BC Training and Education Savings GrantSubmitted by DKL Financial Services Inc. on October 5th, 2015
With school back in session, we are receiving many questions regarding the new BC Training and Education Savings Grant (BCTESG). Recently introduced, the government of British Columbia is implementing the BCTESG incentive to encourage parents (and grandparents) to put aside capital in a Registered Education Savings Plan (RESP) for children's educations.
This new grant is in addition to the existing federal government's Canada Education Savings Grant (CESG), which is the 20% matching program already running on RESP contributions.
The BCTESG is a new grant from the BC government, in which they will contribute $1,200 into the existing RESP of eligible beneficiaries.
To be eligible for the $1,200 available via the BC Training and Education Savings Grant the following criteria must be met:
- The child was born in 2007 or later,
- You and the child must be residents of British Columbia, and
- The child is the beneficiary of a Registered Education Savings Plan (RESP) with a participating financial institution.
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, whichever is later to apply for the grant.
If your child is currently eligible, we have information on how to apply for the Grant. If you have any questions on RESPs, or if you have a child born after January 1, 2007, and do not currently have an RESP, please contact us!
Source: government of BC