CALGARY, June 16, 2015 /CNW/ - On Friday, June 19, Momentum is hosting a Free Money Party to encourage all parents of young children to take advantage of a $500 provincial grant slated for cancelation on July 31.
The Free Money Party will help families open an RESP account before the deadline. All of the big 5 banks will be present along with ATB Financial, Servus Credit Union and First Calgary Financial, ready to open RESP accounts and apply for government grants on the spot. In addition to the ACES grant, families may be eligible for additional federal grants that can total up to $2,500.
"When a child imagines what they want to be when they grow up, every possibility should be open to them regardless of how big or small their parents' pay cheque might be," said Jeff Loomis, Executive Director of Momentum. "To all Calgary families with children under six years of age: If you don't have RESPs open for all your kids, get it done before July 31."
What: Free Money Party, an RESP sign up event
When: Friday, June 19, 2015 from 2:00 pm to 6:00 pm
Where: Momentum, 2936 Radcliffe Dr SE
What to bring: Parents must bring government ID for themselves and their child to open an RESP
Alberta parents who cannot attend the Free Money Party can begin the process of opening an RESP by going to www.GetMyACES.ca or meeting with their bank of choice. RESPs are generally free to open.
The ACES grant cancelation was announced just before the end of the winter legislature session. "At this point we have to assume that the cancellation of the ACES grant will continue despite the change in government," said Mike Brown, Public Policy Coordinator at Momentum. "We want to ensure that all parents are aware of the ending of the ACES program and get their $500 grant before it's too late."
Mayor Naheed Nenshi also encourages parents to take advantage of the ACES grant: "When we speak about a city of opportunity for all Calgarians, that includes access to post-secondary education. Opening an RESP is one way we can personally invest in the future of our children and—by extension—our community."
The soon-to-end grant is a great incentive to begin saving for post-secondary education, says Momentum participant Bibiana Diaz Duran: "[The ACES grant] is a great start! $500 is significant for a lot of families. I would like the grant to continue. The economy might be poor but this money is too important."
Since 2009, Momentum has worked with over 4,000 low income Calgary families and helped to open over 1,200 RESP accounts at financial institutions across the city.
For further information: Media inquiries may be directed to: Mike Brown, Public Policy Coordinator, 403-204-6184 or 403-605-5835, [email protected]; Odette Coleman - [email protected], On Behalf of Smartsaver, 416 315 6343, [email protected]