British Columbia Training & Education Savings Grant

Erica Szczech - Aug 24, 2016
Employment and Social Development Canada (ESDC) has created a Grant for BC families to start planning and saving early for their children's post-secondary or training programs. To help, the BC Government will contribute $1,200 to eligible children th

Have you heard of the BCTESG?

Employment and Social Development Canada (ESDC) has created a Grant for BC families to start planning and saving early for their children's post-secondary or training programs. To help, the BC Government will contribute $1,200 to eligible children through the BCTESG to their qualified Registered Education Savings Plan (RESP).

Who is Eligible?

To be eligible for the $1,200 BC Training & Education Savings Grant you must meet the following criteria:

 

1. The child was born in 2006 or later.

2. You and the child must be reisdnets of British Columbia.

3. The child is the beneficiary of a Registered Educations Savings Plan (RESP) with a participating financial institution.

 

Budget 2016 provided an additional $39 million to extend the BCTESG program to children born on or after January 1, 2006 to help more parents and families save early for their child's education.

 

The earliest you can request the grant is when your child turns six. After that, you may apply any day before their ninth birthday.

 

Since this is a new program, if your child had their 6th birthday in 2013, 2014, or 2015, you have an extension until August 14, 2018 or the day before their ninth birthday to apply.  If your child was born in 2006, you have an extension until August 14, 2019 to get the grant.

 

Best of all, you do not need to make any matching contributions to your RESP to receive this Grant!

 

How to apply?

 

If you would like more information about how to receive this free Grant money from the BC Government, please contact me with your questions on how to open a qualified RESP account and get started.