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Thanks, here are details.
Canada Learning Bond5 D% y; t v- H9 h( f: C8 E
The Federal Government, in the 2004 Budget, introduced the Canada Learning7 M' c% F+ T4 B" Q5 ?
Bond. The Bond is aimed at helping low-income families save for their children’s
# R4 e/ o( N/ k( @9 A! ~! l% Kpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
, Q1 g2 q" \* o& Yfamilies, those earning $35,000 or less and who are also entitled to receive! c3 n v2 t# x, n4 o; E
the National Child Benefit, will receive a $500 Canada Learning Bond.2 n" z0 r G ^4 u& P+ O' L
Assuming a child remains qualified for the Canada Learning Bond, the child will3 ?: ]6 A6 x4 f
continue to receive $100.00 in each subsequent year in Canada Learning Bond
' W) r# r. M7 dinstallments. The Federal Government projects that the Canada Learning Bond will
! @. B) u8 u$ Y1 y5 r+ `1 scarry a cost of up to $85 million this year and up to 120,000 children will benefit
$ w6 r+ x! B1 @- a! Ufrom the program2. The government says a child living in a low-income household/ v% d( o( R# L
could receive up to $2,000 for their education.+ |4 `/ g4 Q2 Z9 \8 G4 T9 U6 q
Additionally, in terms of post-secondary education and low-income families, the" @* K. j% O3 e
government has introduced a new one-time grant of up to $3,000 for first-year& t7 J+ I9 H+ ]0 h2 v" T
students whose family income hovers around $35,000 or less a year.$ N' Q$ H/ O7 l; s4 H2 a' L" ^
Alberta Centennial Education Savings Plan Act
+ c# A. a. T/ X# i6 x. ADuring the 2004 Spring Sitting, the Alberta Government introduced and' [1 F+ L' s1 p: O2 N
subsequently passed the Alberta Centennial Education Savings Plan Act. The
% l' [; c' j" z8 nprogram created by the Act is available only to residents of Alberta who have& D& M, X. w6 f+ [# ]) p9 N
children born after January 1, 2005 (Alberta’s Centennial). The program, at first# G, y% i% {) h" |6 U# Y
glance, seems quite simple in scope but it does have many intricate details that,
1 g) m% G0 `8 E& R8 \once communicated, reveal a complicated program that relies on proactive parents
1 Q8 Z7 c" |) K: nto absorb the full benefit of the program.3 X0 q7 y$ M _
Alberta residents, who have a baby born on January 1, 2005, or after, will be9 O$ L0 c5 I- U
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
- g2 j& @ L( w. m. c- konly be awarded if a RESP is established within the first year of the baby’s birth4 S# x" f/ O! T9 I
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ I$ I5 y' @6 H7 t
unlikely, extending the deadline until the baby has reached their first year of
9 P9 N- H0 B# j! N: Fschooling). Should a year elapse and the parents do not arrange an RESP account,
$ u$ B6 b; q' H& Y' G7 S" sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 j/ q2 I/ L, A% V. X$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of/ Y9 ~8 e+ h0 f. `6 h
those grants will require parents to provide matching dollars to qualify. These
2 m5 H' X. x! V9 j" i+ K$ |$ E2 Egrants are awarded with the same limitations and restrictions as the initial $500.00
+ Y# @ ]' b, g4 g1 _8 N* [1 o& p5 o/ kgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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