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Thanks, here are details.
Canada Learning Bond
: G3 n9 X* R! ~0 U/ CThe Federal Government, in the 2004 Budget, introduced the Canada Learning, f' |+ H2 }+ x0 R+ x
Bond. The Bond is aimed at helping low-income families save for their children’s2 B5 I" p* F. m2 ^2 K
post-secondary education pursuits. Beginning in 2004, each child born to lowincome# r1 J9 { `0 M5 m0 |! y$ ]
families, those earning $35,000 or less and who are also entitled to receive2 v. m Q j& r$ \; G
the National Child Benefit, will receive a $500 Canada Learning Bond.
, F+ k7 ` |- M# C# g% PAssuming a child remains qualified for the Canada Learning Bond, the child will
/ }: r' K" ]- M) y; jcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
* m/ `& l7 `7 V, N! minstallments. The Federal Government projects that the Canada Learning Bond will1 a( S/ [7 Q! _* s5 D: n
carry a cost of up to $85 million this year and up to 120,000 children will benefit
+ ?9 m- x% }7 x, mfrom the program2. The government says a child living in a low-income household
/ B7 i' H1 ]) F, W l1 C9 b9 Vcould receive up to $2,000 for their education.4 T C9 ]. C4 A" |: _% @9 I
Additionally, in terms of post-secondary education and low-income families, the* ^8 M0 b( b5 W, k! X% I3 k
government has introduced a new one-time grant of up to $3,000 for first-year) B ]. d7 `2 X, G
students whose family income hovers around $35,000 or less a year.
0 j! Y$ X" Z5 C! N" Z$ JAlberta Centennial Education Savings Plan Act5 C0 y7 f7 c' E6 S* U3 {/ i
During the 2004 Spring Sitting, the Alberta Government introduced and
$ h' ^0 h5 r/ I% _! Y4 A. G$ Dsubsequently passed the Alberta Centennial Education Savings Plan Act. The1 T1 n: G( {/ i% {' o7 M4 ^
program created by the Act is available only to residents of Alberta who have, ?. Y, N# Z" ~
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
3 v9 R3 P; @( U gglance, seems quite simple in scope but it does have many intricate details that,/ S+ \$ |( @8 M, M
once communicated, reveal a complicated program that relies on proactive parents
, {; n j8 B+ o! M5 D% {7 Lto absorb the full benefit of the program.
5 K9 F8 Q' \& m$ q* @9 O; mAlberta residents, who have a baby born on January 1, 2005, or after, will be! P2 J1 t! |; G, A
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
2 R& A5 L& z3 A7 k, U* Z3 h8 Honly be awarded if a RESP is established within the first year of the baby’s birth) i" I4 Q Z. t6 m5 d* {
(though Alberta Learning is looking to extend this deadline to two years or, albeit. @4 w+ s7 U9 ]
unlikely, extending the deadline until the baby has reached their first year of3 l: U, \- X" m6 c5 E
schooling). Should a year elapse and the parents do not arrange an RESP account,
& {/ V: n" G6 c! |$ N: Y, t. Mfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
, g* q- F: Y5 i$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
: x. j- D# {# J& Rthose grants will require parents to provide matching dollars to qualify. These; D3 q4 t) i2 q5 ^6 W4 E6 h. f( R) i
grants are awarded with the same limitations and restrictions as the initial $500.00
* \# l. k/ M& Ygrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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