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Thanks, here are details.
Canada Learning Bond0 [8 ^& ^) P' m9 ^0 Z f4 V$ R
The Federal Government, in the 2004 Budget, introduced the Canada Learning
; r! a* W6 T f. v# d2 [/ IBond. The Bond is aimed at helping low-income families save for their children’s9 U9 r' k5 s9 M
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
- u* n# b; u/ efamilies, those earning $35,000 or less and who are also entitled to receive
: f6 l3 O0 P5 O3 C3 `the National Child Benefit, will receive a $500 Canada Learning Bond.
1 V% Y7 l& @- x8 ]* zAssuming a child remains qualified for the Canada Learning Bond, the child will
6 m9 \3 c" f; Z7 }0 p. f" F @continue to receive $100.00 in each subsequent year in Canada Learning Bond6 a& O% N6 I# o2 r3 |" P
installments. The Federal Government projects that the Canada Learning Bond will; f- G2 t5 |) h# R8 `
carry a cost of up to $85 million this year and up to 120,000 children will benefit
0 U% k6 ]& ^& {4 xfrom the program2. The government says a child living in a low-income household" Z4 U1 z: N: g8 o) }4 {8 h
could receive up to $2,000 for their education.4 S7 P6 b9 L4 X" U- n: U
Additionally, in terms of post-secondary education and low-income families, the6 s8 K1 K: K1 |
government has introduced a new one-time grant of up to $3,000 for first-year
6 i% `$ ?, ~' W7 I& O% X/ Z" m! Gstudents whose family income hovers around $35,000 or less a year.
) t9 G2 u2 B& Y0 U* e9 SAlberta Centennial Education Savings Plan Act5 k( c1 }$ o9 O1 ]5 ]7 a
During the 2004 Spring Sitting, the Alberta Government introduced and' q+ h9 |7 l9 [; R" q8 U7 r7 l7 Q
subsequently passed the Alberta Centennial Education Savings Plan Act. The' y9 g4 b; \8 E( x6 @3 Y: u5 H
program created by the Act is available only to residents of Alberta who have
+ [2 i( \- F2 s' s, Dchildren born after January 1, 2005 (Alberta’s Centennial). The program, at first
; x& L% j# X# @! o; [% hglance, seems quite simple in scope but it does have many intricate details that,6 P9 Y1 u' [/ S
once communicated, reveal a complicated program that relies on proactive parents' N! j; w. n! {! U0 M
to absorb the full benefit of the program.3 `$ K# h* P* T% \5 u
Alberta residents, who have a baby born on January 1, 2005, or after, will be
8 t. Q0 V8 m3 w; r$ Qeligible for a $500.00 grant toward the baby’s established RESP. The grant will' {( k( t s# h" D) B/ O
only be awarded if a RESP is established within the first year of the baby’s birth4 K% Z9 a* k/ F% ]
(though Alberta Learning is looking to extend this deadline to two years or, albeit: b9 ^5 n1 }2 f$ w# X' |* y
unlikely, extending the deadline until the baby has reached their first year of
. D2 v' G/ O" i& T9 U" L Y \schooling). Should a year elapse and the parents do not arrange an RESP account,
' g4 K, L) j: ~! v/ `' kfor the baby, then the baby will not receive the $500.00 grant, period. Subsequent
- r1 h! q3 }' f" S% E$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
% F# C3 f* y- Q; C0 Zthose grants will require parents to provide matching dollars to qualify. These& ~: g8 t7 e5 B- o) I' r8 w2 p% }7 J
grants are awarded with the same limitations and restrictions as the initial $500.00
* u$ A2 {) H; u. l* r2 s, ^; qgrant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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