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Thanks, here are details.
Canada Learning Bond
, P: F9 x% x+ o1 w7 ]4 ?3 oThe Federal Government, in the 2004 Budget, introduced the Canada Learning
; X7 S8 Q* J$ |Bond. The Bond is aimed at helping low-income families save for their children’s2 y2 X; O" h( ^/ [4 ]
post-secondary education pursuits. Beginning in 2004, each child born to lowincome7 d. I- r: c2 S* f. D1 |' O
families, those earning $35,000 or less and who are also entitled to receive
; t. [9 k0 ^8 ~6 {4 _ hthe National Child Benefit, will receive a $500 Canada Learning Bond.
5 c% Z* h z Y: yAssuming a child remains qualified for the Canada Learning Bond, the child will
( o8 p% a0 k icontinue to receive $100.00 in each subsequent year in Canada Learning Bond6 m( J) E) O! j4 c# r( ?; B0 E# t' ]* g
installments. The Federal Government projects that the Canada Learning Bond will& V/ Q/ l& k& ^
carry a cost of up to $85 million this year and up to 120,000 children will benefit5 ^7 `5 b3 U. U7 Q
from the program2. The government says a child living in a low-income household: b M) F* P- ^* E
could receive up to $2,000 for their education.$ |+ X3 M5 u7 n5 S ?
Additionally, in terms of post-secondary education and low-income families, the
: w5 e" n* K6 pgovernment has introduced a new one-time grant of up to $3,000 for first-year/ y6 A3 Y8 k0 X' A+ [* A8 v
students whose family income hovers around $35,000 or less a year.) M# S2 t" ?$ D- y, }9 K
Alberta Centennial Education Savings Plan Act: y! M6 M$ b0 |5 p4 @0 i) }
During the 2004 Spring Sitting, the Alberta Government introduced and
8 \9 L ?1 H& c; C# S$ ~subsequently passed the Alberta Centennial Education Savings Plan Act. The
; }1 s; u# f3 H: ~5 bprogram created by the Act is available only to residents of Alberta who have
- [: Z, H3 ?) F& S; g! X: K2 H' lchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
2 C$ B7 b/ D5 L. V4 F2 y4 Oglance, seems quite simple in scope but it does have many intricate details that,
$ f" u; r( Q; ^! A$ b; Z7 |once communicated, reveal a complicated program that relies on proactive parents
9 v1 O/ J; F2 K* }% tto absorb the full benefit of the program.
Y$ l: }5 x. Y- R; M" QAlberta residents, who have a baby born on January 1, 2005, or after, will be/ f* E" m8 U% n3 B( f" v4 o
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
; D+ M: _. q* m1 z8 Z2 N- oonly be awarded if a RESP is established within the first year of the baby’s birth
D S3 F9 o/ K+ L(though Alberta Learning is looking to extend this deadline to two years or, albeit7 @4 A; y% v g) T4 T
unlikely, extending the deadline until the baby has reached their first year of/ ]7 _& {9 R' v6 F1 r: y
schooling). Should a year elapse and the parents do not arrange an RESP account,
; Z7 y7 L# v9 T c6 ]& ^for the baby, then the baby will not receive the $500.00 grant, period. Subsequent9 ~# m, n3 ~- I7 W* L! I
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of: O# ?, T" i2 \; d* n
those grants will require parents to provide matching dollars to qualify. These
: `- N; F* }) K" X4 X; Hgrants are awarded with the same limitations and restrictions as the initial $500.00
3 e3 ^, U# m3 U+ Cgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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