More Alberta parents are starting a Registered Education Savings Plan for their newborns as a result of the Alberta Centennial Education Savings Plan (ACES), reports Canadian Scholarship Trust Foundation, at the one-year anniversary of the ACES program.

In 2005, close to 1,600 newborns in Alberta were eligible for the ACES grant through enrolment in a Canadian Scholarship Trust Plan – a 29% jump from 2004. Through these grants, the Alberta government contributed close to $800,000 towards the newborns’ higher education.

“The ACES plan is an incredible opportunity for parents to supplement an RESP. Every dollar put towards a child’s education will make a difference,” said Peter Lewis, vp, Canadian Scholarship Trust Foundation.

The ACES program launched in January 2005. Children born in Alberta in 2005 and beyond are eligible for $800 in grants. Parents receive an initial $500 to kick start their RESP, with an additional $100 for children enrolled in school in Alberta when they reach the ages of 8, 11 and 14.

Under a legislative amendment passed in the fall of 2005, any 8, 11 or 14 year old Alberta student can receive the $100 grant, even if they were born before 2005, provided parents invest at least $100 in an RESP before applying for the grant.

The Alberta government has noted that approximately 120,000 children born prior to January 1, 2005 will be eligible for the $100 supplemental grant when they turn 8, 11 and 14 years of age.

Alberta is the first province to offer a post-secondary education savings incentive program.