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Frequently asked questions
When does the Alberta Centennial Education Savings Plan begin?
The plan is effective January 1, 2005.
What is the Alberta Centennial Education Savings Plan?
The Alberta Centennial Education Savings Plan is an incentive for parents to begin planning and saving for their children's education as early as possible.
Under the Alberta Centennial Education Savings Plan, the Alberta government will contribute $500 to the registered education savings plan (RESP) of every baby born to an Alberta resident in 2005 and beyond.
Subsequent grants of $100 will be available to children enrolled in school in Alberta at age 8, 11 and 14 beginning with children born in 2005 whose parents are residents of Alberta.
Who is eligible for the Alberta Centennial Education Savings Grant?
All children born in 2005 and beyond to Alberta residents, or born in 2005 and beyond and adopted by Alberta residents, are eligible for the grant.
Children born or adopted outside of Alberta, whose parent(s) or guardian(s) later become Alberta residents are eligible for the grant.
The child will need to have a Registered Education Savings Plan (RESP) account, and have an application submitted on their behalf for the grant funds.
Applications must be received by the time the child turns two years old.
Subsequent grants of $100 will be available to children enrolled in school in Alberta at age 8, 11 and 14 beginning with children born in 2005 whose parents are residents of Alberta.
The first $100 grants will be issued in 2013.
A child will not have to receive previous grants in order to qualify for subsequent grants.
These subsequent grants will require a minimum matching deposit to the RESP of $100.
How do I apply for the Alberta Centennial Education Savings Grant?
To apply for the Alberta Centennial Education Savings Grant, parents and guardians, who are Alberta residents, will need to:
Who can open an RESP for a child?
The rules and regulations set out by the Canada Revenue Agency (CRA) allow for parents, relatives and friends to open an RESP for a child.
These rules may be found by visiting http://www.cra-arc.gc.ca/tax/registered/resp/menu-e.html.
For frequently asked questions about RESPs and the Canada Education Savings Grant, visit http://www.hrsdc.gc.ca/en/gateways/topics/cgs-fqf.shtml.
Will I need to match government contributions?
The purpose of the Alberta Centennial Education Savings Plan is to encourage parents and guardians to contribute to and plan for their children's education.
There will not be a specific requirement to match the initial grant of $500 but there may be a minimum contribution required to open an RESP.
Different RESP plans have different requirements, so check with your RESP provider.
Future $100 grants that are available when the child turns 8, 11 and 14 will require a minimum matching deposit to the RESP of $100.
How will I be notified about the grant?
Information about the Alberta Centennial Education Savings Plan certificate and RESPs will be sent to the birth or adoptive parent of each child born in Alberta, beginning in 2005.
Vital Statistics will mail the information to families after a birth or adoption has been registered.
Information will also be available through RESP providers and advertising.
Beginning in 2013, students aged 8, 11 and 14 who are eligible to receive the $100 grant will be informed about the program through their schools.
How will the funds be deposited into the RESP account?
The governments of Alberta and Canada are working together to administer the grant payments.
Once the federal government receives notification that an individual has opened an RESP account and applied for the Alberta Centennial Education Savings Grant, the grant funds will be deposited into the RESP account.
Further inquiries should be directed to the RESP provider or the federal government by calling the Canada Education Savings Grant Program of Human Resources and Skills Development Canada at 1-888-276-3624.
What type of post-secondary education can the funds be used for?
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A university, college or other educational institution in, or outside of Canada. |
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An educational institution in Canada certified to provide courses that give a person occupational skills or improve a person's occupational skills, including apprenticeship courses. |
How will this grant benefit my child when they enter post-secondary studies?
The Alberta Centennial Education Savings Plan will provide funding for a portion of the costs associated with post-secondary studies.
More importantly the plan will encourage families to plan and save for their children's post-secondary studies.
What happens if my child does not go on to post-secondary studies?
If the beneficiary has not begun post-secondary studies within 26 years of the RESP being opened, the Alberta Centennial Education Savings Grant portion will be returned to the provincial government; or depending on the type of RESP you've chosen, the funds may be transferable to a sibling.
Why hasn't the $500 grant been deposited into my child's RESP yet?
Parents and guardians are encouraged to contact their bank or RESP provider to follow-up on their application.
If the RESP provided has indicated that everything is in order, any delay is most likely due to the fact that this is the first year of the program.
It may take longer to process applications and deposit the grant into RESPs for the first year.
Why is this program only available to children born in 2005 and beyond?
Like any program of this type, the Alberta Centennial Education Savings Plan must have a defined start date.
As a province, we are committed to both the students of tomorrow and today.
While this investment will have an important impact on future students, it in no way detracts from our commitment to ensure that young Albertans already in or about to enter the Kindergarten to Grade 12 and post-secondary systems enjoy every possible advantage.
Alberta's education system and the results achieved by our students are among the best in the world.
Government is committed to further investment in today's learners and to improving upon our world class learning opportunities.
As a province we must ensure that we respond to the needs of today, but we must also anticipate and take action to meet the needs of tomorrow.
Government's comprehensive learning strategy, which includes the Alberta Centennial Educational Savings Plan, achieves this balance.
How much money is the province investing into the Alberta Centennial Education Savings Plan?
The initial government investment will be approximately $20 million annually, growing to approximately $30 million by 2019.
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