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Thanks, here are details.
Canada Learning Bond& U% ]1 `- D' E/ s* B
The Federal Government, in the 2004 Budget, introduced the Canada Learning& y+ K% g% W9 \
Bond. The Bond is aimed at helping low-income families save for their children’s+ _# G5 b, s7 [8 ]% z7 P [. z [
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
5 }/ |5 o) _# o5 O' |3 _' L& ~families, those earning $35,000 or less and who are also entitled to receive1 G) l+ i- e5 x
the National Child Benefit, will receive a $500 Canada Learning Bond.4 j* n+ g/ p& q- y
Assuming a child remains qualified for the Canada Learning Bond, the child will
+ |% g" E7 E/ { S+ b$ v {continue to receive $100.00 in each subsequent year in Canada Learning Bond+ F. b8 Q2 J2 A0 w4 G. Z3 X3 q% p
installments. The Federal Government projects that the Canada Learning Bond will
* i* X; V' J$ K) \+ U. J% ycarry a cost of up to $85 million this year and up to 120,000 children will benefit
/ P! {0 X* _! Z& a& y* S4 f, A; gfrom the program2. The government says a child living in a low-income household0 i# w7 |$ X" Z% z, T) r
could receive up to $2,000 for their education.* h; h- l9 g6 w$ c% _5 u4 {
Additionally, in terms of post-secondary education and low-income families, the
2 _; p: ~5 X! Y- ^/ \( a0 J0 u- j2 zgovernment has introduced a new one-time grant of up to $3,000 for first-year
- C6 z3 S& }" x$ Bstudents whose family income hovers around $35,000 or less a year.( m9 N: o7 Y; o0 X# T& V: _
Alberta Centennial Education Savings Plan Act0 G" i. \! V( y1 z. r& d
During the 2004 Spring Sitting, the Alberta Government introduced and
# ^1 G0 T3 c7 R" ysubsequently passed the Alberta Centennial Education Savings Plan Act. The
8 p& ~4 s0 [! H6 r( k* {program created by the Act is available only to residents of Alberta who have
* q5 N# \3 h( L2 X) Qchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first0 G1 n- y0 n# ~# }% v0 B
glance, seems quite simple in scope but it does have many intricate details that,: x. d2 a; x, o+ \5 a8 g! L
once communicated, reveal a complicated program that relies on proactive parents5 @4 s/ }" Q" R f* a3 R: w
to absorb the full benefit of the program./ S2 e7 ^, x) U8 s. S
Alberta residents, who have a baby born on January 1, 2005, or after, will be( W5 m4 x& M, O5 e8 K( D
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
5 C Y( H5 `9 A5 W* fonly be awarded if a RESP is established within the first year of the baby’s birth- n( u* K3 A; E) ^
(though Alberta Learning is looking to extend this deadline to two years or, albeit
% u+ W J" j7 I' Q! qunlikely, extending the deadline until the baby has reached their first year of- w* S I( b, C) Z! x
schooling). Should a year elapse and the parents do not arrange an RESP account,
1 I j. v' o) `1 K* U. nfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 I; V+ x+ w4 V+ r! S$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
* a# L) j2 H; gthose grants will require parents to provide matching dollars to qualify. These/ j ]) h, s5 c; V, K
grants are awarded with the same limitations and restrictions as the initial $500.005 g) r) P( V0 k n. J# K
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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