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Thanks, here are details.
Canada Learning Bond
9 D( x: B+ E3 X! q1 b$ eThe Federal Government, in the 2004 Budget, introduced the Canada Learning, {5 c6 H9 V0 h
Bond. The Bond is aimed at helping low-income families save for their children’s
( V. a2 p( D9 n2 b: N4 C( xpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
9 }; Q1 T2 d2 C! }+ Ufamilies, those earning $35,000 or less and who are also entitled to receive" [: E g, J7 \% q3 g" u1 w1 m
the National Child Benefit, will receive a $500 Canada Learning Bond.1 q/ L' v _1 A: X i
Assuming a child remains qualified for the Canada Learning Bond, the child will9 {; Z9 I: X4 f
continue to receive $100.00 in each subsequent year in Canada Learning Bond, B3 [7 W% Q. f9 i
installments. The Federal Government projects that the Canada Learning Bond will! y% @; y0 W! O& r0 ?
carry a cost of up to $85 million this year and up to 120,000 children will benefit; u# P$ R- t* g7 Y' I7 ?- l1 @
from the program2. The government says a child living in a low-income household
2 s/ N) ]0 a V: v. Ycould receive up to $2,000 for their education.
# K5 e" c3 }1 c' Q) p/ cAdditionally, in terms of post-secondary education and low-income families, the& d1 X& T6 t5 M( S
government has introduced a new one-time grant of up to $3,000 for first-year& E7 S1 B0 r5 C; X- }
students whose family income hovers around $35,000 or less a year.7 G: X4 x# G+ Y6 F
Alberta Centennial Education Savings Plan Act
$ h# T) m' K; v9 j. LDuring the 2004 Spring Sitting, the Alberta Government introduced and" [, n Q) x- Y; y( f" G
subsequently passed the Alberta Centennial Education Savings Plan Act. The
0 z9 E! X$ k: k6 q4 gprogram created by the Act is available only to residents of Alberta who have
$ D* V& j0 O6 y0 F8 F; Mchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first i) j* t$ Y. e a
glance, seems quite simple in scope but it does have many intricate details that,! O+ O+ w5 } V. @% A0 _( F
once communicated, reveal a complicated program that relies on proactive parents
9 c" d2 i2 x/ ~5 w& |/ ~6 r! Yto absorb the full benefit of the program.
8 Y b; P; P0 K3 z: F- @Alberta residents, who have a baby born on January 1, 2005, or after, will be
& g5 O1 q' E$ }) u7 \! Seligible for a $500.00 grant toward the baby’s established RESP. The grant will
- x6 ^& J; Z5 s- jonly be awarded if a RESP is established within the first year of the baby’s birth
% ^, ?8 g1 {* i# j4 G, \(though Alberta Learning is looking to extend this deadline to two years or, albeit2 \" B9 B, a3 ?/ X* x
unlikely, extending the deadline until the baby has reached their first year of
' p6 M) ?5 S; V# fschooling). Should a year elapse and the parents do not arrange an RESP account,
8 A5 Q3 R A* J3 ^; f( L0 F4 rfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
# |' ~6 ^! r3 T' Q( O$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
& X0 Z& Z0 H/ L3 Vthose grants will require parents to provide matching dollars to qualify. These
5 x& p2 B V7 }grants are awarded with the same limitations and restrictions as the initial $500.00
# @3 _* i* \8 \% G0 x4 A. b7 u& jgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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