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Thanks, here are details.
Canada Learning Bond2 Y2 ^. e2 s$ Z+ l8 _
The Federal Government, in the 2004 Budget, introduced the Canada Learning3 f3 E% t6 {' L, n, L
Bond. The Bond is aimed at helping low-income families save for their children’s: X( w! D S- M
post-secondary education pursuits. Beginning in 2004, each child born to lowincome
9 m9 c5 b; ^( M& U0 r1 i9 jfamilies, those earning $35,000 or less and who are also entitled to receive
! g. o" t5 v( F; \6 n2 D: uthe National Child Benefit, will receive a $500 Canada Learning Bond.
! e$ t0 b$ h/ y# L! e0 i5 D* H" UAssuming a child remains qualified for the Canada Learning Bond, the child will: L% A- j) ~9 N& n! ?* |
continue to receive $100.00 in each subsequent year in Canada Learning Bond3 a& g3 h" y) r* i+ w. H
installments. The Federal Government projects that the Canada Learning Bond will
# i( V6 M' Q2 T. T3 zcarry a cost of up to $85 million this year and up to 120,000 children will benefit& g4 B$ ]- x. s$ g
from the program2. The government says a child living in a low-income household# D7 e& c' H6 @2 m3 K7 H$ P
could receive up to $2,000 for their education.& p8 B' i9 ^8 F$ ]1 K9 u! o+ i0 ?& L
Additionally, in terms of post-secondary education and low-income families, the
r3 J/ [8 a; S0 b( g# Ggovernment has introduced a new one-time grant of up to $3,000 for first-year
1 v0 y8 I: `5 D$ \" sstudents whose family income hovers around $35,000 or less a year.. R2 s1 u6 `3 z2 c
Alberta Centennial Education Savings Plan Act/ X, k1 k) e; @
During the 2004 Spring Sitting, the Alberta Government introduced and* N& [0 ~3 x5 Q* E
subsequently passed the Alberta Centennial Education Savings Plan Act. The$ U( h* e+ X) l4 x; \* V
program created by the Act is available only to residents of Alberta who have" D8 ^5 K: X0 C9 a/ [ z
children born after January 1, 2005 (Alberta’s Centennial). The program, at first# s4 F# Q; z& @( `. e6 `, Q
glance, seems quite simple in scope but it does have many intricate details that,
8 ^4 O7 a8 f5 L- C7 \once communicated, reveal a complicated program that relies on proactive parents, q2 j0 c$ i$ U9 z6 i7 ]& |3 R
to absorb the full benefit of the program.
$ C: i4 W4 C" ~6 AAlberta residents, who have a baby born on January 1, 2005, or after, will be! ]5 E0 g" e: |
eligible for a $500.00 grant toward the baby’s established RESP. The grant will6 x+ G* u7 j. q) [0 ~
only be awarded if a RESP is established within the first year of the baby’s birth
, G" P `. h0 W" s7 O4 s(though Alberta Learning is looking to extend this deadline to two years or, albeit
% D5 z) v5 `0 ]. }unlikely, extending the deadline until the baby has reached their first year of
( b5 S( i! }% \6 Q4 [2 wschooling). Should a year elapse and the parents do not arrange an RESP account,$ w5 P( ]: }- u8 ?
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent
0 r% `" J0 w2 M: v: y: `) q# O$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of8 g" j" X; a1 O7 H" ^
those grants will require parents to provide matching dollars to qualify. These
! H' Z5 i, n* X& S( @' q6 ?grants are awarded with the same limitations and restrictions as the initial $500.00: B, }8 b$ z# d! o2 c' m
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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