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Thanks, here are details.
Canada Learning Bond' N# \; @' E) A3 t2 k+ K. f2 E
The Federal Government, in the 2004 Budget, introduced the Canada Learning
@% N& x3 b) F6 L) j$ zBond. The Bond is aimed at helping low-income families save for their children’s/ ~& }- o( y* C, M
post-secondary education pursuits. Beginning in 2004, each child born to lowincome6 Z' O! B9 [+ S, m3 {7 J
families, those earning $35,000 or less and who are also entitled to receive
' u0 K; P# v4 U7 P# Cthe National Child Benefit, will receive a $500 Canada Learning Bond.* f \; I. h; e }, r' S E, c
Assuming a child remains qualified for the Canada Learning Bond, the child will0 |& g) x$ {/ y# p8 m
continue to receive $100.00 in each subsequent year in Canada Learning Bond( ?9 c! k- v6 r4 }' P' o1 [' b
installments. The Federal Government projects that the Canada Learning Bond will
: P( g) b( M1 _% c, n* ]/ p. acarry a cost of up to $85 million this year and up to 120,000 children will benefit
1 n) ?/ Z$ B( k+ }from the program2. The government says a child living in a low-income household
, b& ] G. R. P+ M3 J# Fcould receive up to $2,000 for their education.; f2 ^ O: j2 P5 q0 D6 ~- l' s
Additionally, in terms of post-secondary education and low-income families, the
$ B- Q3 y, v1 B5 W& m tgovernment has introduced a new one-time grant of up to $3,000 for first-year
- C n7 z* L" c# r* Xstudents whose family income hovers around $35,000 or less a year.6 u) b! P% V) f% p$ J8 v
Alberta Centennial Education Savings Plan Act
- K) ~4 A4 U7 a/ G) p) @During the 2004 Spring Sitting, the Alberta Government introduced and
$ h6 A; J! W$ }/ V+ W) ssubsequently passed the Alberta Centennial Education Savings Plan Act. The
^# e, Z+ B+ ^. aprogram created by the Act is available only to residents of Alberta who have4 H: x6 S( \% N- h
children born after January 1, 2005 (Alberta’s Centennial). The program, at first9 Z% J- N1 P$ K/ s7 E+ {" ]0 I
glance, seems quite simple in scope but it does have many intricate details that,0 \ L& k9 d7 i/ G8 L D, N3 ^2 m
once communicated, reveal a complicated program that relies on proactive parents
2 \5 ~6 M7 o) t1 W+ p# o9 ]/ vto absorb the full benefit of the program.
! W! q5 t+ e4 d( k4 s0 w) x: {Alberta residents, who have a baby born on January 1, 2005, or after, will be
" d8 F; c) F$ [+ C# heligible for a $500.00 grant toward the baby’s established RESP. The grant will
. P; o/ J3 ^* m, b- k: Gonly be awarded if a RESP is established within the first year of the baby’s birth
- A* ^; I+ h( P6 D1 m9 F(though Alberta Learning is looking to extend this deadline to two years or, albeit
5 h; P7 \) I) k/ S6 `% t' ^unlikely, extending the deadline until the baby has reached their first year of) S4 L) @ T7 K. |' h8 M- h
schooling). Should a year elapse and the parents do not arrange an RESP account,& F: k# s( H9 g1 F8 `
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent8 G4 \: J1 Y& p7 ]* ?7 a
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of$ l6 k; _' Z8 c. q8 u& `+ q+ q/ `& v
those grants will require parents to provide matching dollars to qualify. These
$ w5 b3 l: I8 }* W: zgrants are awarded with the same limitations and restrictions as the initial $500.008 R! H- x, }% u8 R- B z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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