Parents, grandparents and guardians now have a new place to save for their child’s future.
Minister of Education Mike Bernier announced today that the $1,200 B.C. Training and Education Savings Grant is now available at Scotiabank’s 126 British Columbia locations.
Bernier was joined by Scotiabank's BC and Yukon Region senior vice president Winnie Leong to officially launch the $1,200 grant and help a young family sign up for a RESP.
Saving for post-secondary and skills training only takes three easy steps:
- Obtain a SIN for the eligible child;
- Open a RESP at a participating financial institution; and
- Apply for the grant.
To be eligible, children must have been born in 2007 or later, and they must be resident of British Columbia, along with a parent or guardian. Families have three years to submit an application for the grant when their child becomes eligible.
Through Budget 2016, government is investing an additional $39 million to extend the grant to eligible children born in 2006. The families of these 40,000 additional children will be able to apply for the grant in late 2016.
There is no barrier to low-income families since no matching or additional contributions are required to access the $1,200. The Province is working to ensure children in care have access to equivalent funds for training and education through a trust fund.
Mike Bernier, Minister of Education –
“Ten months after launching the B.C. Training and Education Savings Grant, more than 14,000 younger British Columbians have already received $1,200 for their future, for a total of $17.6 million. My hope is every eligible child in the province applies and receives this kick-start for their post-secondary and skills training.”
Marvin Hunt, MLA for Surrey-Panorama –
“This is a tremendous opportunity for parents to plan for their children’s education. It provides tomorrow’s students with the widest possible options to pursue a career of their own choosing.”
Winnie Leong, senior vice president, BC and Yukon Region, Scotiabank –
“Scotiabank is proud to work alongside the Ministry of Education to provide our customers with access to the B.C. Training and Education Savings Grant. Saving for your children’s future education costs can often feel overwhelming, and a registered education savings plan is one of the most effective ways to ease some of the stress. Scotiabank financial advisors can help to create a financial plan that works for every family’s unique needs.”
Navdeep Bains, parent of child eligible for the B.C. Training and Education Savings Grant –
“The B.C. Training and Education Savings Grant is a fantastic initiative by government to help parents jumpstart a savings program for their children’s post-secondary education.”
- 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 Scotiabank branch, visit: www.scotiabank.com