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Take advantage of education savings opportunities for your children

Are your children eligible for the $1,200 B.C. Training and Education Savings Grant?

  • Nov. 20, 2019 12:00 a.m.

Education Savings Week, from Nov. 18 to 22, 2019, is a reminder that it is time for parents to take advantage of education savings opportunities for their children that will greatly assist with education costs in the future.

Statistics show that almost 80 per cent of job openings in British Columbia over the next decade will require some form of post-secondary education.Now is the time for young families to be preparing for the upcoming costs of education for their children.

Did you know that your family can open a Registered Education Savings Plan (RESP) and the Government of British Columbia will deposit $1,200 into the RESP for your children? Best of all there is no additional money needed from you to receive the $1,200 B.C. Training and Education Savings Grant. This grant is a great assist for parents and families who may not be able to currently afford to put money aside to start an RESP for their children.

Studies indicate that children with RESPs are more likely to pursue higher education. Students can use the money to pay for their education expenses (e.g., books, tools, rent or transportation) in an apprenticeship program, a trade school, college or university.

Don’t let your family be part of the 40 per cent who leave this grant unclaimed.

Applications for the B.C. Training and Education Savings Grant are open to eligible children between six and nine years old. Here are the eligibility deadlines:

* Children born in 2010 have until the day before their ninth birthday to apply.

* Children born in 2011 have until their ninth birthday in 2020 to apply.

* Children born in 2012 have until their ninth birthday in 2021 to apply.

* Children born in 2013 have until their ninth birthday in 2022 to apply.

* Children born in 2014 can start applying on their sixth birthday.

Families are encouraged to check with their local financial institution and ask if they are one of the 56 official promoters of the B.C. Training and Education Savings Grant.

The Government of Canada also offers eligible families with modest incomes up to $2,000 for each child’s RESP from the Canada Learning Bond. As well, the Canada Education Savings Grant matches RESP contributions up to a maximum of $7,200 per child. More information can be found on how to apply for these grants at: www.Canada.ca/education-savings

Learn more about the B.C. Training and Education Savings Grant: https://www.gov.bc.ca/BCTESG

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