The BC Ministry of Education is reminding eligible constituents to apply for the B.C. Training and Education Savings Grant before it is too late.
The $1,200 grant for a Registered Education Savings Plan (RESP) is eligible for B.C. residents between the ages of six and nine. According to a release from the ministry, there are no additional fees or financial contributions needed in order to receive the grant through one of the 56 banks or financial institutions in Canada.
“This allows parents and families who cannot currently afford to put money aside to start a RESP. Even the smallest investment can grow over time and make it easier to pursue post-secondary education and training,” states the release.
The release also states that 40 per cent of families do not claim this grant. The deadline to apply for children born in 2009 is the day before their ninth birthday, while children born in 2010 have until their ninth birthday. Children born in 2006 will have a deadline of Aug. 14, 2019.
“Eligible families with modest incomes can receive up to $2,000 for each child’s RESP from the Canada Learning Bond. There are no fees and parents can receive this grant without making any additional financial contributions,” reads the release.
The Canadian government will also match parents’ contributions to a personal RESP up to $7,200 per child. For more information on the federal government’s contributions, visit www.canada.ca/education-savings.
For more information about the B.C. Training and Education and Savings Grant and applicable deadlines, click here.
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