Closure of the Alberta Centennial Education Savings (ACES) Plan

Purpose

To inform RESP Providers about the closing of the ACES Plan.

Background

On March 26, 2015, the Government of Alberta announced the closing of the Alberta Centennial Education Savings (ACES) Plan.

Key Dates

• March 31, 2015 – The last eligibility date for the ACES Plan grants. This means that children born after March 31, 2015, will not be eligible for the $500 grant. In addition, children who turn 8, 11 or 14 years of age after March 31, 2015, will not be eligible for the subsequent $100 grants.
• April 1, 2015 – Subscribers will no longer be able to request ACES Plan grants to be reclaimed when transferring to a non-offering promoter for the purpose of reapplying for it again at a future date. However, it should be noted that reapplications for reclaimed ACES Plan grants requested before April 1, 2015, will continue to be processed.
• July 31, 2015 – The last day a subscriber can submit a completed ACES Plan grant application form to their promoter.
• September 30, 2015 – The last date a promoter can process transaction requesting ACES Plan grants. These transactions must be submitted through the federal government’s secure electronic processing system by October 6, 2015.
• September 30, 2015 – The last date a request for ministerial review can be submitted for the ACES Plan grants (including all supporting documents); October 30, 2015, is the last day for a decision to be rendered.
• January 1, 2016 – All ACES Plan grants held into an RESP must be converted into accumulated income on that day.
• January 7, 2016 – The cut-off date for submitting any ACES Plan grants reporting transactions (EAPs, transfers, repayments and termination adjustments) through the federal processing system.

Until January 1, 2016, all other rules regarding the administration of the ACES Plan remain in force as indicated in the RESP Provider User Guide.

Next Steps

Further instructions on converting the ACES Plan grants into accumulated income will follow.

Because subscribers will no longer be able to apply for ACES Plan grants after July 31, 2015, we ask that any related promotional materials, including website references and promotional cards, be discontinued by that date.

Contact Us

If you have any questions on this Information Bulletin, please contact us by e-mail at cesp-pcee@hrsdc-rhdcc.gc.ca or call 1-888-276-3624.

Our hours of operation are from 8 a.m. to 5 p.m. Eastern Standard Time.