New RESP grant gives financial boost for British Columbia families

Mother and daughter

"Eligible BC children will have more money to help pay for college, university or other training programs.”

It’s an exciting time for families in British Columbia (BC) who now have an opportunity to access $1,200 in grant money to help their children’s dreams for the future come true with a Registered Educations Savings Plan (RESP).

Starting Saturday, August 15, 2015, BC parents can apply for the new British Columbia Training and Education Savings Grant (BCTES).  It is a one-time, $1,200 contribution available to eligible children born on or after January 1, 2007 who are 6 years of age or older. 

This grant has been a long time coming. As pioneers of education savings in Canada, CST was at the forefront of bringing these discussions to the BC government long before the grant was introduced in 2013.

CST is pleased that eligible families can now apply.  We believe the BCTES Grant will encourage families to save for their children’s education.

Family

We believe the BCTES Grant will encourage families to save for their children’s education.

This means eligible BC children will have more money to help pay for college, university or other training programs.  When invested in an RESP, the grant can grow over time tax free. No contributions are needed to access the BCTES grant however, an RESP must be in place with a participating institution.

To be eligible for the grant:

-       The child must be born in 2007 or later

-       At the time of the application, the child and parent/guardian of the child are residents of British Columbia

-       At the time of application, the child is the beneficiary of a RESP with a participating promoter.

Children are eligible for the BCTES grant on their sixth birthday up until the day before their ninth birthday.

RESPs are a simple and effective way to give children a jump start when it comes time to enroll in post-secondary education.

Don't believe us?  Just ask this student:

Adrianna

Adriana Cappelletti is a CST beneficiary and a 2015 CST Graduate Award winner.

CST has found over 80 per cent of children with RESPs go on to post-secondary education and of those, over 90 per cent graduate.  This statistic shows just how important and relevant it is for all governments to invest in savings vehicles that show a positive return for all Canadians.

Now that the BCTSE Grant is available, it is a great opportunity for families to start saving early for the future and for children to dream of all the possibilities that lie ahead!

New RESP grant gives financial boost for British Columbia families | CST Blog | C.S.T. Consultants Inc.

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