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Thanks, here are details.
Canada Learning Bond* Z A7 q2 n! U' P- `; o; S/ e
The Federal Government, in the 2004 Budget, introduced the Canada Learning
9 V' X0 {6 X* q) gBond. The Bond is aimed at helping low-income families save for their children’s7 x: K }8 P, {3 v
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
, q5 Y# R8 G5 A6 Qfamilies, those earning $35,000 or less and who are also entitled to receive
7 V% u' U( w5 f3 |! g: ?3 O! }the National Child Benefit, will receive a $500 Canada Learning Bond.. K% B7 `* U7 |. N
Assuming a child remains qualified for the Canada Learning Bond, the child will9 F# D1 _, t; Q. q2 b
continue to receive $100.00 in each subsequent year in Canada Learning Bond
. ?, G- d+ Y' n$ L6 W6 J# kinstallments. The Federal Government projects that the Canada Learning Bond will
% l1 A$ e* I. z+ e8 ?carry a cost of up to $85 million this year and up to 120,000 children will benefit; ^/ }* e+ g4 q# u
from the program2. The government says a child living in a low-income household
1 ?8 c( R U& \could receive up to $2,000 for their education.
2 d' E: s5 p* j" MAdditionally, in terms of post-secondary education and low-income families, the/ d) Y* x8 {6 f+ F* M
government has introduced a new one-time grant of up to $3,000 for first-year8 O; A5 K9 Y/ p3 n0 E4 m
students whose family income hovers around $35,000 or less a year.
( W# Q( v/ v3 W" N: EAlberta Centennial Education Savings Plan Act% U8 F: J! r }* o# B% c
During the 2004 Spring Sitting, the Alberta Government introduced and
7 r* B: v4 p' e \subsequently passed the Alberta Centennial Education Savings Plan Act. The/ q9 g4 `' t' I4 J6 c
program created by the Act is available only to residents of Alberta who have
. L3 J) t; g: ~ `" `/ s( s/ Ichildren born after January 1, 2005 (Alberta’s Centennial). The program, at first5 |8 M- E# d0 ^
glance, seems quite simple in scope but it does have many intricate details that,
, X4 P1 U1 Y8 B1 I/ c, z; n3 i: eonce communicated, reveal a complicated program that relies on proactive parents6 x: ?+ a6 T- A" O' W
to absorb the full benefit of the program., x0 I- l+ ~4 f! |9 q! \
Alberta residents, who have a baby born on January 1, 2005, or after, will be
# ^: y+ ]/ ^% _+ _9 ^7 d- z+ {eligible for a $500.00 grant toward the baby’s established RESP. The grant will5 o: Y, o, t, K
only be awarded if a RESP is established within the first year of the baby’s birth1 B7 x% X1 F% X/ z7 C* {# w
(though Alberta Learning is looking to extend this deadline to two years or, albeit
6 k0 l: g" D% Y; O: m. kunlikely, extending the deadline until the baby has reached their first year of, O: k. }0 D8 R ^$ |8 L& k) Z% a
schooling). Should a year elapse and the parents do not arrange an RESP account," z6 n: p. m8 A/ S7 @% c4 n* D
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent! c. L# W+ x# }9 B! q5 ~) k
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of% V6 v! k) @% x2 A' y) h- C; M
those grants will require parents to provide matching dollars to qualify. These: A) I) ?& P1 t6 P( A; f
grants are awarded with the same limitations and restrictions as the initial $500.003 {7 X- d7 U0 _$ ^ f+ a- Y
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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