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Thanks, here are details.
Canada Learning Bond3 j9 I" T! S/ y8 U
The Federal Government, in the 2004 Budget, introduced the Canada Learning
9 X6 u& g- W" Z9 n; C. |Bond. The Bond is aimed at helping low-income families save for their children’s
+ |$ ~3 X5 q) ~post-secondary education pursuits. Beginning in 2004, each child born to lowincome9 f. }* ~% E* i
families, those earning $35,000 or less and who are also entitled to receive( r$ f! U& w# D9 s0 K! x4 Z
the National Child Benefit, will receive a $500 Canada Learning Bond.
& Z0 h3 ~# g4 b1 s9 U7 Z" q9 KAssuming a child remains qualified for the Canada Learning Bond, the child will
; H4 j+ c9 G7 Q$ F" rcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
3 n8 v$ m5 b7 _installments. The Federal Government projects that the Canada Learning Bond will& x1 V, V+ K; s. w: v4 y
carry a cost of up to $85 million this year and up to 120,000 children will benefit( v4 x6 Z7 ?1 I" T
from the program2. The government says a child living in a low-income household
8 t4 Z G+ p1 S. `8 p7 {could receive up to $2,000 for their education.
7 j! u% I$ L4 m+ a: T7 d; o6 DAdditionally, in terms of post-secondary education and low-income families, the: ]' }& q, l- i% t8 c
government has introduced a new one-time grant of up to $3,000 for first-year* M5 A! ?' m4 Y6 S9 m
students whose family income hovers around $35,000 or less a year.
- G9 |, T) N8 S( L" M" `Alberta Centennial Education Savings Plan Act$ a( ~, T8 [8 C
During the 2004 Spring Sitting, the Alberta Government introduced and
) z$ Q% s0 m* z o# T' L+ X) fsubsequently passed the Alberta Centennial Education Savings Plan Act. The% _" [: W# x3 {, I5 M
program created by the Act is available only to residents of Alberta who have
8 i5 b/ v3 A4 @8 x! ychildren born after January 1, 2005 (Alberta’s Centennial). The program, at first! l' c" F* L+ g0 F! G: Z
glance, seems quite simple in scope but it does have many intricate details that,* E( l8 s6 o) C; w6 ~7 e" y/ [0 K
once communicated, reveal a complicated program that relies on proactive parents
; E- s' O) c1 E9 oto absorb the full benefit of the program.
+ c; {- X2 |1 R" e: MAlberta residents, who have a baby born on January 1, 2005, or after, will be2 x; K* E: t! Q' @* P
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
; A3 h# t! j' B4 ?4 f/ |only be awarded if a RESP is established within the first year of the baby’s birth9 ?" Q% W$ _) B
(though Alberta Learning is looking to extend this deadline to two years or, albeit- R# B) m+ w. A2 c; h7 ]! U
unlikely, extending the deadline until the baby has reached their first year of
+ k. g' @+ b2 _" o" ischooling). Should a year elapse and the parents do not arrange an RESP account,, S/ B: \4 ? \* s% e
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent; R r) Z1 j" L$ \1 x/ i- r9 z
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of: [( D3 ]: V# Z2 d! i h
those grants will require parents to provide matching dollars to qualify. These
# I: g0 g* z+ [4 Egrants are awarded with the same limitations and restrictions as the initial $500.00% A' F! ?, M1 E; v) A% \
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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