Education Minister Mike Bernier welcomed the 30,000th application for the $1,200 B.C. Training and Education Savings Grant (BCTESG) less than one year since the program went live.

The grant puts British Columbians first by helping families kick-start their savings for post-secondary education and helping make that education more affordable and accessible.

The minister was on hand with financial partner BMO at the B.C. Legislature today for the application by the Blokmanis family for their 6-year-old daughter Rowen, who became the 30,000th applicant for the BCTESG.

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Applying 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.

People can apply for the grant at financial institutions throughout B.C., including BMO Bank of Montreal, Scotiabank, RBC Royal Bank, HSBC Bank of Canada, BC credit unions and an additional 36 promoters. So far the province has funded more than $33 million worth of grants under the program.

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Starting Aug. 15, 2016, children born on or after Jan. 1, 2006, will be eligible to apply for the grant. Through Budget 2016, government is investing an extra $39 million to extend the grant to children born in 2006. Currently, eligible children must have been born in 2007 or later. All children must be residents of B.C., along with a parent or guardian.

There are no barriers for low-income families applying for the grant 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.

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Quotes:

Mike Bernier, Minister of Education –

“What 30,000 applications means is 30,000 kids have a head start in making the post-secondary education more affordable. As we near the first anniversary of the B.C. Training and Education Savings Grant, it’s fantastic to see so many families have already applied for their $1,200. This summer is the ideal time to visit your local participating financial institution, open a RESP, and kick-start your child’s post-secondary education savings.”

Michael Bonner, senior vice-president and regional head, British Columbia and Yukon, BMO Bank of Montreal –

“Nearly one year since this important program was launched, it’s encouraging to know that 30,000 families from throughout the province are one step closer to securing their children’s educational future by applying for the B.C. Training and Education Savings Grant. As the first major financial institution to facilitate this program, we’re here to help the next 30,000 families do the same.”

Norah White, parent of 30,000th applicant for B.C. Training and Education Savings Grant –

“I am grateful that the Province recognizes post-secondary education as a priority. As a family, it’s daunting to balance the cost of daily living, let alone set aside the funds that you know your children will need for their future. The grant is a gift and a reminder to keep planning ahead, and to plan early so your investment can grow."

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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.

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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 BMO branch, visit: www.bmo.com