PARENTS and families can now go into almost any credit union in British Columbia to kick-start their education savings through the $1,200 B.C. Training and Education Savings Grant. All they need to do for any eligible child is sign up for a Registered Education Savings Plan at a participating branch.
There is no barrier to low-income families since no matching or additional contributions are required to access the $1,200. The Province is also working to ensure that low-income families and children in care are able to tap into the grant.
Education Minister Mike Bernier joined Central 1 Credit Union president and CEO Don Wright to announce that families can go to one of more than 350 credit union branches to apply for an RESP and access the grant.
To be eligible for the $1,200, children must have been born in 2007 or later. Families have three years, or until the day before the child’s ninth birthday, to submit an application for the grant.
The Province is working with other financial institutions so over the coming months they will be able to offer the grant.
Education Minister Mike Bernier on Monday said: “Families with eligible children will be able to apply for the $1,200 B.C. Training and Education Savings Grant and help their children get a head start in pursuing their dreams. The vast majority of tomorrow’s jobs require some form of post-secondary education and training. I’m encouraging families to start planning and savings for their children’s post-secondary education.”
Don Wright, President and CEO, Central 1 Credit Union, said: “Saving for a child’s education is one of the most important investments a parent will make. This grant provides a great head start, and we’re pleased that credit unions across B.C. are the first financial institutions in the province able to make the application widely available to families.”
Don Coulter, CEO, Coast Capital Savings, said: “The B.C. Training and Education Savings Grant is a long-term investment in youth and their future post-secondary plans. We are thrilled to be one of the credit unions accepting applications for the grant as it supports Coast Capital’s goal to build a richer future for youth. These grants, along with the work we are doing with our community partners, will equip our province’s youth at an early age with the knowledge and tools they need for a lifetime of financial well-being.”