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Thanks, here are details.
Canada Learning Bond
3 T3 T& Q6 U7 z2 S7 N$ `The Federal Government, in the 2004 Budget, introduced the Canada Learning* ?+ p% v" E/ L+ h" s! i
Bond. The Bond is aimed at helping low-income families save for their children’s
' J( f3 \; A ?% |post-secondary education pursuits. Beginning in 2004, each child born to lowincome
# M3 U o1 H" |$ q* J2 Cfamilies, those earning $35,000 or less and who are also entitled to receive: g3 }3 v3 j8 ^# w. @# H
the National Child Benefit, will receive a $500 Canada Learning Bond.
& e" d) @( d5 j; |Assuming a child remains qualified for the Canada Learning Bond, the child will
$ L$ S$ ]3 {+ e5 L8 `/ lcontinue to receive $100.00 in each subsequent year in Canada Learning Bond9 v! q J3 B* m; g7 t$ x1 G% Q
installments. The Federal Government projects that the Canada Learning Bond will
5 R& j+ _" U/ [0 R# O7 Fcarry a cost of up to $85 million this year and up to 120,000 children will benefit* X( `# I5 [ i) I$ u
from the program2. The government says a child living in a low-income household
" M3 x ]5 {! n y+ acould receive up to $2,000 for their education.
- Q: U9 A$ P# `8 e9 K( uAdditionally, in terms of post-secondary education and low-income families, the" W& g# j. T: l! ~
government has introduced a new one-time grant of up to $3,000 for first-year( N |! s- x( c
students whose family income hovers around $35,000 or less a year.2 ^' T9 }0 z3 V. j1 m! _3 B/ {
Alberta Centennial Education Savings Plan Act- ^' K7 Y* B6 ]7 J+ V5 t
During the 2004 Spring Sitting, the Alberta Government introduced and: U5 E0 ^+ d! f6 y
subsequently passed the Alberta Centennial Education Savings Plan Act. The4 q% e {! @ Q5 \3 x
program created by the Act is available only to residents of Alberta who have
- F( ]& _7 J0 ]+ J- u4 Y/ nchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first; r9 N/ M- s2 K" ?
glance, seems quite simple in scope but it does have many intricate details that,* `$ x& d1 K! J8 j9 }9 k/ L5 k
once communicated, reveal a complicated program that relies on proactive parents
l7 E }1 K( a0 h( ?5 a+ t& Bto absorb the full benefit of the program.
1 X- D2 C8 o" w6 S: ?8 mAlberta residents, who have a baby born on January 1, 2005, or after, will be5 W2 T& k a& D% X% X \
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
. i% z7 v5 c3 c2 X% E- N9 aonly be awarded if a RESP is established within the first year of the baby’s birth
" a. J( n7 h0 J; m(though Alberta Learning is looking to extend this deadline to two years or, albeit( Z; O6 S2 y3 O( r4 ?! `; L$ f
unlikely, extending the deadline until the baby has reached their first year of* q. l8 L8 K* T0 U0 Z: N+ d* E
schooling). Should a year elapse and the parents do not arrange an RESP account,
" y0 A; c7 S) f. _" ^" Q& Dfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent o2 ^! J4 I+ V6 p4 G
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
' [, D* J+ B( T! m G$ H; Nthose grants will require parents to provide matching dollars to qualify. These
! k w* ?! V4 K4 A! ggrants are awarded with the same limitations and restrictions as the initial $500.00
4 H5 g! e/ T$ u( r; O: q: v+ G. Bgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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