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Thanks, here are details.
Canada Learning Bond5 G, x' N1 _* j8 x
The Federal Government, in the 2004 Budget, introduced the Canada Learning/ _; u; f) f6 J( n( M- r
Bond. The Bond is aimed at helping low-income families save for their children’s
, C3 e$ I! a! V2 Mpost-secondary education pursuits. Beginning in 2004, each child born to lowincome, E& U6 N4 T; q, {3 G% q+ E
families, those earning $35,000 or less and who are also entitled to receive% G- m: M; y( X3 B3 q4 s# v
the National Child Benefit, will receive a $500 Canada Learning Bond.
" f/ S$ ^. o% N' s* jAssuming a child remains qualified for the Canada Learning Bond, the child will
- o0 v* [" `+ d8 Mcontinue to receive $100.00 in each subsequent year in Canada Learning Bond6 J7 E ]+ D% a& ~
installments. The Federal Government projects that the Canada Learning Bond will
( @2 t% ~2 h8 b5 x# v. A6 g( Q+ Ncarry a cost of up to $85 million this year and up to 120,000 children will benefit b) m6 @, r+ |/ k+ b. y$ h1 j
from the program2. The government says a child living in a low-income household
9 k- U3 c" s. T- l' ycould receive up to $2,000 for their education.
! r4 H+ t1 x" R W* @Additionally, in terms of post-secondary education and low-income families, the
O X& d, X1 O( W& Igovernment has introduced a new one-time grant of up to $3,000 for first-year$ ~9 z# |' Q9 i6 G' H
students whose family income hovers around $35,000 or less a year.& F3 x* D7 X- a: p6 K4 {9 Z
Alberta Centennial Education Savings Plan Act
' d5 i( B4 \- L/ [+ Z5 MDuring the 2004 Spring Sitting, the Alberta Government introduced and
; Q) |: @/ F k; B3 ~; l' Jsubsequently passed the Alberta Centennial Education Savings Plan Act. The4 Z5 p/ R$ Y8 r/ ?- }
program created by the Act is available only to residents of Alberta who have* U/ d5 ], _6 g' a9 N
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
* y9 V8 v$ h2 u. Hglance, seems quite simple in scope but it does have many intricate details that,6 U+ l/ }7 o+ k
once communicated, reveal a complicated program that relies on proactive parents
: }* F: f% Q/ G2 z0 O$ x4 Ito absorb the full benefit of the program.( P& V2 ~! n5 N4 R* M t/ i) e& |
Alberta residents, who have a baby born on January 1, 2005, or after, will be5 t7 E- W7 K! H+ ~) ~
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
: m! \# t8 {! E. b; a. fonly be awarded if a RESP is established within the first year of the baby’s birth
' d9 Y3 v. S% H; j+ |7 x% W$ E8 c! m(though Alberta Learning is looking to extend this deadline to two years or, albeit
- h$ {% K! U' T2 w$ zunlikely, extending the deadline until the baby has reached their first year of
8 G; O x. q$ k" h. ?* L- f( Sschooling). Should a year elapse and the parents do not arrange an RESP account,
5 J$ Y# l% J( Q9 \0 ]/ D. Wfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent$ ^. T( |) i" ]
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
: X% n3 E6 r) L" b8 V$ cthose grants will require parents to provide matching dollars to qualify. These( p2 |8 h% S" l# k+ Y
grants are awarded with the same limitations and restrictions as the initial $500.005 T6 N! R: I/ h
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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