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Thanks, here are details.
Canada Learning Bond
+ s: `5 G, n+ fThe Federal Government, in the 2004 Budget, introduced the Canada Learning. F) k3 C3 V4 x' n5 ~
Bond. The Bond is aimed at helping low-income families save for their children’s
! ^) z9 [$ [ v( Q- H! jpost-secondary education pursuits. Beginning in 2004, each child born to lowincome/ |5 Y: O: s; ?$ g8 _
families, those earning $35,000 or less and who are also entitled to receive
/ ]8 D5 \# @) C3 Ythe National Child Benefit, will receive a $500 Canada Learning Bond.9 ?8 C1 |- x! x. D0 H P
Assuming a child remains qualified for the Canada Learning Bond, the child will2 X' z; i R0 x, [) h
continue to receive $100.00 in each subsequent year in Canada Learning Bond
$ O( j+ J/ ?, o/ {7 p) V: _' _installments. The Federal Government projects that the Canada Learning Bond will6 [7 Y8 N/ Y3 ^! Z4 c# _: i/ w
carry a cost of up to $85 million this year and up to 120,000 children will benefit
6 ?6 f3 q, z) g2 e, Q. m( y1 Tfrom the program2. The government says a child living in a low-income household
) l' i$ B. a! E! C7 A) ?could receive up to $2,000 for their education.
$ @0 P/ J$ ?: vAdditionally, in terms of post-secondary education and low-income families, the' v# R. ]# F! _# X! Z
government has introduced a new one-time grant of up to $3,000 for first-year. a( n5 W( d5 G5 q9 p
students whose family income hovers around $35,000 or less a year.
9 m7 j, @* c7 [: Y" N" c7 KAlberta Centennial Education Savings Plan Act
( B6 b/ h( y6 u2 T& _# J9 h; w uDuring the 2004 Spring Sitting, the Alberta Government introduced and
; M" i8 Q' C) }" y! Psubsequently passed the Alberta Centennial Education Savings Plan Act. The; I/ o8 {# M* K4 b2 K, F# r0 g0 I; ~
program created by the Act is available only to residents of Alberta who have5 S- X- N0 ~1 L9 b
children born after January 1, 2005 (Alberta’s Centennial). The program, at first. b8 b' a5 r# Q( B
glance, seems quite simple in scope but it does have many intricate details that,. A! o3 `+ _$ T1 A# W; F+ i
once communicated, reveal a complicated program that relies on proactive parents" W' U8 J. {/ {7 j7 e
to absorb the full benefit of the program.
+ L3 m& i) V9 M+ qAlberta residents, who have a baby born on January 1, 2005, or after, will be! b v4 D2 n4 [, a% e" ]
eligible for a $500.00 grant toward the baby’s established RESP. The grant will) A3 r8 r9 y/ k5 I1 q
only be awarded if a RESP is established within the first year of the baby’s birth9 J- Y) B- A0 y8 d0 J
(though Alberta Learning is looking to extend this deadline to two years or, albeit
. q9 c0 I- H5 m3 bunlikely, extending the deadline until the baby has reached their first year of, H* _% j' D5 ]- ^
schooling). Should a year elapse and the parents do not arrange an RESP account,5 r, J0 v8 N% g3 s+ S, [
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent) e$ k( a, e5 K* L/ ]9 e
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
. n; d; x/ O* \! L6 L- u! Pthose grants will require parents to provide matching dollars to qualify. These+ m' J% }) n* V+ T8 e
grants are awarded with the same limitations and restrictions as the initial $500.00
4 K* y$ g# T Y8 p7 [. r; g7 {" ngrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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