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Thanks, here are details.
Canada Learning Bond
# p9 B6 Z* ?+ m7 ^( @The Federal Government, in the 2004 Budget, introduced the Canada Learning
p8 j5 U3 j- w. y" l7 V( G7 [Bond. The Bond is aimed at helping low-income families save for their children’s& a. C) ^/ F' Y! s6 w4 d
post-secondary education pursuits. Beginning in 2004, each child born to lowincome9 ~8 x9 ?8 E; |) i, C) A
families, those earning $35,000 or less and who are also entitled to receive
" v2 ], `8 {9 X* r# Ithe National Child Benefit, will receive a $500 Canada Learning Bond.
# p2 j2 B8 p J/ b. u" ~5 o1 p; NAssuming a child remains qualified for the Canada Learning Bond, the child will
# F9 T! l2 y2 X5 r4 |2 Mcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
- y# v _- G) f/ Jinstallments. The Federal Government projects that the Canada Learning Bond will
?' T- }4 t% L( u+ R, Z! R3 ocarry a cost of up to $85 million this year and up to 120,000 children will benefit
( X: g% p }' q5 e M2 e N# pfrom the program2. The government says a child living in a low-income household
6 k/ h. c4 }8 i7 ^* R/ o; qcould receive up to $2,000 for their education./ |& ?) P9 q2 {2 F8 p
Additionally, in terms of post-secondary education and low-income families, the
+ l: v& q4 w* vgovernment has introduced a new one-time grant of up to $3,000 for first-year5 c' M- \# q# N& D
students whose family income hovers around $35,000 or less a year.
. J0 C) a3 u' K9 nAlberta Centennial Education Savings Plan Act
, D- D# Y5 ?" D0 a" @- P( zDuring the 2004 Spring Sitting, the Alberta Government introduced and _ `' q' a6 p) d: j
subsequently passed the Alberta Centennial Education Savings Plan Act. The
; H& w h0 v" N! mprogram created by the Act is available only to residents of Alberta who have, p( ?1 ~! m- i
children born after January 1, 2005 (Alberta’s Centennial). The program, at first) a$ O4 {4 @. o8 k
glance, seems quite simple in scope but it does have many intricate details that,
x1 D0 E" q% k fonce communicated, reveal a complicated program that relies on proactive parents
- ^7 m; K% s4 v# lto absorb the full benefit of the program.
+ [# f5 l2 Q0 w B( b; KAlberta residents, who have a baby born on January 1, 2005, or after, will be
1 W8 ^) ^; j: W0 G8 O+ K; L! Peligible for a $500.00 grant toward the baby’s established RESP. The grant will
: I9 S2 K& z a) c# Fonly be awarded if a RESP is established within the first year of the baby’s birth
6 L" z# j, j" {! X' C(though Alberta Learning is looking to extend this deadline to two years or, albeit" g( _# U- I( c
unlikely, extending the deadline until the baby has reached their first year of
$ a. x, V' y/ x4 E% z6 E7 Kschooling). Should a year elapse and the parents do not arrange an RESP account,& G0 }, g0 F: s+ b5 K# R9 H
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent8 r5 N) T- }& W9 s
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
i0 n1 J) [) V5 cthose grants will require parents to provide matching dollars to qualify. These& h; k6 W3 y( Q7 M) v
grants are awarded with the same limitations and restrictions as the initial $500.00- Y0 J$ s7 ^3 o' m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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