Alberta Centennial Education Savings Grant (ACES)
There is an opportunity at hand regarding your RESP Account and the Alberta Centennial Education Savings Grant (ACES).
ACES was created as an incentive for parents to begin planning and saving for their children's post-secondary education as early as possible. The plan will contribute $500 to the RESP of every child born to Alberta residents in 2005 and beyond. As well, grants of $100 are available to children who turn 8, 11 and 14 in 2005 and beyond, provided that the children are attending school.
Here is the criteria for eligibility of the $500 grant:
-Have RESP open?
-Parent or legal guardian is an Alberta Resident?
-Proof of Alberta residence? (Driver's licence will do)
-Child born in 2005 or later, or born in 2004 if adopted in 2005 or later? (child must be less than a year old at the time of adoption to qualify for the $500 grant).
And the criteria for the $100 grant:
-Have RESP open?
-Parent or legal guardian is an Alberta Resident?
-Proof of Alberta residence? (Driver's licence will do)
-Child turned 8, 11 or 14 years old on or after January 1, 2005?
-Child is attending school in Alberta?
-Minimum contribution of $100 has been made within one year preceding the grant application?
-Application for ACES $100 being submitted within six years following the child's 8th, 11th, or 14th birthday?
If all the questions are answered affirmative, the child(ren) are eligible for the ACES grant.
Kent says this is money on the table for the taking from the Government of Alberta and that everyone should participate in applying for the grants. We will be sending out grant application forms in coming weeks, I will indicate if I need a new copy of your driver's licence (if our file copy has an expired date). On the application forms I will ask you to fill in the name and location of the school your child(ren) attended at the relevant time.
If you haven't made a contribution in recent years, Kent suggests making the minimum contribution ($100) and you may be eligible to receive $100 in grant.
Please call us if you should have any questions about this.
CLICK HERE to go to Alberta Government's webpage on the subject.
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