for each year they remain eligible. Alberta Centennial Education Savings Grant The Alberta Centennial Education Savings (ACES) grant was introduced in 2005 by the Alberta government to encourage families to begin planning and saving for their children's post-secondary education. The government of Alberta contributes $500 to an RESP for babies born to or adopted by Alberta residents on or after January 1, 2005. The Alberta government then contributes a $100 Alberta Centennial Education Savings Grant to students who are enrolled in school in Alberta, and have turned the age of 8, 11, or 14 in 2005 or later. The provincial government announced in March 2013 that the program would be phased out, but did not provide a final date. The provincial government announced, in March 2015, that the plan is closing in 2015/16 fiscal year. Applicants will no longer be accepted by RESP providers and promoters on or after July 31, 2015. Saskatchewan Advantage Grant for Education Savings The government of Saskatchewan has announced the Saskatchewan Advantage Grant for Education Savings (SAGES) to benefit children in the province. The legislation was to be implemented in 2013. Québec Education Savings Incentive The Québec Education Savings Incentive (QESI) was launched in February 2007 and is a tax measure that encourages Québec families to start saving early for the education of their children and grandchildren. Universitas Financial commissioned a financial study in 2006 recommending the creation of an education savings incentive in Quebec and gave a number of presentations for this purpose to the provincial government. Each year, Revenu Québec can contribute an amount equal to 10% of the net contributions paid into an RESP over the course of a year, up to a maximum of $250. Early withdrawals Any principal contributed to the RESP can be withdrawn at any time by its contributor. In this case, any eligible CESG payments on those contributions must be repaid to the Government. If the beneficiary has also received additional CESG, none of the beneficiaries in the plan will be eligible for additional CESG for the next two years. If the student elects to not attend a post-secondary institution, any accumulated interest may be withdrawn by the contributor; this is called an AIP (Accumulated Income payment). To receive this AIP, the plan must be in place for at least 10 years and all beneficiaries must be over 21 years old. This AIP is taxed as income