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Thanks, here are details.
Canada Learning Bond1 Q+ R; i2 C n' D5 Y/ D
The Federal Government, in the 2004 Budget, introduced the Canada Learning7 d) `! E* |, ?
Bond. The Bond is aimed at helping low-income families save for their children’s
& Q: a! j* x' M3 d% G9 Q/ wpost-secondary education pursuits. Beginning in 2004, each child born to lowincome" [! M* A# I( r
families, those earning $35,000 or less and who are also entitled to receive
4 n% R) Q# y" \. M, [- Zthe National Child Benefit, will receive a $500 Canada Learning Bond.# C! l8 i% P# \0 t6 g8 n
Assuming a child remains qualified for the Canada Learning Bond, the child will0 L0 t ~/ {5 B# }
continue to receive $100.00 in each subsequent year in Canada Learning Bond' j l/ ~2 ?8 {+ |% H
installments. The Federal Government projects that the Canada Learning Bond will
" k4 o' v+ L8 E& ~& U7 ?2 qcarry a cost of up to $85 million this year and up to 120,000 children will benefit
- T* X+ j% w4 xfrom the program2. The government says a child living in a low-income household& ]6 P% d, o3 ?# b
could receive up to $2,000 for their education.
" j' [' F0 R: M: K) {4 S1 RAdditionally, in terms of post-secondary education and low-income families, the/ Z9 L- |3 x* s$ |8 x1 P* z& |
government has introduced a new one-time grant of up to $3,000 for first-year
3 V" f6 w; p4 ?; f. L; U; Sstudents whose family income hovers around $35,000 or less a year.& O; h8 |& J: Q, E! X- C- |
Alberta Centennial Education Savings Plan Act% H2 [+ w0 |. f! c
During the 2004 Spring Sitting, the Alberta Government introduced and
% i! R1 t" G5 m5 k$ P; o9 \subsequently passed the Alberta Centennial Education Savings Plan Act. The6 R4 M# B* c3 v( I2 v/ N4 G% n! X
program created by the Act is available only to residents of Alberta who have) |- a9 h5 E8 w. w9 k% o( g' Z6 _3 l8 l
children born after January 1, 2005 (Alberta’s Centennial). The program, at first9 s- [$ l% R9 b7 R0 i
glance, seems quite simple in scope but it does have many intricate details that,
1 P- G+ u( S2 _once communicated, reveal a complicated program that relies on proactive parents7 ~0 J* C# k: ~* i8 a2 h
to absorb the full benefit of the program.0 A* N4 v! Q# F( O0 r" L% N6 [
Alberta residents, who have a baby born on January 1, 2005, or after, will be5 S% Z, e4 w9 u/ P% _" m9 Q* p9 L" E
eligible for a $500.00 grant toward the baby’s established RESP. The grant will# T7 M/ e; q1 C; f+ K& `+ M/ U" a+ k
only be awarded if a RESP is established within the first year of the baby’s birth1 @% j9 i9 C' Q; Q" l/ _# ~0 n
(though Alberta Learning is looking to extend this deadline to two years or, albeit2 r8 t! w- V- B. N# w6 t- R
unlikely, extending the deadline until the baby has reached their first year of
# H7 V* O4 E3 ~schooling). Should a year elapse and the parents do not arrange an RESP account,
/ D: g; f% n8 v. j' [& gfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent2 e3 j& q+ ~1 o+ I8 M
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 D! @4 l/ y3 q) U5 d# z: pthose grants will require parents to provide matching dollars to qualify. These
8 j6 D3 X1 w* u3 `) E' _grants are awarded with the same limitations and restrictions as the initial $500.00
( a4 G, P( p. x5 ngrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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