Making education more affordable for families is a key focus of Education Savings Week.
British Columbians are encouraged to sign up for a $1,200 grant for their children’s post-secondary education and training.
“Our government is working hard to make life more affordable for all British Columbians and supporting the dream of further education is such a key part of that,” said Education Minister Rob Fleming. “This week, I encourage all parents, grandparents and guardians to take advantage and sign their kids up for this grant.”
The Canadian Imperial Bank of Commerce (CIBC) is now offering the B.C. Training and Education Savings Grant (BCTESG) at 163 banking centres in B.C., which means the grant is now available at all major B.C. financial institutions.
“The best school supply is a well-funded education savings plan, ideally, in the form of a Registered Education Savings Plan,” said Mike Stevenson, CIBC senior vice-president and region head, B.C. and northern territories retail markets. “The B.C. Training and Education Savings Grant, available today at all CIBC banking centres in B.C., is an investment opportunity not to be overlooked by parents and grandparents. We can work with you to fit an RESP into your overall financial plan and help you find ways to meet your family’s education savings goals.”
In order to be eligible for the grant, the child applying must have been born in 2006 or later and must be at least six years of age when they apply. The child and parent/guardian must both be residents of British Columbia.
Signing up for the grant is as easy as stopping in at your local financial institution and following these simple steps:
- Bring social insurance number (SIN) cards for both the child and the parent/guardian.
- Sign the child up as the beneficiary of a Registered Education Savings Plan.
- Complete the application at your financial institution.
- No additional contributions are required.
Education Savings Week runs nationally from Nov. 19-25 and encourages all Canadians to get the facts about education savings. This week is an important time for parents and guardians to start thinking about saving for their child’s post-secondary education. Dozens of organizations, from social service agencies to financial institutions throughout the country, work together to raise public awareness of the various government financial incentives available to them simply by opening Registered Education Savings Plans for their children.
- The BCTESG is available through 55 financial institutions, including credit unions.
- More than 280,000 B.C. children are eligible to receive the grant.
- As of Oct. 31, 2017, nearly 88,000 children have an additional $1,200 in their RESP to support their post-secondary goals. That’s over $105 million invested in their future.
- Children who are not eligible for the BCTESG can apply for the Canada Learning Bond and the Canada Education Savings Grant through the Government of Canada.
- B.C. students preparing for post-secondary education can apply for scholarships through the Ministry of Education’s Provincial Scholarships Program and for financial assistance through the Ministry of Advanced Education’s StudentAidBC program.
- The BCTESG has been offered since August 2015.
- The Government of Canada administers the BCTESG.
- The Government of British Columbia is working with the Government of Canada to encourage all financial institutions to offer the grant.
- B.C. has the second-highest average annual personal RESP contribution per beneficiary in Canada at $1,708.
For more information about the BCTESG including information about RESPs and a list of participating institutions, visit: http://www.gov.bc.ca/bctesg
For more information on the Canada Learning Bond: www.canada.ca/en/employment-social-development/services/learning-bond.html
For more information on the Canada Education Savings Grant: www.canada.ca/en/employment-social-development/services/student-financial-aid/student-loan/student-grants/cesg.html
For more information on the Ministry of Education's Provincial Scholarships Program: https://www2.gov.bc.ca/gov/content/education-training/k-12/support/provincial-scholarships
For more information on the Ministry of Advanced Education's StudentAidBC program: www.studentaidbc.ca
Canadian Imperial Bank of Commerce: https://www.cibc.com/en/personal-banking.html