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Thanks, here are details.
Canada Learning Bond- @) b% O9 c# e; e0 w+ \
The Federal Government, in the 2004 Budget, introduced the Canada Learning- ]7 x. }9 @4 c, y3 ]( \0 Q, ]
Bond. The Bond is aimed at helping low-income families save for their children’s
9 A+ k y( A c( M0 e0 npost-secondary education pursuits. Beginning in 2004, each child born to lowincome: S- S3 v9 F& E5 o
families, those earning $35,000 or less and who are also entitled to receive5 V6 A" F1 C" [5 D p8 K: t4 \1 p
the National Child Benefit, will receive a $500 Canada Learning Bond.
% n B$ J& b, F P$ m6 dAssuming a child remains qualified for the Canada Learning Bond, the child will9 t) R: }+ ^8 S7 R5 v( @. P; a2 P: ]
continue to receive $100.00 in each subsequent year in Canada Learning Bond
7 X3 D9 E; H/ r( c+ @1 m; n) Ginstallments. The Federal Government projects that the Canada Learning Bond will! I7 u7 V$ `1 f% h% q. N* j
carry a cost of up to $85 million this year and up to 120,000 children will benefit7 G: o0 }. s6 \. g
from the program2. The government says a child living in a low-income household6 t* i/ S. u/ m# T7 e+ s, D" \
could receive up to $2,000 for their education.
2 l4 W9 U; z) |Additionally, in terms of post-secondary education and low-income families, the
) a. V3 l; B k1 {, X4 [government has introduced a new one-time grant of up to $3,000 for first-year
" Y( l0 w. [ E$ k7 e& ystudents whose family income hovers around $35,000 or less a year./ n K) A* p9 `% C0 H# I
Alberta Centennial Education Savings Plan Act4 c5 _+ h) |9 s! P
During the 2004 Spring Sitting, the Alberta Government introduced and. @5 [# u8 N$ H1 d' Z% m! J6 e
subsequently passed the Alberta Centennial Education Savings Plan Act. The
# `, j# B7 S# {' fprogram created by the Act is available only to residents of Alberta who have; c; {4 E6 Y3 R: C+ v
children born after January 1, 2005 (Alberta’s Centennial). The program, at first8 e+ N/ i" E$ Q3 T# L, f/ x0 e
glance, seems quite simple in scope but it does have many intricate details that,
: k1 C* E; ]5 x( Nonce communicated, reveal a complicated program that relies on proactive parents
+ M& i& F7 K4 ~. qto absorb the full benefit of the program.. a0 I: K/ G( c2 L' o0 ]
Alberta residents, who have a baby born on January 1, 2005, or after, will be. u& {5 \! ~0 L( B1 Z( [
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
+ x/ z) a( {" l Eonly be awarded if a RESP is established within the first year of the baby’s birth
+ C* \* Z3 ?1 {; O: T! ]& b) ^5 Q(though Alberta Learning is looking to extend this deadline to two years or, albeit
( p2 u$ F" h' c$ ounlikely, extending the deadline until the baby has reached their first year of7 Q9 ?: _$ `4 Q4 M; v. H$ a
schooling). Should a year elapse and the parents do not arrange an RESP account,8 y# Y1 b5 [, n7 p3 e6 l/ {% k5 G
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
; D6 h2 `. n- a1 z) b6 b$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
$ [* a1 X$ [! v! s; K7 Mthose grants will require parents to provide matching dollars to qualify. These
/ V+ S7 v O! `grants are awarded with the same limitations and restrictions as the initial $500.00: u9 y8 z% ]$ n$ }
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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