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Thanks, here are details.
Canada Learning Bond+ {1 ]2 q" \5 H) b
The Federal Government, in the 2004 Budget, introduced the Canada Learning
' s, B, Q) B2 e3 DBond. The Bond is aimed at helping low-income families save for their children’s/ i! P# u/ j" p' P! r
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
% o- r) c* N2 v! wfamilies, those earning $35,000 or less and who are also entitled to receive: e0 L7 ~0 r4 s; m. {9 k
the National Child Benefit, will receive a $500 Canada Learning Bond.
- s! `. ?/ e3 d, U- Y: D" sAssuming a child remains qualified for the Canada Learning Bond, the child will
" n; d9 w K0 x! P5 |/ ^" L+ V/ Fcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
Q6 X$ J4 w& S: q2 l: Hinstallments. The Federal Government projects that the Canada Learning Bond will
" T! {; Y; k( @carry a cost of up to $85 million this year and up to 120,000 children will benefit
/ Q) M: c a7 n9 U6 Bfrom the program2. The government says a child living in a low-income household
( s' ^. {. p9 f7 d( X8 ]could receive up to $2,000 for their education.
9 A L0 a4 T1 QAdditionally, in terms of post-secondary education and low-income families, the3 p" \# x4 N& {% M3 n) }
government has introduced a new one-time grant of up to $3,000 for first-year
4 O' B6 L0 O6 r' W) I7 \students whose family income hovers around $35,000 or less a year. m0 v; t" n5 T! p
Alberta Centennial Education Savings Plan Act9 Y! n* n4 |# T1 i- Z% w
During the 2004 Spring Sitting, the Alberta Government introduced and
. m2 |5 t3 k3 F+ n$ d9 q& a2 osubsequently passed the Alberta Centennial Education Savings Plan Act. The3 `8 O- R' k3 G5 i6 j( r' p+ A
program created by the Act is available only to residents of Alberta who have4 @3 K( {! N! y4 ~$ R
children born after January 1, 2005 (Alberta’s Centennial). The program, at first" D0 j0 z' h2 j6 Y# V
glance, seems quite simple in scope but it does have many intricate details that,! ?+ i6 z0 R+ l0 e- o* C6 s8 w4 _
once communicated, reveal a complicated program that relies on proactive parents \3 S* Q* |7 r) u* q
to absorb the full benefit of the program.- }7 @: T4 G: f
Alberta residents, who have a baby born on January 1, 2005, or after, will be" {2 {, D% z# H+ n
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
( d1 _& Y& T+ C0 {only be awarded if a RESP is established within the first year of the baby’s birth; N: p1 F' z. g" {* N- e$ R
(though Alberta Learning is looking to extend this deadline to two years or, albeit+ P _! U8 p$ t8 x
unlikely, extending the deadline until the baby has reached their first year of
6 s6 i! u. k3 c% u* X1 _6 C: R5 Jschooling). Should a year elapse and the parents do not arrange an RESP account,
% F* z4 M6 o. f: c9 a! M D/ F9 Dfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
* @1 f! J$ {& u% @2 t( B. l" E$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
: @5 ?, |$ w/ ~6 I( j" f' L" sthose grants will require parents to provide matching dollars to qualify. These
8 M7 P, {# F, B2 Z6 Ugrants are awarded with the same limitations and restrictions as the initial $500.00. P( Q, R- R; \ k
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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