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Thanks, here are details.
Canada Learning Bond
$ X7 ]3 f( ?' n& WThe Federal Government, in the 2004 Budget, introduced the Canada Learning
! b; _8 i6 Y, B( B$ e1 B* PBond. The Bond is aimed at helping low-income families save for their children’s- ~9 N/ t C0 n, K% p
post-secondary education pursuits. Beginning in 2004, each child born to lowincome# ~1 f2 T# s7 K1 D( E
families, those earning $35,000 or less and who are also entitled to receive
" F9 u% P/ N5 U+ ~the National Child Benefit, will receive a $500 Canada Learning Bond.
) J5 e/ H4 ~! W- S/ {* FAssuming a child remains qualified for the Canada Learning Bond, the child will+ E* A: j. [6 J
continue to receive $100.00 in each subsequent year in Canada Learning Bond
7 n+ o- ^* j8 l0 X* [! a& ~installments. The Federal Government projects that the Canada Learning Bond will
9 m& m6 H1 J' s4 J( [7 Wcarry a cost of up to $85 million this year and up to 120,000 children will benefit
5 f0 B% v8 N* g7 Z# ]+ T; D. Rfrom the program2. The government says a child living in a low-income household
4 I& f# N0 J& `! Ecould receive up to $2,000 for their education.
, _ J, U3 s2 F( f: IAdditionally, in terms of post-secondary education and low-income families, the+ I6 c+ O& N9 G ?$ V3 O: ^
government has introduced a new one-time grant of up to $3,000 for first-year
% b+ v, L" _9 q. g% D5 y" C( Zstudents whose family income hovers around $35,000 or less a year.2 l, G, A) ^- R0 N# Q* q
Alberta Centennial Education Savings Plan Act
4 s% {, i: D* L9 L% D* VDuring the 2004 Spring Sitting, the Alberta Government introduced and9 R B6 V" I+ T( A: E0 ]% s+ \
subsequently passed the Alberta Centennial Education Savings Plan Act. The
3 ?( ?8 U. r6 f2 r' v2 q2 u% aprogram created by the Act is available only to residents of Alberta who have
' ^6 J( [* [! D9 b ^5 d* E/ Vchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first/ K- v. ?3 K4 D: \3 D
glance, seems quite simple in scope but it does have many intricate details that,0 q! Y+ G( b* y7 v; @' v
once communicated, reveal a complicated program that relies on proactive parents7 j+ N: v& ?/ J/ F2 B- G- A A
to absorb the full benefit of the program.
) x# G0 g: f- }- Q; D- B; i. I1 KAlberta residents, who have a baby born on January 1, 2005, or after, will be
- {% l: j( f6 f$ a1 Veligible for a $500.00 grant toward the baby’s established RESP. The grant will) T2 g2 U9 m! H1 y# b: }* f9 H# T. `
only be awarded if a RESP is established within the first year of the baby’s birth
3 w& w. s! ~+ I# C- t(though Alberta Learning is looking to extend this deadline to two years or, albeit5 l% a Y% T4 R9 q- d
unlikely, extending the deadline until the baby has reached their first year of8 x$ y9 G* ^+ j( Q. O
schooling). Should a year elapse and the parents do not arrange an RESP account,& |, _7 h% w- g& v5 T
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent; Q" B& Y3 U1 R
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
& U$ v5 A4 u( A' Jthose grants will require parents to provide matching dollars to qualify. These+ Z! b5 c+ E3 X. C% T9 E7 X
grants are awarded with the same limitations and restrictions as the initial $500.00
/ o# [. q1 D# Ugrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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