Do you have young children or grandchildren? You can help create successful futures for them by accessing the B.C. Training and Education Savings Grant to kick-start their post-secondary education savings.
To be eligible for the $1,200, children must have been born in 2007 or later, and they must be resident in B.C., along with a parent or guardian. Families have three years, or until the day before their child’s ninth birthday, to submit an application for the grant when their child becomes eligible.
One investment we will make as part of Budget 2016, within our three-year fiscal plan, is $39 million to extend the BC Training and Education Savings Grant to include children born in 2006. Expanding this grant to include children born in 2006 will help make post-secondary education and training more affordable and accessible for up to 40,000 eligible kids.
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 per cent annual growth rate). Growth of funds will depend on the amount invested and actual returns. It is anticipated that in the next decade, about 80 per cent of the job openings in B.C. will require some form of post-secondary education and training. Our government wants to help British Columbians access skills training opportunities so they can get good-paying, family-supporting jobs and participate in B.C.’s strong, growing and diverse economy. Whether your child dreams of becoming a nurse, a welder, or an engineer, they can achieve their goals through post-secondary education. The B.C. training and Education Savings Grant is a great way to help our students start saving for post-secondary education. To access the B.C. Training and Education Savings Grant, visit The Williams Lake and District Credit Union or the Bank of Montreal.
For more information about the B.C. Training and Education Savings Grant, call 1-888-276-3624 or visit www.gov.bc.ca/BCTESG.
Coralee Oakes is the MLA for Cariboo North and the Minister of Small Business and Red Tape Reduction.