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Thanks, here are details.
Canada Learning Bond
8 ?9 ?: `1 Y. v! ~% q& N) F& [; o& UThe Federal Government, in the 2004 Budget, introduced the Canada Learning
! M! y' J* d# A l: Y1 C1 bBond. The Bond is aimed at helping low-income families save for their children’s
X6 p9 K2 v1 bpost-secondary education pursuits. Beginning in 2004, each child born to lowincome! N% I4 @+ j% ~: B, t0 N
families, those earning $35,000 or less and who are also entitled to receive
$ i0 L+ C8 L% m6 o! Y0 C: ]2 jthe National Child Benefit, will receive a $500 Canada Learning Bond." N m0 |1 j+ e' r5 O) z2 b
Assuming a child remains qualified for the Canada Learning Bond, the child will
8 `8 T; ~" |1 {8 h, Econtinue to receive $100.00 in each subsequent year in Canada Learning Bond: I, D& A4 X) S6 Y2 ?0 }- Y+ C
installments. The Federal Government projects that the Canada Learning Bond will
/ y/ Y" f. y$ f k7 Hcarry a cost of up to $85 million this year and up to 120,000 children will benefit
! s$ v. n. h1 P2 g2 qfrom the program2. The government says a child living in a low-income household
P! p) Z5 A5 E3 ?could receive up to $2,000 for their education.5 l- a8 Q; P# N
Additionally, in terms of post-secondary education and low-income families, the
# k4 ?8 s& g$ o# Z: d+ Zgovernment has introduced a new one-time grant of up to $3,000 for first-year3 |, J c1 a2 b/ Q
students whose family income hovers around $35,000 or less a year. l3 f; L0 e1 m
Alberta Centennial Education Savings Plan Act
c; X& v$ \+ O' j) T, f7 WDuring the 2004 Spring Sitting, the Alberta Government introduced and
: p* R% ^3 l# U/ Z$ \3 A. h. Esubsequently passed the Alberta Centennial Education Savings Plan Act. The* v. m8 c- y$ R
program created by the Act is available only to residents of Alberta who have
+ ^' e j3 V J* ~2 qchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
5 _- h8 K5 ~' H: bglance, seems quite simple in scope but it does have many intricate details that," f" D1 y% J6 m+ U. m; E, z
once communicated, reveal a complicated program that relies on proactive parents& F) s' v. p" r; f) U) ?6 t6 G
to absorb the full benefit of the program.$ P9 v7 P* X) a% w" q$ q
Alberta residents, who have a baby born on January 1, 2005, or after, will be
$ u U. d: f) T: weligible for a $500.00 grant toward the baby’s established RESP. The grant will6 J+ T* ]6 j6 M+ d1 a
only be awarded if a RESP is established within the first year of the baby’s birth
% X9 |# D7 i+ T9 @(though Alberta Learning is looking to extend this deadline to two years or, albeit0 J, {) a- g7 q2 }. I
unlikely, extending the deadline until the baby has reached their first year of
5 ?/ m2 f* J' D" U6 E& qschooling). Should a year elapse and the parents do not arrange an RESP account,
! {1 Y R# o- }0 P5 D2 ~0 j# G) z$ Sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
% J, Q1 v. ?% {" Z; ~$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of( M) v& S, w; w/ d& S1 E' ]; C
those grants will require parents to provide matching dollars to qualify. These
& e2 |4 Z9 Q5 [grants are awarded with the same limitations and restrictions as the initial $500.004 x* {; V9 q! O
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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