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Thanks, here are details.
Canada Learning Bond
+ v. A& ~' F7 Y$ q h- ?' i( MThe Federal Government, in the 2004 Budget, introduced the Canada Learning
/ j Q4 E+ W: _0 PBond. The Bond is aimed at helping low-income families save for their children’s
( X* [% x( r/ B8 O) r: ^/ T* Apost-secondary education pursuits. Beginning in 2004, each child born to lowincome/ q7 M; R/ y7 E8 d, t& B
families, those earning $35,000 or less and who are also entitled to receive% v/ w4 E$ `) U
the National Child Benefit, will receive a $500 Canada Learning Bond.
" `/ h) R% |" T+ f4 I8 eAssuming a child remains qualified for the Canada Learning Bond, the child will+ [! O9 o1 ^3 {; \3 H
continue to receive $100.00 in each subsequent year in Canada Learning Bond
^" }) H; X: O3 t: f+ ginstallments. The Federal Government projects that the Canada Learning Bond will
! [. e( R: X. l; `- m" b ccarry a cost of up to $85 million this year and up to 120,000 children will benefit: o7 Y8 M8 I" ?8 U2 V/ _5 A$ W
from the program2. The government says a child living in a low-income household4 A* U& M% }; `% R' I0 ?# ~
could receive up to $2,000 for their education.
# l3 y8 B8 p) b6 HAdditionally, in terms of post-secondary education and low-income families, the) o- p* l' C: ?6 \8 u5 U' B, Y- Q# }
government has introduced a new one-time grant of up to $3,000 for first-year
) S9 a, x! l l3 @, v% \students whose family income hovers around $35,000 or less a year.
% R. L8 H( B4 q! [Alberta Centennial Education Savings Plan Act* `2 z9 _" o+ |! V6 \% t
During the 2004 Spring Sitting, the Alberta Government introduced and9 N; P% X* ~! R% H
subsequently passed the Alberta Centennial Education Savings Plan Act. The* p6 K$ l2 Q3 _/ ~( E
program created by the Act is available only to residents of Alberta who have- n" X' \- Q( g& t8 [( e f
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
* N: h- z" D4 y, M: [! V+ l1 z; Wglance, seems quite simple in scope but it does have many intricate details that,
h I, g$ m9 P3 R6 I9 {' ~once communicated, reveal a complicated program that relies on proactive parents# F/ w( _& Z/ d1 Z+ C7 r. S
to absorb the full benefit of the program.* B$ ]& F: P" p A. W; F0 W
Alberta residents, who have a baby born on January 1, 2005, or after, will be2 z5 O/ B! u0 \2 {* j3 q: M
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
! k4 _" b: z. Y* w- l, A7 O# D9 ^only be awarded if a RESP is established within the first year of the baby’s birth/ K! O) _, Q8 ]
(though Alberta Learning is looking to extend this deadline to two years or, albeit
5 o5 ]4 N/ z+ Q& punlikely, extending the deadline until the baby has reached their first year of N: b! f7 B( k" D; @" l
schooling). Should a year elapse and the parents do not arrange an RESP account,, D, u) D7 _* u
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 o; C0 r" N( W5 h2 A$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of4 l K6 [8 Q! |6 e. G ]! Y; d1 {
those grants will require parents to provide matching dollars to qualify. These
( P: L- n+ p- k# ]4 xgrants are awarded with the same limitations and restrictions as the initial $500.00+ R& v8 _" `* m' U/ Q
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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