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Thanks, here are details.
Canada Learning Bond$ M$ b$ {+ U5 Z. R9 ]) G# D
The Federal Government, in the 2004 Budget, introduced the Canada Learning4 M5 }+ d% A3 `) w
Bond. The Bond is aimed at helping low-income families save for their children’s
. ~) @! ]5 ^! ]1 }3 ^post-secondary education pursuits. Beginning in 2004, each child born to lowincome
. ~$ I& L; s* {+ b% H, efamilies, those earning $35,000 or less and who are also entitled to receive
+ W! Q" O1 J- _( r7 b& [, S) V1 nthe National Child Benefit, will receive a $500 Canada Learning Bond.
1 h$ w2 N, r2 `; G7 a! m$ AAssuming a child remains qualified for the Canada Learning Bond, the child will# V+ l, v$ j: `5 `* a+ E, r3 C# N0 b
continue to receive $100.00 in each subsequent year in Canada Learning Bond1 q: R1 z, T( L, Q7 v5 j" t9 I
installments. The Federal Government projects that the Canada Learning Bond will
: [" w% m. R& K; Jcarry a cost of up to $85 million this year and up to 120,000 children will benefit
" |! I; K7 q: e1 H2 |1 V! afrom the program2. The government says a child living in a low-income household
% ^$ _5 O8 k7 t+ K! B! S% C0 _) Bcould receive up to $2,000 for their education.$ G4 l% P* P$ b7 p1 W
Additionally, in terms of post-secondary education and low-income families, the! h- Q" ?; N' M6 \ S/ |5 g+ J
government has introduced a new one-time grant of up to $3,000 for first-year
; a# P; K$ T# c" F4 ~6 r( Z- {students whose family income hovers around $35,000 or less a year.2 L+ |3 N6 |' b! z9 |6 h
Alberta Centennial Education Savings Plan Act6 v, _. C6 F+ R8 P/ }$ c! K5 X
During the 2004 Spring Sitting, the Alberta Government introduced and
- c1 @" C+ z( ^) e2 J. @6 Z( gsubsequently passed the Alberta Centennial Education Savings Plan Act. The$ S8 q7 B4 \/ h+ v; }$ B
program created by the Act is available only to residents of Alberta who have% @0 P% H2 @" }# T+ o3 K' y- r
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
) Y7 |8 ]' K+ z# p; G5 [+ Y/ Bglance, seems quite simple in scope but it does have many intricate details that,
6 |$ ?0 b0 |/ q6 }7 sonce communicated, reveal a complicated program that relies on proactive parents) j/ l& k6 z+ `+ X0 b! v2 h7 {
to absorb the full benefit of the program.
+ Q' ~( [# Q* f4 ~0 X9 ]5 CAlberta residents, who have a baby born on January 1, 2005, or after, will be
3 ?( ` d) B- E+ W" Q+ beligible for a $500.00 grant toward the baby’s established RESP. The grant will
; B7 ^9 q4 y' ronly be awarded if a RESP is established within the first year of the baby’s birth; E/ B7 r! a! b8 b3 W G/ H
(though Alberta Learning is looking to extend this deadline to two years or, albeit
6 e* q- J2 c3 m% a( H7 Runlikely, extending the deadline until the baby has reached their first year of
+ q& K+ ~: B! l4 E, k6 @schooling). Should a year elapse and the parents do not arrange an RESP account,0 Q# K2 _. g+ [) [% F! t0 m
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
2 N* K" m2 ^1 g g! V$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
! P# Y3 c' k8 g6 s5 Q/ ?those grants will require parents to provide matching dollars to qualify. These5 U3 b) f3 W3 e4 L
grants are awarded with the same limitations and restrictions as the initial $500.00( m% K* x- j7 L, c, t: z
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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