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Thanks, here are details.
Canada Learning Bond' h) z. ^( z* W* b+ x' Q" e% u1 X
The Federal Government, in the 2004 Budget, introduced the Canada Learning: x, i0 Z- Z5 Q+ Q
Bond. The Bond is aimed at helping low-income families save for their children’s
# ~, o" W1 Y6 W% r$ apost-secondary education pursuits. Beginning in 2004, each child born to lowincome, o: t8 u' }4 C& |
families, those earning $35,000 or less and who are also entitled to receive
5 _1 f: [8 e0 b t$ _the National Child Benefit, will receive a $500 Canada Learning Bond.
& h/ X/ S5 Y5 R* x/ p q! _1 B$ NAssuming a child remains qualified for the Canada Learning Bond, the child will2 S( r) l0 W9 _
continue to receive $100.00 in each subsequent year in Canada Learning Bond
* M$ E& `+ W: ^/ linstallments. The Federal Government projects that the Canada Learning Bond will
5 {5 g; s% R$ ?9 rcarry a cost of up to $85 million this year and up to 120,000 children will benefit
% q0 v! B% S5 k) S [from the program2. The government says a child living in a low-income household0 @# T2 i1 D# U6 V3 W; N7 j/ V5 j
could receive up to $2,000 for their education.* _) G# S# C7 h( ?0 i, _9 j
Additionally, in terms of post-secondary education and low-income families, the( ~4 R8 ~6 m* ~! J
government has introduced a new one-time grant of up to $3,000 for first-year; J" n8 n/ e# h4 g$ l+ F
students whose family income hovers around $35,000 or less a year.
" J8 h; n) g; yAlberta Centennial Education Savings Plan Act
& [# i( l: |: i) X# H) e9 VDuring the 2004 Spring Sitting, the Alberta Government introduced and
1 W# r8 d" E- N" J) k: p9 [subsequently passed the Alberta Centennial Education Savings Plan Act. The2 Z3 s) C# @1 P6 R* j
program created by the Act is available only to residents of Alberta who have. g5 U) y6 K6 q4 |' J0 Q$ j& r
children born after January 1, 2005 (Alberta’s Centennial). The program, at first5 }, q# @; ~! w! J$ ~1 ^ f I
glance, seems quite simple in scope but it does have many intricate details that,
1 Q! R2 M' I4 R) Ponce communicated, reveal a complicated program that relies on proactive parents
: w8 J; Z1 `9 zto absorb the full benefit of the program.
6 w. |" E+ s8 Q1 BAlberta residents, who have a baby born on January 1, 2005, or after, will be
3 J5 t/ C5 t# i* M8 P. geligible for a $500.00 grant toward the baby’s established RESP. The grant will6 {" p; `& k/ J
only be awarded if a RESP is established within the first year of the baby’s birth
O) \/ o, [& Y6 V! P+ p1 R(though Alberta Learning is looking to extend this deadline to two years or, albeit
* n9 g& }7 A3 l! [unlikely, extending the deadline until the baby has reached their first year of& ^5 p$ L# F3 y4 j+ m% R9 T4 v
schooling). Should a year elapse and the parents do not arrange an RESP account,
+ b, D+ Y# P+ b; S4 t8 o' ~& yfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent; ` ~0 q+ x3 b
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
0 q6 d, k; a. T6 \: \5 H/ I# V, \those grants will require parents to provide matching dollars to qualify. These
, ~" z6 V$ {& O6 ?" k% w# f; v% [5 bgrants are awarded with the same limitations and restrictions as the initial $500.00: S+ `# M0 H4 ]# @# K" q0 B9 Q
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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