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Thanks, here are details.
Canada Learning Bond8 N+ F( F& G$ m1 `9 a
The Federal Government, in the 2004 Budget, introduced the Canada Learning9 N5 d, f. ?" y6 u3 t2 v
Bond. The Bond is aimed at helping low-income families save for their children’s
$ o4 H4 Q, I. y- W/ a+ X9 Cpost-secondary education pursuits. Beginning in 2004, each child born to lowincome! s; r% X/ C' o* j- q
families, those earning $35,000 or less and who are also entitled to receive) ]; P( ?/ r. u( F# w" ~$ X
the National Child Benefit, will receive a $500 Canada Learning Bond.4 D3 G0 R: T# K* z, b! [5 z" m
Assuming a child remains qualified for the Canada Learning Bond, the child will
- @+ G5 a! ?* Ncontinue to receive $100.00 in each subsequent year in Canada Learning Bond
- [) w) p, t& ]- |4 O1 e. ainstallments. The Federal Government projects that the Canada Learning Bond will
5 i% p9 n6 O# n* S* ]carry a cost of up to $85 million this year and up to 120,000 children will benefit
: y2 e4 l) y" n/ w, @" P5 @from the program2. The government says a child living in a low-income household
+ x1 T7 C: |3 ^could receive up to $2,000 for their education.
3 c8 d3 X8 ~+ i* B! r1 nAdditionally, in terms of post-secondary education and low-income families, the
# @9 r: j, F7 |government has introduced a new one-time grant of up to $3,000 for first-year i. t0 ^% I; L3 R' g! s
students whose family income hovers around $35,000 or less a year.
1 @ G! s" C; Q# P; o( \Alberta Centennial Education Savings Plan Act
. }# f C! K6 r$ w7 T2 c& t% HDuring the 2004 Spring Sitting, the Alberta Government introduced and
& D+ ` G! L7 X* tsubsequently passed the Alberta Centennial Education Savings Plan Act. The
4 {; L6 t. M1 d; Hprogram created by the Act is available only to residents of Alberta who have
/ Q0 |0 k5 P- P; c: M$ X, `4 S$ tchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first9 q: O/ r% d" u l) Z/ M% {3 J/ m& R
glance, seems quite simple in scope but it does have many intricate details that,! l. _0 Y- g% C$ B
once communicated, reveal a complicated program that relies on proactive parents
m! n8 \! `, Vto absorb the full benefit of the program.
3 V ~, _3 O+ x+ ^+ X( b; H2 w/ {Alberta residents, who have a baby born on January 1, 2005, or after, will be& _4 [. M) r4 \2 ?1 | R
eligible for a $500.00 grant toward the baby’s established RESP. The grant will$ J$ F0 l* D6 j+ U
only be awarded if a RESP is established within the first year of the baby’s birth$ o3 M: s, g% B
(though Alberta Learning is looking to extend this deadline to two years or, albeit. N/ L& z4 Y5 s" z; l
unlikely, extending the deadline until the baby has reached their first year of
2 a: ^( V% E# Vschooling). Should a year elapse and the parents do not arrange an RESP account,
# N c7 U0 g0 q1 a% ^# m: i6 U' N: Zfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent' M4 v9 H/ L: [, Q4 ^2 {
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of& s0 S! u) g+ a C4 o
those grants will require parents to provide matching dollars to qualify. These
" }) V/ n4 y, X, g; A W* Qgrants are awarded with the same limitations and restrictions as the initial $500.001 f) w! i3 H1 {/ @" R F$ i
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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