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Thanks, here are details.
Canada Learning Bond
8 w: [0 o& s7 U: [) C5 s0 _The Federal Government, in the 2004 Budget, introduced the Canada Learning
- @+ r! B3 G$ L2 |( }2 lBond. The Bond is aimed at helping low-income families save for their children’s
" s+ Q6 k6 H& b2 W% j* Rpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
$ W' G: E! O* @. afamilies, those earning $35,000 or less and who are also entitled to receive
' }( w/ J0 q9 e5 rthe National Child Benefit, will receive a $500 Canada Learning Bond.% p: h6 x) ]# j K
Assuming a child remains qualified for the Canada Learning Bond, the child will* J- `! M# [9 z' A }& F
continue to receive $100.00 in each subsequent year in Canada Learning Bond
* y* T4 ^9 Q; O: Zinstallments. The Federal Government projects that the Canada Learning Bond will6 U! O7 `) y _) A( x
carry a cost of up to $85 million this year and up to 120,000 children will benefit! J4 v5 M' [$ v( V2 m
from the program2. The government says a child living in a low-income household
3 [4 B" y. ?2 V/ K; i- ~/ P4 b3 Acould receive up to $2,000 for their education.. E0 w; ]- k: Z& B7 w
Additionally, in terms of post-secondary education and low-income families, the
+ {- e$ S& r3 R( b0 k$ o! }government has introduced a new one-time grant of up to $3,000 for first-year
+ a* N6 [+ X5 a+ bstudents whose family income hovers around $35,000 or less a year.3 ?) F& U: {9 G* i( N: f3 l$ G
Alberta Centennial Education Savings Plan Act
! C$ ]4 @2 [: |# h! u* \During the 2004 Spring Sitting, the Alberta Government introduced and+ W: K( \4 m8 {7 I+ I
subsequently passed the Alberta Centennial Education Savings Plan Act. The5 v2 D5 |0 i- _
program created by the Act is available only to residents of Alberta who have
4 w0 n- x" h9 w. V' ochildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
9 x) O8 o; [0 a5 N9 Hglance, seems quite simple in scope but it does have many intricate details that,* y$ ]4 t! ` e1 J K7 P2 }
once communicated, reveal a complicated program that relies on proactive parents
9 P1 ]! \ Z; U1 d# F5 Xto absorb the full benefit of the program.: Y" D% H/ s. A F1 H" S
Alberta residents, who have a baby born on January 1, 2005, or after, will be
/ ]. j6 a$ P/ F" q& |0 Feligible for a $500.00 grant toward the baby’s established RESP. The grant will
; W/ C) F9 q C9 `only be awarded if a RESP is established within the first year of the baby’s birth8 o# O$ H/ g2 W) y' \- K( q; W
(though Alberta Learning is looking to extend this deadline to two years or, albeit
: V, |6 Q3 s/ nunlikely, extending the deadline until the baby has reached their first year of
! P y0 R: F. {: Y Kschooling). Should a year elapse and the parents do not arrange an RESP account,
6 q0 R; r$ u( Y- n9 x" n2 J: y wfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent; i$ [$ a. n3 ]+ i+ Z3 A8 {
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
0 }- `% |4 [: ]those grants will require parents to provide matching dollars to qualify. These
B: a- L+ `3 Y% L0 O! q! ^grants are awarded with the same limitations and restrictions as the initial $500.00
! R: X! H7 q/ |2 Y& x8 R5 fgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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