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Thanks, here are details.
Canada Learning Bond* U# Q0 `' Q0 {% J% K; W
The Federal Government, in the 2004 Budget, introduced the Canada Learning
! ~4 _0 G5 ~; y& O b2 KBond. The Bond is aimed at helping low-income families save for their children’s
: c2 ~7 {7 h( q4 a" _( Upost-secondary education pursuits. Beginning in 2004, each child born to lowincome
' b8 A8 w7 x# X% {; [7 Yfamilies, those earning $35,000 or less and who are also entitled to receive* C" p1 R* O# j# q' v
the National Child Benefit, will receive a $500 Canada Learning Bond./ g' N8 \' F) Y
Assuming a child remains qualified for the Canada Learning Bond, the child will% n. `% X1 z E% o/ D
continue to receive $100.00 in each subsequent year in Canada Learning Bond
_6 e' j2 |, ~5 _5 T! f& Z% Xinstallments. The Federal Government projects that the Canada Learning Bond will+ c. k+ s8 e8 t4 m! ~
carry a cost of up to $85 million this year and up to 120,000 children will benefit
1 f5 X* H7 U, D0 I' [& E# o$ j& Q2 cfrom the program2. The government says a child living in a low-income household
1 @" P$ U$ s9 |could receive up to $2,000 for their education.- u; l! i" E+ R" x
Additionally, in terms of post-secondary education and low-income families, the
9 h. X( B! B9 lgovernment has introduced a new one-time grant of up to $3,000 for first-year3 M; v$ G# e+ l3 w3 R
students whose family income hovers around $35,000 or less a year.$ q) F- {& Z7 _
Alberta Centennial Education Savings Plan Act9 ~) ^. s3 G( t
During the 2004 Spring Sitting, the Alberta Government introduced and% u. }2 z7 f5 F" ~1 _; X- l
subsequently passed the Alberta Centennial Education Savings Plan Act. The3 r2 e% \. K% {3 a) o
program created by the Act is available only to residents of Alberta who have
* T- w: k/ ^, x$ t* e) lchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
- l9 O4 p- x; U- b' Rglance, seems quite simple in scope but it does have many intricate details that,
' u. r0 Z8 D7 ]1 ~# @$ X( ?( s3 U+ O! h9 yonce communicated, reveal a complicated program that relies on proactive parents! R( a( \) x; k% d# }' h. S
to absorb the full benefit of the program.# T& G- H" X+ R# \0 k
Alberta residents, who have a baby born on January 1, 2005, or after, will be, q! _# U% G% d' c2 L
eligible for a $500.00 grant toward the baby’s established RESP. The grant will! q4 X, q) n9 Q; |8 \
only be awarded if a RESP is established within the first year of the baby’s birth
1 H4 B7 C8 k3 K( w/ D(though Alberta Learning is looking to extend this deadline to two years or, albeit
1 \1 J, |( K! j% l7 bunlikely, extending the deadline until the baby has reached their first year of
# b. E+ g4 o+ t1 N+ J% M( H# G* bschooling). Should a year elapse and the parents do not arrange an RESP account," c& D% T" `% g$ G# |' \, s% L
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent1 \& h% { c% q
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
7 b6 ~5 @2 o. _: N* \8 G: Athose grants will require parents to provide matching dollars to qualify. These
# g f* x6 i3 i+ ~- ~' F0 Ggrants are awarded with the same limitations and restrictions as the initial $500.00
% v8 v3 V8 n& F# D3 Ggrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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