For all parents saving for a child’s education is a challenge. For low income parents the challenge can seem completely out of reach. There is great hope for those who can save even a small amount, $25, $50 a month can make all the difference when saved for 17 years. If there isn’t any extra cash available, open an RESP anyway for your child between 6 and 9 years of age and get the BC Government Training & Education Grant of $1200, free money is a good thing!
Canada Education Savings Grant : Its never too late! The Government of Canada allows for savings carryforwards so you can save more in good years and still get the full grant available in prior, low savings years.
BC Government Training & Education Savings Grant : In 2014, the Government of British Columbia announced a new grant for families who invest in their child’s post-secondary education through an RESP. The one-time grant of $1,200 is available to any B.C. resident child who turns six years old and prior to their turning 9.
Parents or guardians can contact a bank or financial institution to fill in a straightforward application. Parents may shop around to find a RESP provider that does not require any contributions to open the RESP. If the child has already been named to a RESP, parents should make sure the RESP provider offers the grant. If not, parents may open another RESP at a participating provider in order to receive the grant.
Parents are encouraged to set up an RESP as soon as possible — they don’t need to wait until the child is six.
Anyone can make a deposit to the RESP, large or small, it all adds up to supporting our smart kids!