The BC Training and Education Savings Grant
Oct 14, 2015
In February 2013, the BC government announced that any BC resident with an RESP for a child born on or after Jan. 1, 2007, may apply for a one-time grant of $1,200 between the child’s sixth and seventh birthday. Two years have passed since then, as it has taken the government time to develop the applications, and for Financial Institutions to obtain approval to offer the grant.
Our carrying broker (Raymond James Ltd.) has already made the application and is awaiting approval. Once they are approved to offer the grant, your Financial Advisor will confirm what will be required to obtain the grant.
Here is some more information about the Grant:
To be eligible for the $1,200 available via the B.C. 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
The child is the beneficiary of a Registered Education Savings Plan (RESP) with a participating financial institution (eg. an RESP at Rogers Group Financial).
The grant must be used for post-secondary education or training purposes. Once the beneficiary is enrolled in full-time or part-time studies at a qualifying post-secondary educational program, the B.C Training and Education Savings Grant is withdrawn from the RESP by the way of Education Assistance Payment.
Age of child when you apply:
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 get the grant.
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BC Training and Education Savings Grant (BCTESG) |
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Birth Year |
1st day of eligibility |
1st day to apply |
Last day to apply |
|
2007 |
Child’s 6th birthday in 2013 |
Late 2015 |
August 14, 2018 |
|
2008 |
Child’s 6th birthday in 2014 |
Late 2015 |
August 14, 2018 |
|
2009 |
Child’s 6th birthday from January 1, 2015 to August 15, 2015 |
Late 2015 |
August 14, 2018 |
|
Child’s 6th birthday after August 15, 2015 |
Late 2015 |
Day before the child turns 9 |
|
|
2010 |
Day the child turns 6 |
Day before the child turns 9 |
|
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