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Thanks, here are details.
Canada Learning Bond8 Z$ |: ^8 Y" a+ V
The Federal Government, in the 2004 Budget, introduced the Canada Learning* a, b" `+ D! I& `7 F
Bond. The Bond is aimed at helping low-income families save for their children’s2 `: U# G. Z1 E3 ]8 X8 I# J) t
post-secondary education pursuits. Beginning in 2004, each child born to lowincome* w; X% s+ a* Y: m: ~4 G2 Z5 |' p
families, those earning $35,000 or less and who are also entitled to receive
/ S+ D5 m* w0 T2 s, Pthe National Child Benefit, will receive a $500 Canada Learning Bond.2 J2 |) H9 g: X6 g
Assuming a child remains qualified for the Canada Learning Bond, the child will
8 l4 i: x1 z% u: p I! }# hcontinue to receive $100.00 in each subsequent year in Canada Learning Bond0 }1 ]! f9 G s: Z+ }$ S& b& x9 Z
installments. The Federal Government projects that the Canada Learning Bond will9 B5 `, Z' J( o- p- e3 c
carry a cost of up to $85 million this year and up to 120,000 children will benefit
3 @, y% R/ z' D8 ` B& I# \ q1 Hfrom the program2. The government says a child living in a low-income household6 p E" o/ L; {) q% L# n9 p0 \
could receive up to $2,000 for their education.
5 |7 \, [; g* i! iAdditionally, in terms of post-secondary education and low-income families, the
2 j5 ~7 R9 @# Z( f! `! Ogovernment has introduced a new one-time grant of up to $3,000 for first-year
# J; ^# K t* P! [- a0 _4 K( ustudents whose family income hovers around $35,000 or less a year.. p4 }) b! l/ w, M5 I# E! G
Alberta Centennial Education Savings Plan Act( P) B1 V$ S- X8 j6 m1 v
During the 2004 Spring Sitting, the Alberta Government introduced and
2 x4 w) ~" S' h- } l, h2 m: e) ~subsequently passed the Alberta Centennial Education Savings Plan Act. The
) B; ^- x' z7 ]# `; lprogram created by the Act is available only to residents of Alberta who have3 q5 P8 q& U4 F7 F+ `; A
children born after January 1, 2005 (Alberta’s Centennial). The program, at first* b( \3 h. U9 G
glance, seems quite simple in scope but it does have many intricate details that,
9 q% ^5 ?7 l) c' i3 }& lonce communicated, reveal a complicated program that relies on proactive parents8 v0 X, O. O' T" j5 A1 c
to absorb the full benefit of the program., U2 J3 W& p) V
Alberta residents, who have a baby born on January 1, 2005, or after, will be0 \7 d' F; e& W- S; c" o
eligible for a $500.00 grant toward the baby’s established RESP. The grant will
7 n$ h$ ~' f- x; O5 W, m Donly be awarded if a RESP is established within the first year of the baby’s birth
: v/ \8 y- _4 ]! c, l(though Alberta Learning is looking to extend this deadline to two years or, albeit8 t) t, j. ?4 W/ J
unlikely, extending the deadline until the baby has reached their first year of
- H7 C+ b" k) _# }2 Cschooling). Should a year elapse and the parents do not arrange an RESP account,+ x- U9 f P( N, U
for the baby, then the baby will not receive the $500.00 grant, period. Subsequent) [6 e# x2 H+ o
$100.00 grants are awarded when the child reaches grades 3, 6 and 9. Each of
5 _7 F7 P& A% `! g0 a' ?3 {( \those grants will require parents to provide matching dollars to qualify. These# F1 X) ?6 A. X1 D* a, v9 d& Y
grants are awarded with the same limitations and restrictions as the initial $500.00& B ]" D5 p; N7 Q2 n8 g0 n
grant. Potentially, an RESP could receive up to $800.00 in Provincial grant money. |
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