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Thanks, here are details.
Canada Learning Bond
0 e B/ C3 ^# V3 B* j2 rThe Federal Government, in the 2004 Budget, introduced the Canada Learning/ Z% _- ]3 ]$ k8 J7 x
Bond. The Bond is aimed at helping low-income families save for their children’s8 B( D: P; ?: S" W, j X
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 K' H/ V) w6 M& s- P( Ofamilies, those earning $35,000 or less and who are also entitled to receive1 p/ |$ Q# ~7 m+ Z5 f0 |
the National Child Benefit, will receive a $500 Canada Learning Bond./ {2 Q3 [& v1 o! D4 j$ f
Assuming a child remains qualified for the Canada Learning Bond, the child will
+ n% i' T( }/ |0 Q0 gcontinue to receive $100.00 in each subsequent year in Canada Learning Bond. z6 v* J8 J$ g8 F
installments. The Federal Government projects that the Canada Learning Bond will
) L8 A# r6 H9 u4 P& Ycarry a cost of up to $85 million this year and up to 120,000 children will benefit
% ]+ @, a4 H e3 c3 p* ^6 zfrom the program2. The government says a child living in a low-income household
2 f% n' L) G7 \4 W g& U W- \1 V: L) F% `! ccould receive up to $2,000 for their education.
' R; J; a5 ?$ c9 Y; w! t/ J+ m1 s# s, EAdditionally, in terms of post-secondary education and low-income families, the+ M1 g) y3 _* t; l) G6 o5 N) F
government has introduced a new one-time grant of up to $3,000 for first-year
9 x. c* k2 q2 R3 X. k: h! T. Y/ A5 Zstudents whose family income hovers around $35,000 or less a year.
8 g" i: V# y: o# N! TAlberta Centennial Education Savings Plan Act$ T" d! \8 W7 u* q
During the 2004 Spring Sitting, the Alberta Government introduced and5 N3 U, T4 D* I; L* y: d/ J4 `$ X9 w+ z
subsequently passed the Alberta Centennial Education Savings Plan Act. The
% g4 f H s. V% S% w; hprogram created by the Act is available only to residents of Alberta who have. k8 G9 c9 T' t
children born after January 1, 2005 (Alberta’s Centennial). The program, at first8 K, W" E; w8 G2 }8 {: `1 [! }
glance, seems quite simple in scope but it does have many intricate details that,
: _& Z( G" J% e4 C. ?) @+ _2 oonce communicated, reveal a complicated program that relies on proactive parents3 p3 w0 J& u2 l6 `1 Z
to absorb the full benefit of the program.
: H; W6 ]" k8 UAlberta residents, who have a baby born on January 1, 2005, or after, will be3 ^# L% i* ]: F& U
eligible for a $500.00 grant toward the baby’s established RESP. The grant will2 s% T) z2 ]7 p5 N+ S2 N
only be awarded if a RESP is established within the first year of the baby’s birth
5 C# ~) w' y, ^4 c/ x- \(though Alberta Learning is looking to extend this deadline to two years or, albeit
M+ O/ d" l0 `+ A$ Aunlikely, extending the deadline until the baby has reached their first year of
" A) O, T; {& M! S3 { {3 Yschooling). Should a year elapse and the parents do not arrange an RESP account,
$ _4 l; n5 Q$ t! I7 E; Ifor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
$ ^6 a |) {% P: G$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of- i ?& N; H' }5 X6 z) t8 G
those grants will require parents to provide matching dollars to qualify. These
: \, H6 z s2 L' G" bgrants are awarded with the same limitations and restrictions as the initial $500.008 Q( |3 z5 i, }* k' ~
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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