In order to help families save for their children’s education, The B.C Government is offering to contribute $1,200 to a Registered Education Savings Plan (RESP) through the B.C. Training and Education Savings Grant (BCTESG). The best part is, if you shop around, you can find an RESP provider that will not require you to make a contribution in order to qualify.
To be eligible, your child must meet the following criteria:
- Your child is between the ages of 6 and 9;
- You and your child are both residents of British Columbia;
- Your child is the beneficiary of an RESP with a participating provider.
If you have already opened an RESP for your child, make sure that your provider offers this grant, and request a BCTESG application. If they do not, or if your child has not yet been named to an RESP, no need to worry, you simply need to open an RESP at a participating financial institution. When doing so, make sure to ask for a BCTESG application. You will be asked to provide your child’s Social Insurance Number, and proof of BC residency (e.g. BCID or BC Services Card).
Once you have met all of the above criteria, and have been approved, the $1,200 grant will be deposited directly into the RESP. This generally will take about six to eight weeks from the time of application.
Once your child is enrolled in studies at a qualifying post-secondary education program, the grant money can be withdrawn by way of an education assistance payment.
For more information, including a list of participating financial institutions, visit the following link:
Written by: Melissa McCready