This holiday season, help your children create bright and successful futures with the new $1,200 BC Training and Education Savings Grant.

The Province announced the grant in August to help families save for their children’s post-secondary education. It helps make sure students have the opportunity to benefit from British Columbia’s strong and growing economy with the skills and training they need to succeed.

More than 42,000 B.C children may be eligible to receive the grant. Parents, grandparents and loved ones can apply for the grant if they open a Registered Education Savings Plan at a participating financial institution. Many RESPs do not require any additional contributions. 

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.

More than 4,300 families have applied for the grant since it launched in August. With more financial institutions coming on board, uptake is expected to grow in the coming months. 

It is anticipated that in the next decade, about 80% of the job openings in B.C. will require some form of post-secondary education and training. The grant supports this need and BC’s Skills for Jobs Blueprint, a detailed plan that gives students a clear and seamless path from school through to the workplace.

The Government of British Columbia is working with the Government of Canada and financial institutions to encourage the financial institutions to offer the grant. More financial institutions will be ready to offer the grant in the coming months.

Quotes:

Mike Bernier, Minister of Education –

“The grant is our way of helping parents plan, save and kick-start their children’s post-secondary education. This holiday season, I encourage parents, grandparents and family friends to start planning today for their loved ones future.”

Quick Facts:

• The Government of Canada administers the BC Training and Education Savings Grant.
• With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 in 13 years (based on a 3.5% annual growth rate). Growth of funds will depend on the amount invested and actual returns.

Learn More:

For more information on the BC Training and Education Savings Grant, call 1 888 276-3624 or visit: www.gov.bc.ca/BCTESG

For more information on how to open an RESP, visit: www.canlearn.ca