Post-secondary education and training will be more accessible and affordable thanks to a new $1,200 grant from the provincial government.
As of today, parents and families can go into almost any credit union in British Columbia to kick-start their education savings through the $1,200 B.C. Training and Education Savings Grant. All they need to do for any eligible child is sign up for a Registered Education Savings Plan at a participating branch.
There is no barrier to low-income families since no matching or additional contributions are required to access the $1,200. The Province is also working to ensure that low-income families and children in care are able to tap into the grant.
Education Minister Mike Bernier joined Central 1 Credit Union president and CEO Don Wright to announce that families can go to one of more than 350 credit union branches to apply for an RESP and access the grant.
To be eligible for the $1,200, children must have been born in 2007 or later. Families have three years, or until the day before the child’s ninth birthday, to submit an application for the grant.
The Province is working with other financial institutions so over the coming months they will be able to offer the grant.
Mike Bernier, Minister of Education –
“Families with eligible children will be able to apply for the $1,200 B.C. Training and Education Savings Grant and help their children get a head start in pursuing their dreams. The vast majority of tomorrow's jobs require some form of post-secondary education and training. I’m encouraging families to start planning and savings for their children’s post-secondary education.”
Don Wright, president & CEO, Central 1 Credit Union –
“Saving for a child’s education is one of the most important investments a parent will make. This grant provides a great head start, and we’re pleased that credit unions across B.C. are the first financial institutions in the province able to make the application widely available to families.”
Don Coulter, CEO, Coast Capital Savings –
“The B.C. Training and Education Savings Grant is a long-term investment in youth and their future post-secondary plans. We are thrilled to be one of the credit unions accepting applications for the grant as it supports Coast Capital’s goal to build a richer future for youth. These grants, along with the work we are doing with our community partners, will equip our province's youth at an early age with the knowledge and tools they need for a lifetime of financial well-being.”
- In the next decade more than 78% of job openings will require some form of post-secondary education and training.
- With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 (based on a 3.5% annual growth rate). Growth of funds will depend on the amount invested and actual returns.
- One in three British Columbians are members of a credit union. Central 1 Credit Union is the host organization of the grant for their 42 member credit unions, consisting of 365 branches and more than 550 ATMs throughout B.C.
- The one-time grant of $1,200 per eligible child will be deposited into a Registered Education Savings Plan (RESP) upon approval of the application.
List of Participating Credit Unions
- BlueShore Financial
- Bulkley Valley
- Coast Capital Savings
- Coastal Community
- Columbia Valley
- Community Savings
- Compensation Employees
- East Kootenay
- First Credit Union
- First West Credit Union
- Greater Vancouver Community
- Grand Forks District
- Gulf and Fraser Financial Group
- Interior Savings
- Island Savings
- Kootenay Savings
- Ladysmith & District
- Lake View
- Nelson and District
- North Peace
- Northern Savings
- Salmon Arm Savings
- Sunshine Coast
- Union Bay
- V. P. Credit Union
- Williams Lake and District
For more information on the B.C. Training and Education Savings Grant, call 1-888-276-3624 or visit: www.gov.bc.ca/BCTESG