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Thanks, here are details.
Canada Learning Bond
( L( e& j$ \! P! x+ w; bThe Federal Government, in the 2004 Budget, introduced the Canada Learning
6 |$ @% X1 n- f {$ f4 ~1 WBond. The Bond is aimed at helping low-income families save for their children’s: f6 Z, g) q, U' M# ~' r; n: H
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
% e+ ~* A7 d, ]; m1 Hfamilies, those earning $35,000 or less and who are also entitled to receive# t" X' H! o3 M. S# O
the National Child Benefit, will receive a $500 Canada Learning Bond.$ I; m' p- b, S
Assuming a child remains qualified for the Canada Learning Bond, the child will1 w$ R# U4 i# Z3 N Y# v) f- L, k5 t7 ~
continue to receive $100.00 in each subsequent year in Canada Learning Bond
' L9 C: j7 Y$ `$ U, C# V+ uinstallments. The Federal Government projects that the Canada Learning Bond will
E/ K+ P6 Q8 l2 Y4 C7 D5 Qcarry a cost of up to $85 million this year and up to 120,000 children will benefit# [! n. L! ~9 U" a- o
from the program2. The government says a child living in a low-income household
* ]7 E. K6 ?; c7 V; ~) u- Wcould receive up to $2,000 for their education.7 I5 G1 d0 }6 L. F! ~0 q
Additionally, in terms of post-secondary education and low-income families, the
! }0 I, J: I/ l( Ogovernment has introduced a new one-time grant of up to $3,000 for first-year
% M/ z; Q9 _* o# M$ {9 {# Pstudents whose family income hovers around $35,000 or less a year.
* T5 Z; F# o! ^# j0 |Alberta Centennial Education Savings Plan Act
; Z3 m$ F0 W* _# PDuring the 2004 Spring Sitting, the Alberta Government introduced and0 s5 s: l! c7 W9 u+ N& b
subsequently passed the Alberta Centennial Education Savings Plan Act. The3 P+ Q! m' R/ @' V
program created by the Act is available only to residents of Alberta who have
4 c8 K* S. Q( i% H c6 achildren born after January 1, 2005 (Alberta’s Centennial). The program, at first9 ^# L) Y3 R' O; p6 }: t) N x* S
glance, seems quite simple in scope but it does have many intricate details that,6 c: s% U0 `4 }
once communicated, reveal a complicated program that relies on proactive parents4 U+ M) q/ B- e, ?
to absorb the full benefit of the program.0 P8 u4 I a+ G5 q( X
Alberta residents, who have a baby born on January 1, 2005, or after, will be
; {7 J$ q% |1 S Keligible for a $500.00 grant toward the baby’s established RESP. The grant will3 V: K6 _9 b, @ ~0 t: K* \
only be awarded if a RESP is established within the first year of the baby’s birth
" k5 g3 R5 K* x: l(though Alberta Learning is looking to extend this deadline to two years or, albeit2 i/ x$ b, ~( L
unlikely, extending the deadline until the baby has reached their first year of) Z& i8 W- E: s2 z" R1 g# Z% W% W/ L1 A
schooling). Should a year elapse and the parents do not arrange an RESP account,
5 O+ x: M& D7 x3 Tfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent ]3 y. ]" v X5 b4 ?2 J3 l
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of* _8 x1 m4 T) d2 k! S
those grants will require parents to provide matching dollars to qualify. These. Z! M$ ?' q, W/ P! {* W1 `: j# |* v
grants are awarded with the same limitations and restrictions as the initial $500.00/ ]7 c6 @6 @5 H' R6 A8 k) B2 G
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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