Wednesday, June 26, 2019

BCTESG - $1200 Grant
Are you a parent or a guardian of a child born in 2006 – or 2010 or later?

Did you know that there’s a $1200 education savings grant available for kids between the ages of 6 and 9 years old (plus the 2006 kids)?

It’s true – and 40% of families aren’t taking advantage of it.

It’s called the BC Training and Education Savings Grant (BCTESG) – and it could make a huge difference in your child’s life.

The B.C. Government will contribute $1,200 to the Registered Education Savings Plan (RESP) of eligible children that can then be used for a wide range of post-secondary educational programs, including vocational schools, apprenticeships, trade schools, colleges, universities, and other certified institutions - this even includes some full-time education programs outside of Canada.

But – if your child was born in 2006 - you must act before August 14!

There was an extension given to children born in 2006 because of the timing of the implementation of the grant - but you only have until August 14th, 2019 to apply. You can find all the details HERE.

If your child was born in 2010 or later you have until the day BEFORE their 9th birthday to apply.
Over the next decade, projections show that most job openings in BC will require some form of post-secondary education. This grant may help your child get the leg-up they will need to succeed – whatever ‘success’ looks like to them.

What if you can’t afford to contribute to an RESP at this time?

That’s no problem - this one-time $1200 grant is not a matching grant. You need not put any additional money into the RESP, so everyone that has a qualifying child can apply for the $1200. Parents and families who can’t afford to put aside savings at this time can still start an RESP – and apply for the $1200. That said, even a small additional investment can grow over time and make it that much easier to pursue education after high school.

It’s a straight-forward application that you make through your bank or financial institution. If you don’t have an RESP set-up already shop around to find a RESP provider that meets your needs. Some banks RESP providers do not require any contributions to open the RESP, others do. Many don’t charge fees as well - it depends on the institution and the type of RESP.

If your child has already been named to a RESP, parents should make sure the RESP provider offers the grant. If not, parents may open another RESP at a participating provider in order to receive the grant. HERE is the list of banks and institutions that are participating.

Please share this post with family and friends who can benefit. This is a great opportunity and I want to make sure the amazing children in Saanich South take advantage of this opportunity.

Header photo credit: Fabian Blank, Unsplash