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The ACES Program will contribute a grant of $500 toward the Registered Education Savings Plan (RESP) of every child born to or adopted by Alberta residents on or after January 1, 2005. Subsequent ACES grants of $100 will be avaialble to students attending school in Alberta at ages 8, 11 and 14, with the first $100 grant being issued in 2013. To receive the $500 grant, a matching contribution is not required. However, to receive the subsequent $100 grants, a deposit of $100 into the RESP is required during the previous year.
You may apply for the ACES grant at your local Scotiabank branch. For each beneficiary that you set out as eligible on the application for grant, we will apply to the ACES Program on your behalf. Any ACES grant received by Scotiabank will be paid into your Scotia RESP and invested on a pro-rata basis according to your current asset mix.
What You Need
Before applying for the ACES grant on behalf of a child, the parent or guardian must:
- obtain a Social Insurance Number (SIN) for the child; and
- open an RESP for the child
To obtain a SIN, you may get an application from your local Scotiabank branch or Human Resources and Skills Development Canada office. You can also download the form in PDF format from the Human Resources and Skills Development Canada website.
During the application process for both the initial grant and the subsequent grants, documentation must be shown to the RESP promotor which proves the parent or guardian is a resident of Alberta. Here are some of the accepted forms of documentation:
- a drivers licence
- an Alberta photo ID card
- an Alberta Health Insurance Card
- bank statements, utility bills or rental agreements that state the individual's address
Special Considerations
For an RESP to be eligible for the ACES payments, the plan must be:
- An Individual Plan; or
- A Family Plan in which all beneficiaries are siblings
Eligibility
Every child born to or adopted by an Alberta resident on or after January 1, 2005 is eligible to receive the ACES grant.
Transferring the ACES Grant
In addition to the Income Tax Act (ITA) requirements, ACES grants can only be transferred providing:
- Receiving plan is an Individual Plan for the same beneficiary; or
- Receiving plan is a Family Plan that holds beneficiary and only siblings of that beneficiary
Timelines to Apply for the ACES Grant
- For the initial ACES grant of $500, the application for grant must be made within two years of the child's date of birth.
- For subsequent ACES grants of $100, applications must be made within two years of the beneficiary's applicable birthday.
RESP Maximum Contribution Amount
The maximum lifetime contribution allowed per beneficiary is $42,000. The annual maximum is $4,000. The ACES grant is not included in calculating your annual and lifetime contributions.
Maximum ACES Grant
The maximum lifetime amount of the ACES grant is $800.
Using the ACES Grant
The ACES grant and any income that the ACES grant generates will be paid out to the beneficiary when he or she is enrolled at an eligible post-secondary institution. You can obtain a published list of approved educational institutions and courses from your Provincial Ministry of Education or your local tax services office.
What if my child decides against post-secondary education?
Additional information about the ACES is available on the Government of Alberta website.
To find out more
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