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Thanks, here are details.
Canada Learning Bond6 y4 y, H1 t; d- l, B
The Federal Government, in the 2004 Budget, introduced the Canada Learning3 q* [( Y9 @, h# J) w! E0 H+ ~
Bond. The Bond is aimed at helping low-income families save for their children’s' I! e2 _: D8 y) ]2 @" J( `
post-secondary education pursuits. Beginning in 2004, each child born to lowincome+ i: q& j3 _( o2 P* p1 s
families, those earning $35,000 or less and who are also entitled to receive+ C7 o0 q6 a/ g: u
the National Child Benefit, will receive a $500 Canada Learning Bond.( O. b2 P0 r. b4 x' _+ O
Assuming a child remains qualified for the Canada Learning Bond, the child will
* Z/ A5 l2 A5 B; v# Rcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
! s) `, ?; z' Cinstallments. The Federal Government projects that the Canada Learning Bond will
" _: g+ F* ?0 s* j0 Icarry a cost of up to $85 million this year and up to 120,000 children will benefit8 P2 Y, j+ p5 i) I
from the program2. The government says a child living in a low-income household& B- ?; `1 o" N% D0 W
could receive up to $2,000 for their education.; A% K; `) r% \ p9 z$ f* x) u8 F
Additionally, in terms of post-secondary education and low-income families, the
% r7 {5 v, ^. g5 |* c6 ~2 T- W0 J/ Fgovernment has introduced a new one-time grant of up to $3,000 for first-year
' t: E2 m- _4 n/ `3 q, hstudents whose family income hovers around $35,000 or less a year.
: ]3 i8 `+ i) z& T5 e) EAlberta Centennial Education Savings Plan Act
. o2 @) e9 S) Q9 g3 u* x8 uDuring the 2004 Spring Sitting, the Alberta Government introduced and' N/ F8 R0 T& B( O
subsequently passed the Alberta Centennial Education Savings Plan Act. The, A4 l7 w7 s5 \! e2 w- Y
program created by the Act is available only to residents of Alberta who have D0 c6 h* h, z: T1 B
children born after January 1, 2005 (Alberta’s Centennial). The program, at first- l0 Q: F' [# V1 S$ x2 s, i
glance, seems quite simple in scope but it does have many intricate details that,2 j5 q( _ P- n# ^9 U8 b
once communicated, reveal a complicated program that relies on proactive parents( Y1 Y8 L! \! Y/ E% Z! P0 |. j3 W% {
to absorb the full benefit of the program.% V F( F4 e- n) _! X+ D
Alberta residents, who have a baby born on January 1, 2005, or after, will be
: Y( x" G! o* P* feligible for a $500.00 grant toward the baby’s established RESP. The grant will
' k7 g+ o: g6 F+ L( C/ I1 oonly be awarded if a RESP is established within the first year of the baby’s birth
4 u' W: R: c! ~" e(though Alberta Learning is looking to extend this deadline to two years or, albeit
" e2 ]- q4 m3 \% y# T; H. E3 Junlikely, extending the deadline until the baby has reached their first year of
: q3 A+ I) X2 ?9 u6 Pschooling). Should a year elapse and the parents do not arrange an RESP account,% Y) h4 `2 D1 e4 w# e
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
: l$ D7 {2 M! q @7 j& }. {1 z$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
; X: W1 m5 M8 m* ~9 g4 ^2 d) p) V4 |those grants will require parents to provide matching dollars to qualify. These
; x9 J) Z9 I5 s# v% Mgrants are awarded with the same limitations and restrictions as the initial $500.00
S. P" W; F+ V- x2 E/ ~grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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