Cashing in Your Grant
1. How will ACES Plan grant(s) be paid out once my child is enrolled in a post-secondary institution?The ACES Plan grant is paid out as part of an Educational Assistance Payment (EAP) to an eligible beneficiary who is enrolled in a qualifying educational program at a designated post-secondary institution.
Should the grant not be withdrawn through an EAP, the funds must be repaid to the Government of Alberta.
Contact your RESP provider for more information, or visit the
Educational Assistance Payments section on Canada Revenue Agency website for additional guidelines and tax implications.
ACES Plan grants can be used by the beneficiary towards furthering their education at either
- a college, university, technical institute or other educational institution in, or outside, of Canada
- 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
If the beneficiary has not begun post-secondary studies within 36 years of the RESP being opened, the ACES Plan grant portion of the RESP will be returned to the Government of Alberta, or, depending on the type of RESP you've chosen, the funds may be transferable to a sibling.
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