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Thanks, here are details.
Canada Learning Bond
3 T3 D5 B s8 z' N$ b0 `) f% P. aThe Federal Government, in the 2004 Budget, introduced the Canada Learning
% I. x* `6 L3 ^% t0 c' gBond. The Bond is aimed at helping low-income families save for their children’s. D. H7 c B& D3 X. Y+ j* {; R( D
post-secondary education pursuits. Beginning in 2004, each child born to lowincome& V# b! g( g8 t% |0 f
families, those earning $35,000 or less and who are also entitled to receive% m+ ^9 w( L% I
the National Child Benefit, will receive a $500 Canada Learning Bond.
: S/ g- Q( x ?- nAssuming a child remains qualified for the Canada Learning Bond, the child will9 p8 [1 ~- ]9 O
continue to receive $100.00 in each subsequent year in Canada Learning Bond
( {2 F' {1 A% n: X! ^& }' Yinstallments. The Federal Government projects that the Canada Learning Bond will3 G1 g0 Q" K; s, J/ r0 [5 {
carry a cost of up to $85 million this year and up to 120,000 children will benefit
* J9 ? w4 M5 }; Y$ T' f/ q2 Hfrom the program2. The government says a child living in a low-income household/ r3 I2 W. {& v+ ^2 \, r
could receive up to $2,000 for their education.* B' M4 C j( g( @. `
Additionally, in terms of post-secondary education and low-income families, the
7 C' F0 ^' |- W( D9 b4 P) pgovernment has introduced a new one-time grant of up to $3,000 for first-year
$ l8 c- l& j) T' Hstudents whose family income hovers around $35,000 or less a year.1 R: n4 { Z9 c
Alberta Centennial Education Savings Plan Act
7 ^3 _, t C5 r( b! fDuring the 2004 Spring Sitting, the Alberta Government introduced and; e, j! h, b" m) u2 G6 j4 c
subsequently passed the Alberta Centennial Education Savings Plan Act. The
! u8 T% S* L! ?( n+ c0 N* T: M+ Mprogram created by the Act is available only to residents of Alberta who have
, G1 h8 x) c2 R% Z9 ~& Z* achildren born after January 1, 2005 (Alberta’s Centennial). The program, at first/ U( a6 u" r& f- A2 K
glance, seems quite simple in scope but it does have many intricate details that,
/ P. V- x4 y) b2 p5 zonce communicated, reveal a complicated program that relies on proactive parents
6 f9 d8 d- |. L" j$ x3 lto absorb the full benefit of the program.: r- [% x, Y) Q
Alberta residents, who have a baby born on January 1, 2005, or after, will be
. y+ N* q5 [& k2 u5 j9 O; A3 oeligible for a $500.00 grant toward the baby’s established RESP. The grant will- f" \5 l3 ?1 v# A: d
only be awarded if a RESP is established within the first year of the baby’s birth
" v+ k' x# I1 G5 S5 s" }(though Alberta Learning is looking to extend this deadline to two years or, albeit& G$ S$ Y( I" p! c! F' b
unlikely, extending the deadline until the baby has reached their first year of
- e, F- w8 x& l& mschooling). Should a year elapse and the parents do not arrange an RESP account,
" B2 d& `) o) m$ `" ^9 {* Gfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent) V0 X" H* @; w5 Z* k
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; d* W, j( n9 ~% w0 D$ i( P
those grants will require parents to provide matching dollars to qualify. These
& b# y; p' C, [# p1 B% Q4 hgrants are awarded with the same limitations and restrictions as the initial $500.00
# Y3 }: W0 B5 K3 y2 S5 zgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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