ALBERTA CENTENNIAL EDUCATION SAVINGS PLAN (ACES)

DEFINITION

The Alberta Centennial Education Savings Plan (ACES) was created as an incentive for parents to begin planning and saving for their children’s post-secondary education. The plan has existed since 2005. It provides for 2 distinct grants: an initial $500 grant and three $100 grants.

ELIGIBILITY

To be eligible for the $500 grant:
•    The child named as RESP beneficiary must have been born or adopted after 2005;
•    The child’s parent or guardian must be a resident of Alberta, and usually present in Alberta, at the time of the application;
•    The plan of which the child is a beneficiary must be an individual or family RESP.

To be eligible for a $100 grant:
•    The child’s parent or guardian must be a resident of Alberta, and usually present in Alberta, at the time of the application;
•    The plan of which the child is a beneficiary must be an individual or family RESP.
•    The child must attend school. In most cases, the school must be located in Alberta. However, some schools located outside Alberta may be recognized by the Alberta Ministry of Advanced Education and Technology;
•    Distinct applications for the three $100 grants must be submitted within six years following the child’s 8th, 11th and 14th birthdays;
•    A contribution of at least $100 has been paid into the RESP during the year prior to the application for each subsequent grant.

Before making an application, the parent or guardian must:
•    register the child’s birth;
•    obtain a birth certificate;
•    obtain a SIN for the child.

AMOUNT

The Alberta Ministry of Advanced Education and Technology will pay a basic grant of $500 to the RESP of all children born or adopted by an Alberta resident on January 1, 2005 or subsequently.

Additional amounts of $100 will be available to children when they reach the ages of 8, 11 and 14 after January 1, 2005, who attend a school in Alberta or another school recognized by the Ministry of Advanced Education and Technology.

The Alberta grant program can total up to $800.

OPERATION

If the grant is not paid as an EAP, it must be reimbursed to the government.