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Thanks, here are details.
Canada Learning Bond9 t! |4 t: E3 }; W
The Federal Government, in the 2004 Budget, introduced the Canada Learning; E) I6 c, I5 ?: q) `7 Y8 W& n
Bond. The Bond is aimed at helping low-income families save for their children’s
3 x. Q, a6 A) \/ F* `post-secondary education pursuits. Beginning in 2004, each child born to lowincome& W, O/ a' _$ r. ^+ m {5 _! d
families, those earning $35,000 or less and who are also entitled to receive. i! j6 a: U4 J' A
the National Child Benefit, will receive a $500 Canada Learning Bond.+ M! I5 w6 F9 G* G g- z1 s+ ~
Assuming a child remains qualified for the Canada Learning Bond, the child will8 `: Q$ E! p0 f# d2 P( _( {
continue to receive $100.00 in each subsequent year in Canada Learning Bond
1 P; A! A, R1 ^) D$ t1 Einstallments. The Federal Government projects that the Canada Learning Bond will
" h; C- b7 [( |/ bcarry a cost of up to $85 million this year and up to 120,000 children will benefit
0 W& M+ X: e7 H0 b3 c' G$ ffrom the program2. The government says a child living in a low-income household
( t7 r% C6 m n2 a. [: @/ ncould receive up to $2,000 for their education.
0 R. _5 B8 B- ?Additionally, in terms of post-secondary education and low-income families, the
) H9 M X# {0 P- f K K) D% Xgovernment has introduced a new one-time grant of up to $3,000 for first-year6 X% n1 p8 d, \; k: ^" z
students whose family income hovers around $35,000 or less a year.) W; E7 w1 ~5 f* s) g7 b
Alberta Centennial Education Savings Plan Act: v# Y% J* N3 N
During the 2004 Spring Sitting, the Alberta Government introduced and. v1 k6 R8 x1 F- M4 ?9 Z8 W: a
subsequently passed the Alberta Centennial Education Savings Plan Act. The
8 s6 `* d* F! H2 \) {0 E; E/ aprogram created by the Act is available only to residents of Alberta who have: o: i J: C6 v* K* h1 S h, i
children born after January 1, 2005 (Alberta’s Centennial). The program, at first" A' F' S2 Q! m: c: k' v
glance, seems quite simple in scope but it does have many intricate details that,
. e* h/ K$ W+ tonce communicated, reveal a complicated program that relies on proactive parents" b; W& a& R' I5 v4 j9 ]
to absorb the full benefit of the program.5 v [2 d6 ]- e
Alberta residents, who have a baby born on January 1, 2005, or after, will be
) B* _$ w) c# L" e' ~eligible for a $500.00 grant toward the baby’s established RESP. The grant will
4 N4 {, H3 R2 c% eonly be awarded if a RESP is established within the first year of the baby’s birth* Y( h, ^/ u! K2 g8 Y
(though Alberta Learning is looking to extend this deadline to two years or, albeit
/ @$ C3 K E3 u% @6 dunlikely, extending the deadline until the baby has reached their first year of
2 {$ U$ ^. T5 E1 aschooling). Should a year elapse and the parents do not arrange an RESP account,
8 i. G. ~6 T/ ` Q4 U) H+ }0 q! ifor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
/ d' f+ p4 G: J2 F& C$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of0 `+ t- y" G0 U" L: G9 X. f
those grants will require parents to provide matching dollars to qualify. These
0 }# E. R- l4 Y# h% _grants are awarded with the same limitations and restrictions as the initial $500.00# a: f7 f( Z& ~: Z6 v, ^
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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