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Thanks, here are details.
Canada Learning Bond1 B [6 }. R1 L' F3 z$ @( `
The Federal Government, in the 2004 Budget, introduced the Canada Learning+ X2 ^0 I6 J) ?& k7 _$ B
Bond. The Bond is aimed at helping low-income families save for their children’s7 p4 v& T: m2 N0 d) n
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
3 H1 R5 x. O9 m6 j# c' Nfamilies, those earning $35,000 or less and who are also entitled to receive' T+ ]. M) h( ]" i
the National Child Benefit, will receive a $500 Canada Learning Bond.7 p1 I4 \6 ^5 N
Assuming a child remains qualified for the Canada Learning Bond, the child will. t( d8 x4 @" @2 k' J5 c6 E' S/ N
continue to receive $100.00 in each subsequent year in Canada Learning Bond
5 F; \. u6 p. q* B0 @7 iinstallments. The Federal Government projects that the Canada Learning Bond will5 w/ R* m! b8 z; y( l0 i {2 I- b
carry a cost of up to $85 million this year and up to 120,000 children will benefit' u4 M8 V3 k: d ?2 x
from the program2. The government says a child living in a low-income household* M! I; K; l& P2 v4 z7 d+ a
could receive up to $2,000 for their education.
$ C8 o- ~6 ?2 i. }( w/ @! |Additionally, in terms of post-secondary education and low-income families, the
$ j) e6 j g6 c7 w5 ]2 xgovernment has introduced a new one-time grant of up to $3,000 for first-year
5 j4 M9 S c/ y8 zstudents whose family income hovers around $35,000 or less a year.% M% [/ e, f: k4 G2 T+ a G* j+ P
Alberta Centennial Education Savings Plan Act
7 W9 ^/ L4 g4 V4 SDuring the 2004 Spring Sitting, the Alberta Government introduced and
x' w$ j# ^; K4 ?subsequently passed the Alberta Centennial Education Savings Plan Act. The
9 S" P0 l' i+ q, N+ B; D; Kprogram created by the Act is available only to residents of Alberta who have! W% Z9 P: @* q: ^. K9 Y. a" A! r! ?
children born after January 1, 2005 (Alberta’s Centennial). The program, at first2 m: m/ l& p$ I3 m% I7 F
glance, seems quite simple in scope but it does have many intricate details that,
1 U. c0 S2 j6 l& ?, monce communicated, reveal a complicated program that relies on proactive parents. k) T( ~( Q1 `9 u5 K
to absorb the full benefit of the program.
& \" v" c- z( j+ lAlberta residents, who have a baby born on January 1, 2005, or after, will be- n. u) H5 l- M- ?
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
9 w- o6 g; \& d8 ^only be awarded if a RESP is established within the first year of the baby’s birth
! X. N/ c: H& R" x T(though Alberta Learning is looking to extend this deadline to two years or, albeit
$ z( H. B s3 U# ~8 `unlikely, extending the deadline until the baby has reached their first year of
) `6 c' x8 y. x, ^schooling). Should a year elapse and the parents do not arrange an RESP account,. h- Z+ p) i1 }
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
( E) v' M; ^2 e2 u9 w$ h; q$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of, R* {/ O6 b, a( i# b
those grants will require parents to provide matching dollars to qualify. These8 F i& t1 _4 T4 t( W! H: m
grants are awarded with the same limitations and restrictions as the initial $500.003 R5 d) y# |6 M, T5 }) {5 M- Y5 ~
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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