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Thanks, here are details.
Canada Learning Bond( r$ ^0 V1 x6 }+ h$ \5 y4 N
The Federal Government, in the 2004 Budget, introduced the Canada Learning
" s0 W j8 a# c+ |2 d" J+ g1 tBond. The Bond is aimed at helping low-income families save for their children’s% ^0 y6 S8 H" G# E# H. I
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
# \6 ^% u% _7 u" J0 d5 nfamilies, those earning $35,000 or less and who are also entitled to receive* |6 Y. F% h1 Y
the National Child Benefit, will receive a $500 Canada Learning Bond.
( F* N% [2 t' Z d2 K+ HAssuming a child remains qualified for the Canada Learning Bond, the child will* L7 S5 {& z/ o( f; C
continue to receive $100.00 in each subsequent year in Canada Learning Bond0 w( ~3 K1 z5 r Z9 w9 {% S
installments. The Federal Government projects that the Canada Learning Bond will* Z- h2 L* V" H: ]
carry a cost of up to $85 million this year and up to 120,000 children will benefit0 [- I+ `) u$ ^) }% s: Q6 P+ O
from the program2. The government says a child living in a low-income household' }) E5 ?$ Y* E' Q5 Y
could receive up to $2,000 for their education.
' S" @% D" D+ z& s( L) c7 O. iAdditionally, in terms of post-secondary education and low-income families, the: W. A& c, N4 R4 g: b. }2 @
government has introduced a new one-time grant of up to $3,000 for first-year( c. M! z. k) q( |
students whose family income hovers around $35,000 or less a year.; d6 T1 T1 r6 D G
Alberta Centennial Education Savings Plan Act
+ z8 f, P( N5 J' @. |! jDuring the 2004 Spring Sitting, the Alberta Government introduced and
6 `; m3 `+ U0 |/ Csubsequently passed the Alberta Centennial Education Savings Plan Act. The4 {5 P7 K8 c5 d& d
program created by the Act is available only to residents of Alberta who have9 X3 o+ N6 V( R. n& j y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first7 f, K( g. g: M) i# K# Y3 Z# I
glance, seems quite simple in scope but it does have many intricate details that,9 X9 g5 G# q, q8 d
once communicated, reveal a complicated program that relies on proactive parents
: S, ~/ h+ H0 vto absorb the full benefit of the program.
* ~- S h9 ~" xAlberta residents, who have a baby born on January 1, 2005, or after, will be5 g) C) S- p$ q5 `6 d) k) M. B' r3 o
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
^& H% S* h: w Oonly be awarded if a RESP is established within the first year of the baby’s birth
% r" t" T: n3 ]. ^(though Alberta Learning is looking to extend this deadline to two years or, albeit+ J& g( y( T+ T8 p
unlikely, extending the deadline until the baby has reached their first year of
, x7 B' u; C; a4 _% Cschooling). Should a year elapse and the parents do not arrange an RESP account,8 k9 D* K& |) p( L
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent: J' L1 ~; g" L
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
1 ?7 H; D1 d. T8 u: Nthose grants will require parents to provide matching dollars to qualify. These# O* |" Q' d) G7 C' h5 B5 ?% I
grants are awarded with the same limitations and restrictions as the initial $500.00! ~3 R7 L. R: H2 G' H l5 x
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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