To help families start planning and saving early for their children’s education after high school, the Government of British Columbia announced a new $1,200 BC Training and Education Savings Grant.
When a B.C. resident child turns six years old, the Province of British Columbia will put $1,200 into the child’s Registered Education Savings Plan (RESP).
Starting immediately, all B.C. children with an RESP and born on or after January 1, 2007 will be entitled to receive the BC Training and Education Savings Grant.
Here’s what B.C. families need to do:
- Open an RESP account at your financial institution before the child turns seven years old (or by February 28, 2014 for children born in January or February 2007). No matching or additional contributions are required!
- By opening an RESP account, not only is the child entitled to $ 1,200 dollars from the Province of British Columbia, they can also access similar education savings grants from the Government of Canada.