To help families start planning and saving early for their children’s education after high school, the Government of British Columbia announced a new $1,200 BC Training and Education Savings Grant. When a B.C. resident child turns six years old, the Province of British Columbia will put $1,200 into the child’s Registered Education Savings Plan (RESP).
Starting immediately, all B.C. children with an RESP and born on or after January 1, 2007 will be entitled to receive the BC Training and Education Savings Grant.
Here’s what B.C. families need to do:
- Open an RESP account at your financial institution before the child turns seven years old (or by February 28, 2014 for children born in January or February 2007).
- No matching or additional contributions are required
By opening an RESP account, not only is the child entitled to $1,200 dollars from the Province of British Columbia, they can also access similar education savings grants from the Government of Canada.
Invested in an RESP, the $1,200 grant will grow over time, making it easier for B.C.’s children to pursue the careers of their choice.
Having an RESP in place also makes it easier for parents, grandparents, aunts, uncles and even the children themselves save money for the future. The sooner you create an RESP, the sooner your savings can start to grow and earn interest for your child.
For more information on the BC Training and Education Savings Grant, please read the Frequently Asked Questions, contact the BC Ministry of Education via the email form on this site or call 1 888 879-1166, Monday to Friday, 8:30 a.m. to 4:00 p.m. (PDT).
Learn more about how Budget 2013 invests in B.C.’s families and education, here: