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Thanks, here are details.
Canada Learning Bond
5 N4 B3 k0 h6 }" i" H' y1 N9 {The Federal Government, in the 2004 Budget, introduced the Canada Learning1 h6 N& l! }! s- V* W
Bond. The Bond is aimed at helping low-income families save for their children’s
* ?* ~+ ?' A2 ~, f: i6 G$ q/ Jpost-secondary education pursuits. Beginning in 2004, each child born to lowincome
5 {, N9 }* M, c9 q" c+ p: efamilies, those earning $35,000 or less and who are also entitled to receive6 @( f' b" u' R8 u
the National Child Benefit, will receive a $500 Canada Learning Bond.0 k( q1 e p8 m. `: p8 O- M6 V
Assuming a child remains qualified for the Canada Learning Bond, the child will& C0 J8 J( r0 |9 N2 t; n4 |6 s" Z
continue to receive $100.00 in each subsequent year in Canada Learning Bond# @* q l! E& X6 @, ?
installments. The Federal Government projects that the Canada Learning Bond will8 p0 |; ^1 ]( E3 m
carry a cost of up to $85 million this year and up to 120,000 children will benefit- }: n- c3 j/ j" _3 W
from the program2. The government says a child living in a low-income household
' h7 w3 ~( [/ f, Ocould receive up to $2,000 for their education.
- z5 x5 E" ^ Q% G; GAdditionally, in terms of post-secondary education and low-income families, the
+ I5 g0 d9 c0 R" Mgovernment has introduced a new one-time grant of up to $3,000 for first-year; d3 q' t" d( t( u
students whose family income hovers around $35,000 or less a year.
7 n9 R' V6 s% z2 f( K2 C6 n5 }Alberta Centennial Education Savings Plan Act
, M4 O4 j+ b6 v. @5 q+ v" Z% NDuring the 2004 Spring Sitting, the Alberta Government introduced and* T* @9 h. z$ M: O
subsequently passed the Alberta Centennial Education Savings Plan Act. The
! B3 k# C! b0 Hprogram created by the Act is available only to residents of Alberta who have8 G7 H: A! f" y
children born after January 1, 2005 (Alberta’s Centennial). The program, at first
^0 i) U+ y8 A8 P# {& qglance, seems quite simple in scope but it does have many intricate details that,, w* N0 `+ {% s- O- W
once communicated, reveal a complicated program that relies on proactive parents: V$ c1 P6 b; H5 T( L9 `
to absorb the full benefit of the program.
R) p( Q3 o) f* OAlberta residents, who have a baby born on January 1, 2005, or after, will be7 i) H" h. o1 D- S4 L3 ?' B4 N
eligible for a $500.00 grant toward the baby’s established RESP. The grant will x* X! {" H1 e7 d( E* ^
only be awarded if a RESP is established within the first year of the baby’s birth7 z( C' U; J1 K( a
(though Alberta Learning is looking to extend this deadline to two years or, albeit4 m+ M, @% \$ I
unlikely, extending the deadline until the baby has reached their first year of
' X6 [9 t7 v; ]! b# w7 c' G s% Pschooling). Should a year elapse and the parents do not arrange an RESP account,
7 O8 m7 Y9 h+ _/ p9 X- ^8 m# Zfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
, U/ I( t# d& |& ?( X- s$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; U8 F! R0 ]! ^7 G
those grants will require parents to provide matching dollars to qualify. These
/ P5 U8 g W' X( E1 s% G6 z- Ugrants are awarded with the same limitations and restrictions as the initial $500.00+ u S" i" x( R- y6 q
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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