Education and Child Care
Make sure you give your kids the gift that keeps on giving this holiday season with the $1,200 BC Training and Education Savings Grant (BCTESG).
The grant will help you start saving now for your child’s post-secondary education and no additional contributions are required.
Applying takes just three easy steps:
- Make sure the child and parent each have a Social Insurance Number.
- Ensure you have a Registered Education Savings Plan (RESP) at a participating financial institution.
- Complete the application at your bank before the eligibility deadline.
To be eligible for the $1,200, children must have been born in 2006 or later. Families have three years, or until the day before the child’s ninth birthday, to submit an application for the grant. Older children born in 2006-2009 have extended deadlines to allow for the same three-year application period.
The Government of B.C. announced the grant in August 2015 to help families save for their children’s post-secondary education. The grant helps make sure students have the opportunity to benefit from British Columbia’s strong and growing economy with the skills and training they need to succeed.
More than 230,000 B.C. children are eligible to receive the grant. Parents, grandparents and guardians can apply for the grant if they open a Registered Education Savings Plan (RESP) at a participating financial institution. RESPs do not require any additional contributions.More than 50,000 applications have been made for the grant since it launched in August 2015.
It is anticipated that in the next decade, about 80% of the job openings in B.C. will require some form of post-secondary education and training. The grant supports this need and BC’s Skills for Jobs Blueprint, a detailed plan that gives students a clear and seamless path from school through to the workplace.
The Government of British Columbia is working with the Government of Canada to encourage all financial institutions to offer the grant.
Quote:
Mike Bernier, Minister of Education –
“I encourage parents, grandparents and family friends to start planning for their loved ones future this holiday season. The grant is easy to apply for and is our way of helping families plan, save and kick-start their children’s post-secondary education.”
Quick Facts:
- The Government of Canada administers the B.C. Training and Education Savings Grant.
- B.C. has the second highest average annual RESP contribution per beneficiary in Canada at $1,708.
Learn More:
For more information on the BC 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
