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Thanks, here are details.
Canada Learning Bond) k: [+ K& t+ m9 P
The Federal Government, in the 2004 Budget, introduced the Canada Learning0 [3 o6 E9 i% _
Bond. The Bond is aimed at helping low-income families save for their children’s
, U% N# i( g# B5 [post-secondary education pursuits. Beginning in 2004, each child born to lowincome
& r: H3 M( j, D' J+ J4 D$ Yfamilies, those earning $35,000 or less and who are also entitled to receive/ _, `) V. x* b2 u5 M
the National Child Benefit, will receive a $500 Canada Learning Bond.
% ~% b. s I9 N$ n( ?1 dAssuming a child remains qualified for the Canada Learning Bond, the child will |$ P5 z# f- O4 b: O, V
continue to receive $100.00 in each subsequent year in Canada Learning Bond
! F: r& Y$ z; H5 uinstallments. The Federal Government projects that the Canada Learning Bond will
& C) d3 E( k) z& G9 ` fcarry a cost of up to $85 million this year and up to 120,000 children will benefit
; F5 x" M0 K$ B3 z. u- ^9 {, Yfrom the program2. The government says a child living in a low-income household
( y: W8 s/ `4 R9 o) E3 ]: ~& H! ycould receive up to $2,000 for their education.
+ o& k0 n ]' \, [- }1 i* U, \0 MAdditionally, in terms of post-secondary education and low-income families, the
) i: R( A3 G# T V& w+ {, hgovernment has introduced a new one-time grant of up to $3,000 for first-year
2 y, s' O* `& S) T4 L4 b( @students whose family income hovers around $35,000 or less a year.
/ w0 X: j5 C3 U. O( \Alberta Centennial Education Savings Plan Act4 ^- u, [6 S! H% V2 q( |4 _0 H
During the 2004 Spring Sitting, the Alberta Government introduced and5 q# w, P& O! K, c
subsequently passed the Alberta Centennial Education Savings Plan Act. The
1 w( C* f0 n E( Y8 E( }program created by the Act is available only to residents of Alberta who have5 j5 X' [0 S u2 H
children born after January 1, 2005 (Alberta’s Centennial). The program, at first8 N- {" a ^5 h3 ?3 J
glance, seems quite simple in scope but it does have many intricate details that,, \$ n0 {0 I' v$ r9 G6 `4 I7 Q
once communicated, reveal a complicated program that relies on proactive parents
9 n& e$ C# C5 jto absorb the full benefit of the program.$ z+ ~; \; \- N0 s" e- k- K! X
Alberta residents, who have a baby born on January 1, 2005, or after, will be
% c5 g7 D& t- }eligible for a $500.00 grant toward the baby’s established RESP. The grant will
9 d% I8 d& U+ C4 E$ M/ q- z0 R0 Fonly be awarded if a RESP is established within the first year of the baby’s birth: w. r8 u. w6 ?7 b8 A G
(though Alberta Learning is looking to extend this deadline to two years or, albeit
4 W, v" T8 G% J3 [$ Dunlikely, extending the deadline until the baby has reached their first year of5 W4 S$ O6 h( ~, F: i
schooling). Should a year elapse and the parents do not arrange an RESP account,* z ^: N- t$ S7 E5 K" n/ I
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent2 L' P8 V! L& S; [( x+ c, b5 n
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of& y& D8 d, s% r7 b0 w
those grants will require parents to provide matching dollars to qualify. These
- @' a4 o) d( y: sgrants are awarded with the same limitations and restrictions as the initial $500.00) u; a# W" \1 c; [/ |- {5 J
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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