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Thanks, here are details.
Canada Learning Bond
4 H& }' }3 y9 g4 Q+ BThe Federal Government, in the 2004 Budget, introduced the Canada Learning- j" b8 N T9 Y" C) b# H
Bond. The Bond is aimed at helping low-income families save for their children’s
+ {) _% |% i4 E) g- Dpost-secondary education pursuits. Beginning in 2004, each child born to lowincome* p5 K- b2 H9 \6 F F3 F0 ?4 G
families, those earning $35,000 or less and who are also entitled to receive' B" X: B; |) [" z* D Q, s0 V
the National Child Benefit, will receive a $500 Canada Learning Bond.$ {* K: w* b: t2 h/ W
Assuming a child remains qualified for the Canada Learning Bond, the child will
9 d* F2 J/ |/ X) S1 J8 `continue to receive $100.00 in each subsequent year in Canada Learning Bond
, c! D: k* Z! Z7 d) Z% D8 G \installments. The Federal Government projects that the Canada Learning Bond will$ q' q H" K- o$ c- b+ H
carry a cost of up to $85 million this year and up to 120,000 children will benefit
8 @! V7 @* t1 J, L/ e3 @from the program2. The government says a child living in a low-income household7 \6 t" h, q- \8 M5 Q. u& t3 {- e
could receive up to $2,000 for their education.
- V* |; H! |( R9 LAdditionally, in terms of post-secondary education and low-income families, the
! {' b* {3 P6 v4 o7 _government has introduced a new one-time grant of up to $3,000 for first-year5 ^! z! N+ ]: B% t7 s
students whose family income hovers around $35,000 or less a year.
4 B. i/ M* J! o6 `. MAlberta Centennial Education Savings Plan Act
$ h9 G7 j9 Y. Q5 l) x/ ~# XDuring the 2004 Spring Sitting, the Alberta Government introduced and' \ ], `* V" V3 V: {7 p
subsequently passed the Alberta Centennial Education Savings Plan Act. The) @$ k; }8 H) A5 \
program created by the Act is available only to residents of Alberta who have/ Y2 g$ W% k1 U' l
children born after January 1, 2005 (Alberta’s Centennial). The program, at first7 d$ V B; h" z9 D# r. c+ ^
glance, seems quite simple in scope but it does have many intricate details that,
$ k( y( M2 N4 p3 ?4 gonce communicated, reveal a complicated program that relies on proactive parents
" ^* \1 A0 Z+ z& A f" ]to absorb the full benefit of the program.
1 ]6 U( F" d% ZAlberta residents, who have a baby born on January 1, 2005, or after, will be U3 B# w M% C$ j
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
j9 \! z' A% \only be awarded if a RESP is established within the first year of the baby’s birth& ^) k* O* Q) t+ r
(though Alberta Learning is looking to extend this deadline to two years or, albeit
# A$ V3 k2 P( H) l ]2 h# W7 p8 Munlikely, extending the deadline until the baby has reached their first year of
* D4 v/ S/ j9 n6 w( F! i2 O) ?schooling). Should a year elapse and the parents do not arrange an RESP account,3 n& K0 K- `# b3 l
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent5 P2 \9 ^2 l1 t
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
, `4 h& z" l7 t+ Mthose grants will require parents to provide matching dollars to qualify. These* x; p9 @9 C$ ]/ _5 g/ g, j/ i! e
grants are awarded with the same limitations and restrictions as the initial $500.00
( ~! t* W. q9 j# ?$ z4 D" Cgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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