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Thanks, here are details.
Canada Learning Bond
9 l+ G" T' c$ |7 eThe Federal Government, in the 2004 Budget, introduced the Canada Learning
% ^ a5 a6 k; ?8 {% `, gBond. The Bond is aimed at helping low-income families save for their children’s
8 o$ i& O. U' b7 zpost-secondary education pursuits. Beginning in 2004, each child born to lowincome; N$ u) p+ |$ m8 v% r7 K
families, those earning $35,000 or less and who are also entitled to receive! M; p7 ^- ?# Z/ ?4 S3 ~7 B: X9 e
the National Child Benefit, will receive a $500 Canada Learning Bond.
7 [0 E8 V j7 @* q3 m3 RAssuming a child remains qualified for the Canada Learning Bond, the child will
3 f6 U% f* _* u( y: K& Icontinue to receive $100.00 in each subsequent year in Canada Learning Bond+ K3 V3 F9 Z' w% }0 d! F) j
installments. The Federal Government projects that the Canada Learning Bond will
1 P4 Y& ^; }' _4 A7 g, h' t/ W& w7 q+ [carry a cost of up to $85 million this year and up to 120,000 children will benefit# }7 Q9 s, O: u4 K2 |1 O
from the program2. The government says a child living in a low-income household
! ~5 Y# G* K5 y) {! x/ ^could receive up to $2,000 for their education.: U+ x: T# j5 T
Additionally, in terms of post-secondary education and low-income families, the2 @" y# C$ ~" i, t; q
government has introduced a new one-time grant of up to $3,000 for first-year( J; J! e, y) |7 J
students whose family income hovers around $35,000 or less a year.
6 B% s) i0 w1 B' |Alberta Centennial Education Savings Plan Act
8 |; y% q& ~3 z, [During the 2004 Spring Sitting, the Alberta Government introduced and3 L# o5 M! R7 j
subsequently passed the Alberta Centennial Education Savings Plan Act. The
. Q$ e& ~% `% H1 ~! r) V& G' D7 Iprogram created by the Act is available only to residents of Alberta who have+ x8 v( J$ Z4 o# `; m* [
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
) o' o( n" V* Y9 l% _glance, seems quite simple in scope but it does have many intricate details that,
8 m% `# r( w" \' x/ Aonce communicated, reveal a complicated program that relies on proactive parents
3 Y. K& l0 }$ J4 `# I7 V" r$ gto absorb the full benefit of the program.
6 y$ z9 b5 Z: d R- f% LAlberta residents, who have a baby born on January 1, 2005, or after, will be
( E, l5 u3 e! h5 R8 R! T0 r2 ~- }eligible for a $500.00 grant toward the baby’s established RESP. The grant will
& }# \% ^! A8 s T: nonly be awarded if a RESP is established within the first year of the baby’s birth; b4 Y$ K2 g* O+ `' r
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ m- w- r+ p* t
unlikely, extending the deadline until the baby has reached their first year of, o( _ H1 b+ n1 E" V8 |
schooling). Should a year elapse and the parents do not arrange an RESP account, c1 q( T1 j# n! r
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- b( p: a* ]3 j9 Y, M0 R h/ ]$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 |7 Y) I+ f' L; w$ x0 C$ B- Z1 Nthose grants will require parents to provide matching dollars to qualify. These
. R- W6 m6 Y5 ngrants are awarded with the same limitations and restrictions as the initial $500.00( s- m2 l' B, t
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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