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Thanks, here are details.
Canada Learning Bond5 S# k2 ~$ d% E+ u! ~+ U5 p+ f
The Federal Government, in the 2004 Budget, introduced the Canada Learning
1 P# p+ S! y6 U& EBond. The Bond is aimed at helping low-income families save for their children’s8 v0 J8 j* a4 B4 h# Y4 [6 N
post-secondary education pursuits. Beginning in 2004, each child born to lowincome! v7 @ _2 r4 m
families, those earning $35,000 or less and who are also entitled to receive& s$ Q( R5 d( R6 [8 x8 E1 v* j H
the National Child Benefit, will receive a $500 Canada Learning Bond.
# u( A9 D J; Z1 i+ _0 o/ BAssuming a child remains qualified for the Canada Learning Bond, the child will
6 L- M0 E# G1 \: k- C, gcontinue to receive $100.00 in each subsequent year in Canada Learning Bond
, M# U$ l2 U8 g8 }- ^3 d zinstallments. The Federal Government projects that the Canada Learning Bond will9 V4 @; m' ?3 r* V
carry a cost of up to $85 million this year and up to 120,000 children will benefit1 e, w( o$ H3 T9 I, y! H
from the program2. The government says a child living in a low-income household$ k9 Q) T, E' R: i z
could receive up to $2,000 for their education.
8 h" V; _/ b+ h) p, g8 G9 X cAdditionally, in terms of post-secondary education and low-income families, the
+ A3 f" R2 {' mgovernment has introduced a new one-time grant of up to $3,000 for first-year& B" B) L% L' E, v; ]$ P9 ^
students whose family income hovers around $35,000 or less a year.
2 ~0 J, W5 S5 tAlberta Centennial Education Savings Plan Act
/ v. {% i/ k: Q6 g$ UDuring the 2004 Spring Sitting, the Alberta Government introduced and
8 V _: v# ]' Wsubsequently passed the Alberta Centennial Education Savings Plan Act. The4 i7 a* t/ l1 b2 h4 g) p
program created by the Act is available only to residents of Alberta who have
( ~ N: w, |7 echildren born after January 1, 2005 (Alberta’s Centennial). The program, at first4 Y) ^3 W6 W9 X: S
glance, seems quite simple in scope but it does have many intricate details that,
, ?+ T' Q% j& v& G5 F8 ^; oonce communicated, reveal a complicated program that relies on proactive parents
* P; F. p5 B" m8 i+ p' bto absorb the full benefit of the program.
2 k8 P: j& Y P* K1 xAlberta residents, who have a baby born on January 1, 2005, or after, will be. E+ |& {6 r0 J, a; L0 T
eligible for a $500.00 grant toward the baby’s established RESP. The grant will; t6 [# ~5 _; `5 o* t+ J2 w
only be awarded if a RESP is established within the first year of the baby’s birth% h, h) U+ p1 m8 K# O5 y
(though Alberta Learning is looking to extend this deadline to two years or, albeit
8 g6 R6 n8 d6 ]. |$ V% Bunlikely, extending the deadline until the baby has reached their first year of8 b4 p) D5 I9 ?" {$ c
schooling). Should a year elapse and the parents do not arrange an RESP account, m( j B& X" Z* I% Z. P
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
2 T" H9 Z+ K- q& O& D/ h$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of) {' D5 j, z* t' A2 R" z8 X- y
those grants will require parents to provide matching dollars to qualify. These
" }. w" C' z9 ]4 l6 [% B; w- \grants are awarded with the same limitations and restrictions as the initial $500.00
* l2 N- t: S. w/ }8 r6 x7 Y7 wgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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