by BC Gov Communications
A few basic steps by their family can connect B.C. children with a $1,200 kick-start to their education savings and make their future education more affordable.
Minister of Education Mike Bernier was joined by representatives from Island Savings, a division of First West Credit Union, at the legislature today to show the simple steps a parent, grandparent, or other family member can take to apply for a B.C.
Training and Education Savings grant.
To be eligible for the $1,200, children must have been born in 2007 or later, and they must be resident in B.C., along with a parent or guardian. Families have three years to submit an application for the grant when their child becomes eligible.
As well, through Budget 2016, government is investing $39 million to extend the BCTESG to eligible children born in 2006. The families of these 40,000 additional eligible children will be able to apply for the grant later this year.
Since the launch of the B.C. Training and Education Savings Grant in August, more than 9,000 applications have been approved for a total of $8.1 million in grants. B.C.’s credit unions, with more than 350 branches, were the first major financial institutions to offer the BCTESG. BMO Bank of Montreal was the first bank to sign on so people could apply for the grant in their 100 branches.
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. Each year more than 42,000 B.C. children may be eligible to receive the grant.
For more information on the B.C. Training and Education Savings Grant, call 1 888 276-3624 or visit: www.gov.bc.ca/BCTESG