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Thanks, here are details.
Canada Learning Bond
" k* o0 m7 I$ N3 c( \The Federal Government, in the 2004 Budget, introduced the Canada Learning- b# u5 k+ M3 Z2 Q' ]
Bond. The Bond is aimed at helping low-income families save for their children’s
3 s$ }" j& r w( \* J' G' lpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
6 T# H9 Z# C$ M5 o ~- yfamilies, those earning $35,000 or less and who are also entitled to receive, k+ ~$ O; x' s" q& @5 S
the National Child Benefit, will receive a $500 Canada Learning Bond.6 A8 `% d/ |+ h: z# A7 n
Assuming a child remains qualified for the Canada Learning Bond, the child will' e$ E. B7 D0 N3 y
continue to receive $100.00 in each subsequent year in Canada Learning Bond; [' N" K W4 C7 ^; Z( d
installments. The Federal Government projects that the Canada Learning Bond will: Z+ G2 v- |$ |
carry a cost of up to $85 million this year and up to 120,000 children will benefit
' n# ]9 l+ G2 y8 d: `2 s4 J5 w/ x2 u* yfrom the program2. The government says a child living in a low-income household% k# G- t U% h6 q) A$ c, A
could receive up to $2,000 for their education.1 L0 V: K: l4 E/ e
Additionally, in terms of post-secondary education and low-income families, the
8 o/ ]; z3 L6 i" T& wgovernment has introduced a new one-time grant of up to $3,000 for first-year* \" r9 z1 \# N5 g- v2 M+ y
students whose family income hovers around $35,000 or less a year.
# D% W! `; Z9 R" l: V- DAlberta Centennial Education Savings Plan Act
" z- R; K- G+ A" J; hDuring the 2004 Spring Sitting, the Alberta Government introduced and
+ G6 J8 j- y3 g# S8 h2 s" Ssubsequently passed the Alberta Centennial Education Savings Plan Act. The
( D0 O; ~$ l `) f+ U4 ]3 eprogram created by the Act is available only to residents of Alberta who have
6 e6 h' w. x2 [1 s+ nchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
% ~/ n4 {2 l( W: a1 xglance, seems quite simple in scope but it does have many intricate details that,0 D5 c+ b2 J8 b
once communicated, reveal a complicated program that relies on proactive parents7 d: z( z6 {7 @; P
to absorb the full benefit of the program.
+ {0 g7 z& W0 G/ m' b8 P. UAlberta residents, who have a baby born on January 1, 2005, or after, will be
! J8 p. O) H. `8 j! P% J- Ieligible for a $500.00 grant toward the baby’s established RESP. The grant will( \1 A7 U6 ^1 X2 {* w
only be awarded if a RESP is established within the first year of the baby’s birth
- S& U' ~! B/ i2 ?(though Alberta Learning is looking to extend this deadline to two years or, albeit- e- a- L \* w, K8 ~
unlikely, extending the deadline until the baby has reached their first year of: U/ V# L# W" Y7 o' t
schooling). Should a year elapse and the parents do not arrange an RESP account,
! H- m9 [# v' d# y2 p# bfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
/ Q5 f( B: }$ [& E( H$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
6 ~1 s2 o- L* f. ^4 u5 O5 qthose grants will require parents to provide matching dollars to qualify. These
, b. n# u- C& `' v5 kgrants are awarded with the same limitations and restrictions as the initial $500.00, ?. B0 B% k- S4 K p# M
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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