Starting today parents and grandparents have a new place to apply for the $1,200 B.C. Training and Education Savings Grant that makes post-secondary and skills training more accessible.
Minister of Education Mike Bernier and BMO senior vice-president and regional head for British Columbia and Yukon division Michael Bonner announced today that people can now open a Registered Education Savings Plan (RESP), apply for the $1,200 grant, and invest in their child’s future at BMO Bank of Montreal’s 100 B.C. locations.
To be eligible for the $1,200, children must have been born in 2007 or later, and they must be resident in B.C., along with a parent or guardian. Families have three years to submit an application for the grant when their child becomes eligible.
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 children in care have access to equivalent funds for training and education through a trust fund.
Since the launch of the B.C. Training and Education Savings Grant in August, more than 7,000 applications have been approved for a total of $8.1 million in grants. BMO is the first bank to offer the grant. Parents can also visit more than 350 credit union locations in B.C. to access the grant.
More than 42,000 B.C. children may be eligible to receive the grant each year. Parents, grandparents and loved ones can apply for the grant if they open a RESP at a participating financial institution.
Mike Bernier, Minister of Education –
“Whether your child dreams of becoming an entrepreneur, an engineer or a nurse, post-secondary education will help them achieve their goals. The B.C. Training and Education Savings Grant kick starts your child’s education savings so their opportunities grow and their training is more affordable.”
Sam Sullivan, MLA Vancouver–False Creek –
“As we enjoy time with family this long weekend, I encourage parents and grandparents to take advantage of the B.C. Training and Education Savings Grant. A small amount of work today could amount a large contribution to your child or grandchild’s future education.”
Michael Bonner, Bank of Montreal, senior vice-president and regional head for British Columbia and Yukon division –
“At BMO, we know that children go from pre-school to post-secondary school in what seems like the blink of an eye. We’re here to help ease some of the stress our valued B.C. customers may feel when looking to save for their children’s educations, and are thrilled to be the first major financial institution to facilitate the grant program put in place by the B.C. government.”
Sandra McNutt, grandparent of child eligible for the B.C. Training and Education Savings Grant –
“The B.C. Training and Education Savings Grant is a great opportunity to save for our granddaughter Gianna’s Registered Education Savings Plan. It gives us great pleasure to know that this money will available to her for post-secondary education. Gianna is eight years old and very interested in her science projects and art work. It is wonderful to have a government so focused on helping tomorrow’s leaders achieve their dreams. Our family says thank you for this wonderful gift.”
- The Government of Canada administers the B.C. 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.
For more information on the B.C. 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
To find your local BMO branch, visit: www.bmo.com