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Thanks, here are details.
Canada Learning Bond
% J, R2 M% r3 J/ V3 oThe Federal Government, in the 2004 Budget, introduced the Canada Learning
3 T( x! k$ O2 @4 |7 h3 m% pBond. The Bond is aimed at helping low-income families save for their children’s5 X5 H0 t/ q' @, ~% ~3 q4 a
post-secondary education pursuits. Beginning in 2004, each child born to lowincome' g7 [! Z7 ~0 `
families, those earning $35,000 or less and who are also entitled to receive
" C7 A/ Y5 F7 ~. h+ j9 |the National Child Benefit, will receive a $500 Canada Learning Bond.
' _7 u6 ?3 r; g; d/ o5 i, e: QAssuming a child remains qualified for the Canada Learning Bond, the child will1 c$ Q* L7 r& n. ^
continue to receive $100.00 in each subsequent year in Canada Learning Bond
( Q8 k$ o+ f6 a# ninstallments. The Federal Government projects that the Canada Learning Bond will' s2 D3 W0 `. d0 Y. N2 n
carry a cost of up to $85 million this year and up to 120,000 children will benefit
2 A/ V4 \; h4 yfrom the program2. The government says a child living in a low-income household6 F7 v' A3 j) b$ o# r8 a
could receive up to $2,000 for their education.2 a) J% ^2 g) l& v$ i. `) z1 |
Additionally, in terms of post-secondary education and low-income families, the
% Y& ]$ S7 x! }5 v! G4 @government has introduced a new one-time grant of up to $3,000 for first-year
! b7 ~9 H) z5 S( Z. Mstudents whose family income hovers around $35,000 or less a year.
7 z( s% e Q# {/ ZAlberta Centennial Education Savings Plan Act
\$ v, A, b6 m6 g0 a; eDuring the 2004 Spring Sitting, the Alberta Government introduced and
) L: c1 n1 R+ a9 L( X Nsubsequently passed the Alberta Centennial Education Savings Plan Act. The# \, v3 t9 p% f6 Q- J3 v- a
program created by the Act is available only to residents of Alberta who have
7 r( N& e( P; i& [' _+ W( w6 `children born after January 1, 2005 (Alberta’s Centennial). The program, at first
& j( h. y y# l X* q: ^! h( d! P1 {glance, seems quite simple in scope but it does have many intricate details that,
r( l* M& J1 @5 u" |& i8 }6 \once communicated, reveal a complicated program that relies on proactive parents4 X7 u: Z6 Y$ d% V
to absorb the full benefit of the program.
6 T6 v- h7 [9 FAlberta residents, who have a baby born on January 1, 2005, or after, will be; [0 ]- B/ _! W! I
eligible for a $500.00 grant toward the baby’s established RESP. The grant will- |) g, X/ O* _# D6 }( l& |
only be awarded if a RESP is established within the first year of the baby’s birth
# p, Z3 S3 {9 i9 ?7 g% ?! |, z(though Alberta Learning is looking to extend this deadline to two years or, albeit# F1 D) }* t5 g! Z6 x' f2 N
unlikely, extending the deadline until the baby has reached their first year of( c! ^. O, { ~; U$ @" l) j8 J
schooling). Should a year elapse and the parents do not arrange an RESP account,8 e- U% P; `; q& k ?
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent: y! H; D5 o& u& M
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
2 z3 t8 Q2 x7 _% s% c; uthose grants will require parents to provide matching dollars to qualify. These" A z c, R( d( m; s
grants are awarded with the same limitations and restrictions as the initial $500.006 Z5 V( ~- h" L" a
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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