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Thanks, here are details.
Canada Learning Bond" L6 u* U+ X3 c7 N- V
The Federal Government, in the 2004 Budget, introduced the Canada Learning' g9 v3 k. t F6 ^6 z6 T: k
Bond. The Bond is aimed at helping low-income families save for their children’s& o3 A& e) |4 X& G
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
8 k% y$ i; M1 X4 u' f* m$ m6 Wfamilies, those earning $35,000 or less and who are also entitled to receive4 n0 e3 L: Y8 ^& W
the National Child Benefit, will receive a $500 Canada Learning Bond.
) F6 y" B3 C, V5 ^2 NAssuming a child remains qualified for the Canada Learning Bond, the child will! f9 T( X+ a( v8 T: P2 X
continue to receive $100.00 in each subsequent year in Canada Learning Bond- r" J3 O+ W5 ?$ T
installments. The Federal Government projects that the Canada Learning Bond will3 ^8 q/ T( L8 E% ?- F( P; C
carry a cost of up to $85 million this year and up to 120,000 children will benefit
* C4 w: ?* g F! A' \+ lfrom the program2. The government says a child living in a low-income household9 Q1 B7 i# u6 K7 ^$ F/ X' x
could receive up to $2,000 for their education.
/ x% |9 ]7 [" ?# _Additionally, in terms of post-secondary education and low-income families, the* }" B2 E% `0 i0 K
government has introduced a new one-time grant of up to $3,000 for first-year
5 \% h5 E# l2 a R, ^. o5 Dstudents whose family income hovers around $35,000 or less a year.' c9 C7 h2 j- N
Alberta Centennial Education Savings Plan Act2 G' J- u$ M' N9 i! G# ?
During the 2004 Spring Sitting, the Alberta Government introduced and
( m, c4 I4 A: {subsequently passed the Alberta Centennial Education Savings Plan Act. The
2 ~# W+ F W4 d" ^program created by the Act is available only to residents of Alberta who have' I# ]9 H; F F1 w) F
children born after January 1, 2005 (Alberta’s Centennial). The program, at first1 v) | g8 R& M. z; f8 a- J2 V
glance, seems quite simple in scope but it does have many intricate details that,- A" p4 I/ v( Q% K( v* _. N
once communicated, reveal a complicated program that relies on proactive parents
, H9 L6 K% i8 ~6 nto absorb the full benefit of the program.9 C4 C! P( l6 I4 t) ^2 {4 J0 H
Alberta residents, who have a baby born on January 1, 2005, or after, will be$ _, m7 x% S$ X7 V5 b! M, u
eligible for a $500.00 grant toward the baby’s established RESP. The grant will; a8 H3 R* O3 y" Z* Z
only be awarded if a RESP is established within the first year of the baby’s birth
2 [, J2 Z' {0 S# H7 K(though Alberta Learning is looking to extend this deadline to two years or, albeit) a! j: [8 K% O1 ^0 w. J
unlikely, extending the deadline until the baby has reached their first year of9 o9 z; L& Z( ?/ O" k# J" }
schooling). Should a year elapse and the parents do not arrange an RESP account,3 ]/ [- r# z {2 k8 Z& m
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
8 y; M) }! T* o. {. Q6 ?0 _$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of; k0 u( |9 A4 y6 k6 [( o
those grants will require parents to provide matching dollars to qualify. These
3 I# o5 u8 e: m7 _9 o# ?4 Ygrants are awarded with the same limitations and restrictions as the initial $500.00) E& D3 {8 V% z, W9 D2 ~) u
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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