With our first child on the way, I’ve been looking into Registered Education Savings Plans (RESPs) with a plan of making the $2,500 annual contribution necessary to receive the maximum Canada Education Savings Grant (CESG) of $500 each year. While researching this, I found out about another grant called the Alberta Centennial Education Savings (ACES) Plan.
At birth, the Alberta Centennial Education Savings, or ACES, will pay $500 into the RESP of any child, born 2005 or later, who has at least one parent who is a resident of Alberta. You are not required to match this grant, though you may have a minimum contribution required by the bank to open an RESP.
When your child turns 8, 11 and 14, they may also be eligible for a ACES grant of $100. These grants require that the child is attending school and that you have contributed $100 to the RESP within the year prior to the application.
While the CESG provides a maximum of $7,200 in grants into your child’s RESP, the additional $800 in ACES grants from the Government of Alberta is an extra incentive to get parents investing in their children’s future education. While this grant may only be available to residents of Alberta, readers from other provinces may want to write their local MLA to suggest a similar program to encourage further education in their province.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Sounds like a great enhancement to the already wonderful benefits of an RESP. Too bad other provinces don’t offer similar grants! It really shows Alberta’s commitment to post-secondary education.
[...] Alberta Centenial Education Savings (ACES) by Canadian Finance Blog [...]
I am a grandparent residing in Nova Scotia and contributing to my granddaughters RESP. My 11 year old granddaughter resides and attends school in Calgary Alberta and lives with her father. Is she eligible for the Alberta Centennial Education Savings Plan Grant?? Please advise