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Posted: November 19, 2019

Take advantage of education savings opportunities

Education Savings Week is from Nov. 18 to 22

Almost 80% of job openings in British Columbia over the next decade will require some form of post-secondary education.

Families can open a Registered Education Savings Plan (RESP) and the Government of British Columbia will deposit $1,200 into the RESP for their children, a Ministry of Education media release recommendes.

“No additional money is needed to receive the $1,200 B.C. Training and Education Savings Grant. Families can ask their local financial institution if they are one of the 56 official promoters of the grant and are urged to not be part of the 40% who leave this grant unclaimed,” the ministry explained.

The grant allows parents and families who may not be able to currently afford to put money aside to start a RESP. Studies indicate that children with RESPs are more likely to pursue higher education. Students can use the money to pay for their education expenses (e.g., books, tools, rent or transportation) in an apprenticeship program, a trade school, college or university.

Applications are open to eligible children between six and nine years old. Eligibility deadlines:

* Children born in 2010 have until the day before their ninth birthday to apply.

* Children born in 2011 have until their ninth birthday in 2020 to apply.

* Children born in 2012 have until their ninth birthday in 2021 to apply.

* Children born in 2013 have until their ninth birthday in 2022 to apply.

* Children born in 2014 can start applying on their sixth birthday.

The Government of Canada also offers eligible families with modest incomes up to $2,000 for each child’s RESP from the Canada Learning Bond. As well, the Canada Education Savings Grant matches RESP contributions up to a maximum of $7,200 per child.

More information can be found at: www.Canada.ca/education-savings.

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