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Registered Education Savings Plan

Closure of Alberta Centennial Education Plan (ACES) Grant Program

April 24, 2015

Registered Education Savings Plan (RESP) is a product designed to help parents and guardians fund their children’s post-secondary education. A casualty of the March 26, 2015 Alberta budget was the elimination of ACES Grant. In 2005, the Alberta government introduced the ACES Grant as an add-on to the existing federal grant programs Canadian Education Savings Grants and Canada Learning Bond. These federal grants will remain in place.

Children born in 2005 and subsequent years were eligible for a $500 initial ACES grant and $100 subsequent ACES grants at age 8, 11 and 14 provided the child was enrolled in school and a $100 contribution had been made in the year prior to applying. The last day for eligibility for the ACES grant is March 31, 2015. Children born after March 31, 2015 will not be eligible for the $500 grant. Children who turn 8, 11, or 14 years of age after March 31, 2015 will not be eligible for subsequent grants. Application must be completed within six years after the applicable birth date on which the child is eligible for the grant. Application deadline is July 31, 2015.

If you have minor children, especially children under 6 years old, contact your Christian Credit Union Financial Advisor today to ensure you don’t miss out the ‘free’ grant money. Note: there is no contribution required to obtain the initial $500 ACES grant. Children are required to have a Social Insurance Number in order to open an RESP.

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