Start an RESP to get $1,200 Training and Education Grant
With new regulations now in place, families are reminded that they need to open a Registered Education Savings Plan (RESP) to access the new $1,200 BC Training and Education Savings Grant. All B.C. children with an RESP and born on or after Jan. 1, 2007, are entitled to receive the BC Training and Education Savings Grant. To access the grant, families must open an RESP before the child turns seven years old (or by Feb. 28, 2014, for children born in January or February 2007).
No matching or additional contributions are required. Many financial institutions do not charge fees to open an RESP, nor require minimum contributions and balances, so it costs nothing to access the BC Training and Education Savings Grant and start saving for the future. In addition to $1,200 from the Province of British Columbia, families can also access similar RESP savings grants from the Government of Canada.
Invested in an RESP, the $1,200 grant will grow over time, making it easier for B.C.’s children to pursue the careers of their choice. Having an RESP in place also makes it easier for grandparents and other family members to help the child save money for the future.
Information about RESPs, including tips on starting an RESP and education savings grants from the Government of Canada, is available at CanLearn.
For more information, including Frequently Asked Questions, visit BC Training and Education Savings Grant.