Training and Education Savings Grant gets go-ahead
By Nelson Daily Staff
The provincial government is rolling out its its commitment to the new $1,200 BC Training and Education Savings Grant, Education Minister Peter Fassbender announced Thursday.
Fassbender said by investing in an RESP, the $1,200 provincial grant, other savings grants, family contributions and compound interest will grow over time, making it easier for B.C.’s children to pursue their chosen careers. Having an RESP in place also makes it easier for grandparents and other family members to help put money toward future education.
“Today I asked the preschoolers what they want to be when they grow up – and whatever career they ultimately choose, the grant will make it easier to pursue their dreams,” Fassbender said from the Vancouver Public Library.
“And with the passing of the budget, we are ensuring that this money remains available for parents to save, not for government to spend.”
When a family opens at RESP for a child, they must provide family member or guardian’s Social Insurance Number; Social Insurance Number for the RESP beneficiaries (the child or children) and one piece of government-issued identification for the family member or guardian setting up the RESP.
The Province is working with Human Resources and Skills Development Canada to implement the program. Putting the information systems in place to facilitate fund transfers is expected to take 18 to 24 months.
However, the first and most important step to receive the grant is for parents to open an RESP before the child’s seventh birthday.
Families with RESPs in place will be contacted when the grant is ready to be transferred into the savings plan.
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