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Scotiabank now in on education grant program
Parents, grandparents and guardians now have an additional location to secure $1,200 education savings grants.
Minister of Education Mike Bernier announced today that the $1,200 B.C. Training and Education Savings Grant is now available at Scotiabank’s 126 British Columbia locations, including Cranbrook and Fernie.
Bernier was joined today by Scotiabank’s BC and Yukon Region senior vice president Winnie Leong to officially launch the $1,200 grant and help a young family sign up for a RESP.
East Kootenay Community Credit Union also handles the education savings grant.
Saving for post-secondary and skills training only takes three easy steps:
* Obtain a SIN for the eligible child;
* Open a RESP at a participating financial institution; and
* Apply for the grant.
To be eligible, children must have been born in 2007 or later, and they must be resident of British Columbia, along with a parent or guardian. Families have three years to submit an application for the grant when their child becomes eligible.
Through Budget 2016, government is investing an additional $39 million to extend the grant to eligible children born in 2006. The families of these 40,000 additional children will be able to apply for the grant in late 2016.
There is no barrier to low-income families since no matching or additional contributions are required to access the $1,200. The province is working to ensure children in care have access to equivalent funds for training and education through a trust fund, a Ministry of Education press release explained.
“Ten months after launching the B.C. Training and Education Savings Grant, more than 14,000 younger British Columbians have already received $1,200 for their future, for a total of $17.6 million. My hope is every eligible child in the province applies and receives this kick-start for their post-secondary and skills training,” Bernier said.
“Scotiabank is proud to work alongside the Ministry of Education to provide our customers with access to the B.C. Training and Education Savings Grant. Saving for your children’s future education costs can often feel overwhelming, and a registered education savings plan is one of the most effective ways to ease some of the stress,” said Scotiabank’s Leong.
The Government of Canada administers the B.C. Training and Education Savings Grant. With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 in 13 years (based on a 3.5% annual growth rate). Growth of funds will depend on the amount invested and actual returns.
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