As proud parents welcome the first babies of the New Year, all families are reminded that there is no better time than 2015 to start saving for their children’s future.
During a visit to Emily Carr University, Advanced Education Minister Andrew Wilkinson announced that the New Year is kicking off with a major milestone reached in the BC Training and Education Savings Grant (BCTES Grant) program. The Province of B.C. and the Government of Canada have signed the agreement that establishes how Canada will deliver the grant on B.C.’s behalf.
This ensures the B.C. government is on track to contribute the $1,200 BCTES Grant into eligible children’s Registered Education Savings Plans (RESP).
Joined by federal MP Nina Grewal and representatives from Vancouver financial institutions, Wilkinson made the announcement today on behalf of Education Minister Peter Fassbender.
“Post-secondary education or training can unlock a world of opportunity for students,” said Wilkinson. “Families with eligible children can apply for the $1,200 grant later this year to start planning and saving for the future of their children.”
Working with the Government of Canada and financial institutions, B.C. anticipates the grant will be fully implemented in August 2015. At that time families are encouraged to visit a participating financial institution and apply for the BCTES Grant on behalf of their children. Families with children born in 2007 or later and residents of B.C. at the time of the application are eligible to apply for the grant.
The Government of B.C. announced the grant in Budget 2013 to help families start planning and saving early for their children’s education after high school. No matching or additional contributions are required to access the grant. However, an RESP must be in place with a participating financial institution. In addition, children and youth formerly in government care through the Ministry of Children and Family Development will have access to a trust to pursue similar goals.
The Government of Canada administers the Canada Education Savings Grant and the Canada Learning Bond. Alberta, Saskatchewan and Quebec offer similar provincial grant programs.
For more information on how to open an RESP, please visit: www.canlearn.ca
For more information on the BCTESG, visit: http://www.gov.bc.ca/bctesp
Emily Carr University of Art and Design president Ron Burnett -
“There are exciting opportunities in universities such as Emily Carr for B.C. students - from digital arts to industrial and commercial design. It is never too early for parents to get a jump start to make their kids' dreams and career aspirations come true.”
Honourable Candice Bergen, Minister of State for Social Development -
“We are focused on making life more affordable for hard-working Canadian families. As a federal government, we are proud to do our part to help with the costs of post-secondary education through the Registered Education Savings Plan, the Canada Learning Bond and the Canada Education Savings Grant.”
“With this new partnership in place, youth in British Columbia will be able to gain the skills and training that employers need, ensuring their future success and contributing to Canada’s economic prosperity.”
Peter Fassbender, Minister of Education -
“Most of tomorrow's jobs will require some form of post-secondary education and training. I encourage families to make a New Years’ resolution to start planning and savings for their children’s post-secondary education.”
Member of Parliament Nina Grewal (Fleetwood-Port Kells) -
“It is important that new parents start early to save for their child’s education. I am therefore pleased that our Government is partnering with the Province of British Columbia on the BC Training and Education Savings Grant program. By taking advantage of this program and the money it provides, parents in our province will be better able to afford the cost of college or university when their children turn 18.”
Government Communications and Public Engagement
Ministry of Education