AR 95/2008 ALBERTA CENTENNIAL EDUCATION SAVINGS PLAN REGULATION (no amdt)
ALBERTA REGULATION 95/2008
Alberta Centennial Education Savings Plan Act
ALBERTA CENTENNIAL EDUCATION SAVINGS PLAN REGULATION
Table of Contents
                1       Interpretation
                2       Application
                3       Time of application
                4       Contribution
                5       Residency
                6       Beneficiary limitation
                7       Trustee agreements
                8       Use of grant
                9       Repeal
              10       Expiry
Interpretation
1(1)  In this Regulation,
                                 (a)    “Act” means the Alberta Centennial Education Savings Plan Act;
                                 (b)    “sibling” means a brother or sister of an eligible child or eligible student, as the case may be, who is related by blood, marriage or adoption, or by virtue of an adult interdependent relationship. (2)  For the purpose of section 1(1)(a)(iii) of the Act, “eligible child” means a child born in 2005 or any subsequent year and adopted by a resident of Alberta.
(3)  For the purpose of section 1(1)(b)(ii) of the Act, “eligible student” means a child who, at the relevant time,
                                 (a)    is enrolled in an education institution satisfactory to the Minister, and
                                 (b)    has a parent or guardian, as the case may be, who is a resident of Alberta.
(4)  For the purpose of the Act, “ordinarily present in Alberta” includes a person whose home ordinarily is in Alberta but who leaves Alberta for a period of up to 12 months or a longer period approved by the Minister and intends to return to Alberta at the end of that period.
(5)  Unless the contrary intention appears, an expression defined in section 146.1 of the Income Tax Act (Canada) has the same meaning in this Regulation.
Application
2   An application for a grant under section 2 or 3 of the Act must be accompanied with
                                 (a)    evidence satisfactory to the Minister that the grant may be paid, and
                                 (b)    any other information required by the Minister for the purposes of administering the Act.
Time of application
3(1)  A grant shall not be paid under section 2 or 3 of the Act unless a trustee of a registered education savings plan submits an application in accordance with section 2 to the Minister
                                 (a)    within 3 years of the request to the trustee to make the application, and
                                 (b)    within 6 years of the applicable birthday of the eligible child or eligible student.
(2)  Despite subsection (1)(a), a grant may be paid with respect to an eligible student for an applicable birthday that occurred between January 1, 2005 and December 31, 2006 if the trustee of a registered education savings plan submits an application in accordance with section 2 to the Minister
                                 (a)    within 3 years of the request to the trustee to make the application, and
                                 (b)    within 6 years of January 1, 2007.
(3)  The Minister may extend the times referred to in subsection (1) if the Minister is satisfied there is a compelling reason to do so.
Contribution
4   A grant shall not be paid under section 3 of the Act unless a minimum of $100 was deposited into the eligible student’s registered education savings plan for each grant being applied for within the year immediately preceding the application.
Residency
5   A grant shall not be paid under section 2 or 3 of the Act unless a parent or guardian of the eligible child or eligible student
                                 (a)    was a resident of Alberta at the applicable birthday, or
                                 (b)    is a resident of Alberta at the time of application.
Beneficiary limitation
6   A grant shall not be paid under section 2 or 3 of the Act into a registered education savings plan unless
                                 (a)    the plan has only one beneficiary, or
                                 (b)    all the beneficiaries of the plan are siblings.
Trustee agreements
7(1)  If an agreement is made under section 5 of the Act with the Government of Canada, a reference to “Minister” in this section means the Minister of the Government of Canada responsible for the agreement.
(2)  A grant shall not be paid under section 2 or 3 of the Act into a registered education savings plan unless a trustee of the plan enters into an agreement with the Minister with respect to the plan.
(3)  An agreement may include the following terms and conditions:
                                 (a)    the trustee shall provide the Minister with information that the Minister requires for the purposes of this Regulation;
                                 (b)    the trustee shall maintain records and books of account that relate to the payment of grants in such form and containing such information as the Minister requires to enable the Minister to determine whether grants will be paid or are required to be repaid;
                                 (c)    the trustee shall allow the Minister access to all documents and other information related to registered education savings plans that the Minister requires for grant audit purposes;
                                 (d)    the trustee shall report to the Minister
                                           (i)    all withdrawals and transfers from the registered education savings plan relating to grant money, and
                                          (ii)    any other information relating to the registered education savings plan that is specified in the agreement;
                                 (e)    the reporting referred to in clause (d) shall be done annually or within such shorter period that is set out in the agreement;
                                  (f)    the trustee shall submit all information to the Minister in a form and manner that is acceptable to the Minister.
Use of grant
8(1)  In this section,
                                 (a)    “eligible alternate beneficiary” means a beneficiary named in a registered education savings plan who is a sibling of the eligible beneficiary;
                                 (b)    “eligible beneficiary” means a beneficiary who has received a grant.
(2)  If any of the circumstances referred to in subsection (3) occur, the grant received shall be repaid to the Crown in right of Alberta
                                 (a)    by the trustee on behalf of the subscriber if the registered education savings plan contains sufficient funds, or
                                 (b)    if there are insufficient funds, by the subscriber or beneficiary.
(3)  The circumstances for the purpose of subsection (2) are as follows:
                                 (a)    the registered education savings plan to which the grant was deposited is terminated and the grant was not paid out as part of an educational assistance payment to the eligible beneficiary or an eligible alternate beneficiary;
                                 (b)    the registration of the registered education savings plan to which the grant was deposited is revoked;
                                 (c)    the grant or a portion of the grant was withdrawn from the registered education savings plan and not used as an educational assistance payment by the eligible beneficiary or an eligible alternate beneficiary;
                                 (d)    the grant money will not be used as an educational assistance payment by the eligible beneficiary or an eligible alternate beneficiary;
                                 (e)    an application under section 2 contained false information.
(4)  The amount of the grant to be repaid under this section is a debt to the Crown in right of Alberta.
Repeal
9   The Alberta Centennial Education Savings Plan Regulation (AR 248/2004) is repealed.
Expiry
10   For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on November 30, 2015.