A few basic steps by their family can connect B.C. children with a $1,200 kick-start to their education savings and make their future education more affordable.

Minister of Education Mike Bernier was joined by representatives from Island Savings, a division of First West Credit Union, at the legislature today to show the simple steps a parent, grandparent, or other family member can take to apply for a B.C. Training and Education Savings grant.

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.

As well, through Budget 2016, government is investing $39 million to extend the BCTESG to eligible children born in 2006. The families of these 40,000 additional eligible children will be able to apply for the grant later this year.

Since the launch of the B.C. Training and Education Savings Grant in August, more than 9,000 applications have been approved for a total of $8.1 million in grants. B.C.’s credit unions, with more than 350 branches, were the first major financial institutions to offer the BCTESG. BMO Bank of Montreal was the first bank to sign on so people could apply for the grant in their 100 branches.

(flickr.com)

Quote:

Mike Bernier, Minister of Education –

“The B.C. Training and Education Savings Grant is a great way to help make opportunities grow for B.C. students and help them achieve their goals. The grant kick-starts a child’s education and soon even more children will be eligible.”

Colin Nicol, vice president, Advisory Services, Island Savings, a division of First West Credit Union –

“Programs like the B.C. Training and Education Savings Grant make a real difference in the financial lives of children and families across the province - a mandate we share at Island Savings and are happy to support with our members as a core part of each family’s personal education savings plan."

Quick Facts:

• 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.
• Each year more than 42,000 B.C. children may be eligible to receive the grant

Learn More:

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

A complete list of participating financial institutions is at:
http://www2.gov.bc.ca/gov/content/education-training/k-12/support/bc-training-and-education-savings-grant/list-of-participating-credit-unions

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