More than 60,000 B.C. children will have an additional $1,200 towards their post-secondary education by the end of March, as a result of government’s contribution to the B.C. Training and Education Savings Grant (BCTESG).
Education Minister Mike Bernier joined families and Bank of Montreal representatives today at the B.C. Legislature to celebrate the milestone. The grant puts British Columbians first by helping parents, grandparents and guardians kick-start savings for their children’s future education.
Applying takes just three easy steps:
- Make sure the child and parent each have a Social Insurance Number.
- Ensure the child has a Registered Education Savings Plan (RESP) at a participating financial institution.
- Complete the application at your financial institution before the eligibility deadline.
More than 240,000 B.C. children are eligible to receive the grant. Children born in 2006 or later who are residents of British Columbia are eligible to apply between their child’s sixth and ninth birthday. Older children born in 2006 – 2009 have extended deadlines to allow for the same three-year application period.
The Province announced the grant in August 2015 to help families start saving early 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.
It is anticipated that in the next decade, about 80% of the job openings in British Columbia will require some form of post-secondary education and training. The grant supports this need and B.C.’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.
Mike Bernier, Minister of Education –
“This milestone means 60,000 B.C. kids now have money in the bank for their future education. Government is working hard to make education more affordable and accessible for B.C. families. I encourage all parents, grandparents and guardians to kick-start their child’s post-secondary education savings by visiting their local participating financial institution and opening a RESP today to receive the $1,200 grant.”
Henry Donkers, regional vice-president, BMO –
“The B.C. Training and Education Savings Grant, combined with the benefits of the Registered Education Savings Plan, provides fantastic value for our customers and helps the province’s young people achieve their educational goals. Through partnerships like this between the public and private sectors, we can offer British Columbians real benefits in meeting their financial needs.”
- The Government of Canada administers the B.C. Training and Education Savings Grant.
- B.C. has the second highest average annual personal RESP contribution per beneficiary in Canada at $1,708.
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 a RESP, visit: https://www.canada.ca/education-savings
Bank of Montreal: https://www.bmo.com