Education and Child Care
Parents, grandparents and guardians have one more place to kick start education savings and apply for a $1,200 B.C. Training and Education Savings for their child or grandchild’s future – RBC Royal Bank.
Education Minister Mike Bernier and RBC’s B.C. regional vice president, South Vancouver, Richmond and Delta, George Tsamis announced today that people can now apply for the grant at RBC Royal Bank’s 174 B.C. locations.
Bernier also announced today that the date that children born in 2006 will be eligible to apply at participating financial institutions is set for Aug. 15, 2016. Through Budget 2016, government is investing an extra $39 million to extend the grant to the 46,000 children born in 2006.
(flickr.com) Currently, eligible children must have been born in 2007 or later, and they must be a resident in B.C., along with a parent or guardian.
Starting to save for post-secondary education only takes three easy steps: obtain a Social Insurance Number for the eligible child, open a Registered Education Savings Plan at a participating financial institution, and apply for the grant. Families have three years to submit an application for the grant when their child becomes eligible.
Nine months after launching the grant, more than 20,000 young British Columbians have already received $1,200 for their future, for a total of over $21 million.
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.
(flickr.com) Quotes:
Mike Bernier, Minister of Education –
“As families look towards summer break, it’s the perfect opportunity to plan for their children’s future. Applying for the grant only takes three easy steps. My hope is every eligible child in the province applies and receives the $1,200 kick-start for their post-secondary education.”
Teresa Wat, Minister of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism –
“This $1,200 grant benefits children, parents, and the education industry. It also benefits the whole province, as our growing economy needs young British Columbians who have found their fit and are well-trained at post-secondary institutions. Our government is investing in children today and it will surely create a positive impact in the development of our future economy.”
John Yap, MLA for Richmond-Steveston
“Post-secondary education is good investment, helping students to create greater professional options and opportunities, yet it can be a burden for people who lack long-term financial planning. The $1,200 B.C. Training and Education Savings Grant encourages families to start planning for their children’s future.”
George Tsamis, regional vice president, South Vancouver, Richmond and Delta, RBC Royal Bank –
“A post-secondary education is one of the greatest gifts you can give a child. Whatever your child wants to be when they grow up, an RBC advisor can work with you to design a strategy and a plan that works for your family and your young scholar's needs.”
Rose Duke, mother of Tiger, eligible for the B.C. Training and Education Savings Grant –
“We’re thrilled that the B.C. Training and Education Savings Grant provides $1,200 for Tiger’s post-secondary education – whatever path he chooses. Planning ahead is key and RBC is making the process easy. The grant is a fantastic kick-start to further RESP contributions.”
- 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.
- The grant is currently available at BMO Bank of Montreal, Scotiabank, RBC Royal Bank, HSBC Bank of Canada, B.C. credit unions and an additional 29 promoters.
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
For more information on how to open an RESP, visit: www.canlearn.ca
To find your local RBC Royal Bank branch, visit: www.rbcroyalbank.com
