Did you know that the BC Government is offering a $1200 RESP contribution to BC families? That’s right, fill out a form and boom, $1200 is added to your child’s RESP account.
Of course, there are a few rules, and a form to complete, but to get $1200 for my kid’s post-secondary education I’m game to jump a few hoops. Here’s the low-down:
- Your child must have been born in 2006 or later. (Please note the original birth year was 2007 but the BC government backed it up & allowed the 2006 babies to qualify as well.)
- Both you and your child must be residents of British Columbia.
- Your child must be the beneficiary of a Registered Education Savings Plan (RESP) at a participating financial institution. In layman’s terms, this means you have an RESP in place for your child at a recognized BC bank.
- You can apply as soon as your child turns 6 years old. You MUST have completed the application by the time they turn 9 years old (actually the day before they turn 9). There is an extension being offered for those kids who had their 6th birthday in 2013, 2014 & 2015…you have until August 14, 2018, to apply. For kids born 2010 and later, there is no extension, you must apply by the day BEFORE your child turns 9.
You need contact your financial institution and ask them in they are offering the BC Training and Education Savings Grant. Note, if you don’t already have an RESP open, you can still qualify for this grant as long as you open an RESP in your child’s name. The BC Government website has a ton more details about this terrific program. Don’t miss out on $1200 for your child’s post secondary education.