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Thanks, here are details.
Canada Learning Bond
8 G8 E+ s( ?& ~" b7 }1 [0 f# fThe Federal Government, in the 2004 Budget, introduced the Canada Learning* X3 c( C9 R$ z2 R/ k8 n0 e
Bond. The Bond is aimed at helping low-income families save for their children’s1 G4 Y) \- ~9 i6 w" J
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
8 h" A, K- T5 U$ R: i6 nfamilies, those earning $35,000 or less and who are also entitled to receive4 n( A# [* [2 _+ [/ B
the National Child Benefit, will receive a $500 Canada Learning Bond.
( b3 y$ C2 S% m. WAssuming a child remains qualified for the Canada Learning Bond, the child will
4 V! Q" Y( B4 Q v }6 k& g4 lcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
; [+ D* H( U- x/ t- Tinstallments. The Federal Government projects that the Canada Learning Bond will
0 c0 ]6 B. y" h4 W: @: zcarry a cost of up to $85 million this year and up to 120,000 children will benefit' s9 u% m2 f' S+ m: K7 T7 Y
from the program2. The government says a child living in a low-income household
$ _" z0 n1 \6 W* g# C0 wcould receive up to $2,000 for their education.6 m8 a8 P! e4 A: Y
Additionally, in terms of post-secondary education and low-income families, the
4 `, u& A4 i t1 `4 {government has introduced a new one-time grant of up to $3,000 for first-year
$ v( |, ~7 K1 W g- x/ Pstudents whose family income hovers around $35,000 or less a year." g6 c: g: v0 L3 @7 q
Alberta Centennial Education Savings Plan Act
+ j4 h4 z) I& I, N: U! x4 kDuring the 2004 Spring Sitting, the Alberta Government introduced and
9 p* ^+ v0 e& Y4 [, R5 ]subsequently passed the Alberta Centennial Education Savings Plan Act. The5 `$ h; }" v/ R, L, a
program created by the Act is available only to residents of Alberta who have
, R1 P* x0 X4 i0 i9 {/ |& u1 ~children born after January 1, 2005 (Alberta’s Centennial). The program, at first
, L/ N2 j+ Z# ?! Q/ J5 tglance, seems quite simple in scope but it does have many intricate details that,
; V& V% E# c% V8 @' R' h. `7 Honce communicated, reveal a complicated program that relies on proactive parents
4 f0 |) W! e1 o' r8 z P0 o' ito absorb the full benefit of the program.0 o$ L1 O/ N2 s4 S, J L
Alberta residents, who have a baby born on January 1, 2005, or after, will be
/ I7 W. c) m L3 [& x0 geligible for a $500.00 grant toward the baby’s established RESP. The grant will
3 b$ F0 C. r3 Zonly be awarded if a RESP is established within the first year of the baby’s birth
1 l4 ^7 v" m( V* ^! v, X. _(though Alberta Learning is looking to extend this deadline to two years or, albeit
- X1 u( V3 b4 junlikely, extending the deadline until the baby has reached their first year of
' l( w. p+ j r: ^, d7 {/ f" v% Lschooling). Should a year elapse and the parents do not arrange an RESP account,
8 d: K# m' R/ G) \2 sfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent' c" S2 N; W9 I( T7 q
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of! c( H7 ?2 J) A) \7 L2 p& f0 K
those grants will require parents to provide matching dollars to qualify. These
' S* x) a7 R2 h+ j0 C; t& {3 M! c' h; Rgrants are awarded with the same limitations and restrictions as the initial $500.00: M! e9 k" H3 F# Y! {8 k* ^
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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