Notice #631 - Update on the Closure of the Alberta Centennial Education Savings (ACES) Plan

Official title: Update on the Closure of the Alberta Centennial Education Savings (ACES) Plan

Disclaimer: RESP promoters

The information contained on this page is technical in nature and is intended for Registered Education Savings Plan (RESP) and Canada Education Savings Program promoters. For general information, visit the RESP section.

Information bulletin

Number:

CESP/PCEE-2015/16-002-631

Date:

July 10, 2015

Subject:

Update on the Closure of the Alberta Centennial Education Savings (ACES) Plan

Purpose

To provide clarification to RESP Providers about the details concerning 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.

Date reminder

The Government of Alberta has confirmed that the closure of the Alberta Centennial Education Savings (ACES) Plan is continuing as announced on March 26, 2015.

In preparation for the closure, promoters are reminded that July 31, 2015, is the final day they can accept a completed ACES Plan grant application form from an RESP subscriber. In addition, September 30, 2015, serves as the last day a promoter can process a transaction requesting ACES Plan grants through the federal government’s secure electronic processing system. For more information and key dates, please refer to the Information Bulletin #619, dated March 26, 2015.

Clarification on conversion requirement

Some promoters have identified operational challenges regarding the implementation of the conversion requirements. To address these concerns, promoters are advised that the conversion of ACES Plan grant amounts held in RESPs into accumulated income must take place on or after January 1, 2016. As of this date, the conversion is required prior to the initiation of a transaction where ACES Plan grants previously existed.

Future supporting documents

Promoters are also advised that a new questions and answers document will be sent in the coming weeks and a draft of the revised Interface Transaction Standards (ITS) will be sent by September 2015. It should be noted that no significant modifications for providers are anticipated for the revised ITS.

Contact us

If you have any questions regarding this Information Bulletin, please contact us by e-mail at cesp-pcee@hrsdc-rhdcc.gc.ca or call at 1-888-276-3624. Our hours of operation are from 8 am to 5 pm Eastern Standard Time.

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