 p" L& ~5 cAlberta residents, who have a baby born on January 1, 2005, or after, will be
1 H# H/ V! A! H& {eligible for a $500.00 grant toward the baby’s established RESP. The grant will
6 x' x/ P$ I( S4 T2 e. Lonly be awarded if a RESP is established within the first year of the baby’s birth
7 {9 ` T% j3 E* n# r(though Alberta Learning is looking to extend this deadline to two years or, albeit
* v; U3 w* x& F+ D: wunlikely, extending the deadline until the baby has reached their first year of
/ N* o6 s" s, {: N! L. sschooling). Should a year elapse and the parents do not arrange an RESP account,5 [- ?" a* x1 m$ p
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
% t H8 {; T3 K, W% k& p$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of8 Z/ n2 i6 W8 ]
those grants will require parents to provide matching dollars to qualify. These# ]+ S' p+ K2 b* b7 B( Z
grants are awarded with the same limitations and restrictions as the initial $500.007 ]9 g, I( Z2 ]& x- ]
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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