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Thanks, here are details.
Canada Learning Bond& D! v/ |5 N& B j# f2 G
The Federal Government, in the 2004 Budget, introduced the Canada Learning5 v/ n1 x- h1 j( j0 j( ?
Bond. The Bond is aimed at helping low-income families save for their children’s
8 N* B! L7 T7 opost-secondary education pursuits. Beginning in 2004, each child born to lowincome
- _4 ^( s' v, ?( p2 Mfamilies, those earning $35,000 or less and who are also entitled to receive
5 R6 f5 b" r( q& {+ E' C: O* {the National Child Benefit, will receive a $500 Canada Learning Bond.
* X) U! J' D. T7 W% ?4 m0 Z% w! Z5 @Assuming a child remains qualified for the Canada Learning Bond, the child will
( Y8 y% y# p0 g/ T: |3 @0 ?* dcontinue to receive $100.00 in each subsequent year in Canada Learning Bond p8 _9 p1 Q! ]
installments. The Federal Government projects that the Canada Learning Bond will# F& ? E$ G6 L0 h2 C& G
carry a cost of up to $85 million this year and up to 120,000 children will benefit+ a- a* ?8 |) h, L; `
from the program2. The government says a child living in a low-income household1 P. j+ q& n+ h8 k/ t/ a2 J9 t
could receive up to $2,000 for their education.
* ?/ ^+ \0 U8 O- ?- \Additionally, in terms of post-secondary education and low-income families, the
* J0 [9 ~5 g' `5 Y! [government has introduced a new one-time grant of up to $3,000 for first-year5 D* Q' I$ ^ s8 r! c5 c# v
students whose family income hovers around $35,000 or less a year.( ]7 _6 B: g1 n4 s' h7 K8 Q
Alberta Centennial Education Savings Plan Act
, v7 N8 a, _2 K( L' [9 [3 nDuring the 2004 Spring Sitting, the Alberta Government introduced and4 A6 }, Z' C0 b+ l+ }& L5 B! n! p
subsequently passed the Alberta Centennial Education Savings Plan Act. The
: g) j, G$ o1 V5 B5 gprogram created by the Act is available only to residents of Alberta who have3 a, _' t8 }0 ?1 _ l0 d$ \, `- ~
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
2 \3 m) S+ C5 w, X. c7 Qglance, seems quite simple in scope but it does have many intricate details that,
- d8 v+ j8 V, Ponce communicated, reveal a complicated program that relies on proactive parents
+ S1 N! u) P9 K8 y) F! @. bto absorb the full benefit of the program.# v% P5 O1 P/ }' \% T# T( o$ B
Alberta residents, who have a baby born on January 1, 2005, or after, will be, c0 ~' F; }( v% n) }* M3 p0 t
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
# C* O9 A, N& }3 m+ Ionly be awarded if a RESP is established within the first year of the baby’s birth% f* [1 h2 i2 v' l$ e7 U4 }# D
(though Alberta Learning is looking to extend this deadline to two years or, albeit% ]. m, O- q# w
unlikely, extending the deadline until the baby has reached their first year of- ^* I5 ]; _( e
schooling). Should a year elapse and the parents do not arrange an RESP account,! z* p; Z$ V; M% z7 J& L; l7 X
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
5 m* l9 E0 w( K, x$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
- O0 k3 ~& a; o4 p6 l: Pthose grants will require parents to provide matching dollars to qualify. These& u" v K# D1 S; @ u8 M) v
grants are awarded with the same limitations and restrictions as the initial $500.007 y3 Q6 i& U! k
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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