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Thanks, here are details.
Canada Learning Bond- e% o* l7 V: A3 l3 ]
The Federal Government, in the 2004 Budget, introduced the Canada Learning7 w- D. j# E5 n7 K+ L9 H; y" l
Bond. The Bond is aimed at helping low-income families save for their children’s) S6 m% |+ Z2 L& }) U
post-secondary education pursuits. Beginning in 2004, each child born to lowincome; V' Q6 T+ o% F( e3 m
families, those earning $35,000 or less and who are also entitled to receive
3 n4 P3 Y4 s: ?the National Child Benefit, will receive a $500 Canada Learning Bond.
4 M/ n$ T9 _7 |6 z% g- nAssuming a child remains qualified for the Canada Learning Bond, the child will
! L: k) u# F: D7 p; {continue to receive $100.00 in each subsequent year in Canada Learning Bond8 B% M$ h1 v1 ^5 ^
installments. The Federal Government projects that the Canada Learning Bond will
) h: m1 I8 \) S; x, ^carry a cost of up to $85 million this year and up to 120,000 children will benefit- f" q8 G" H. v7 T) K
from the program2. The government says a child living in a low-income household
5 \* f* I5 ?) Y* |5 rcould receive up to $2,000 for their education.1 E6 b8 h8 {; l) c
Additionally, in terms of post-secondary education and low-income families, the8 E$ | R2 x% u9 J: O
government has introduced a new one-time grant of up to $3,000 for first-year
?3 U! l6 m* a5 dstudents whose family income hovers around $35,000 or less a year.
8 N' Y' E; `5 |6 J @; h XAlberta Centennial Education Savings Plan Act
1 U: s' P( B9 O6 x& ^1 vDuring the 2004 Spring Sitting, the Alberta Government introduced and- C7 ^% t7 J! m" u/ G3 H' W+ w9 V( P+ j
subsequently passed the Alberta Centennial Education Savings Plan Act. The& |1 v4 r( H2 _: h
program created by the Act is available only to residents of Alberta who have0 E. h7 D5 p( q/ y% J1 x- ^
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
' ~; T2 }! U5 H& G7 M9 nglance, seems quite simple in scope but it does have many intricate details that,
& x' Y4 s+ j' g& monce communicated, reveal a complicated program that relies on proactive parents4 o# R1 f7 x* M7 J2 s& p+ S" l7 @
to absorb the full benefit of the program.
4 U' N& H/ ?9 X. Y/ N" ~7 W# R8 cAlberta residents, who have a baby born on January 1, 2005, or after, will be
9 m$ t1 |. D+ t \eligible for a $500.00 grant toward the baby’s established RESP. The grant will% v7 b9 M+ A* p% E
only be awarded if a RESP is established within the first year of the baby’s birth
- d( P! @# u' [% _(though Alberta Learning is looking to extend this deadline to two years or, albeit
7 S* Z, S" |. q4 yunlikely, extending the deadline until the baby has reached their first year of
# r, M8 _9 {7 O# \; e/ Y8 \: Xschooling). Should a year elapse and the parents do not arrange an RESP account,, q! [, K# {9 ^1 ?, t
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
; m/ s* N. v7 \. n* f$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
9 ^ J( S; d b6 f0 [/ ^) rthose grants will require parents to provide matching dollars to qualify. These
' C: C. _5 q+ ]$ ?/ C2 N1 M$ pgrants are awarded with the same limitations and restrictions as the initial $500.00% ?" y& L6 {. u) d$ `
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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