Parents are being reminded about a provincial grant for post-secondary education and training.
To be eligible for the $1,200, children must be born in 2007 or later. Families have three years, or until the day before the child’s ninth birthday, to submit an application for the grant.
In Abbotsford, parents can go into Coast Capital Savings Credit Union, Envision Financial, Khalsa Credit Union and Prospera Credit Union to kick-start their savings for their children’s future.
No matching or additional contributions are required to access the $1,200. Even a small amount of savings in an RESP increases the likelihood that a child will continue their studies after high school.
“Starting at a young age, children can watch their education savings grow,” Abbotsford-South MLA Darryl Plecas said. “This grant will make sure kids have access to the training and education they need to take advantage of B.C.’s strong economy. “
With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 (based on a 3.5 per cent annual growth rate). Growth of funds will depend on the amount invested and actual returns.
The one-time grant of $1,200 per eligible child will be deposited into a Registered Education Savings Plan (RESP) upon approval of the application.
For more information, visit your financial institution or canlearn.ca