Toronto-based Bank of Montreal on Thursday announced it has become the first big bank to help families in British Columbia access the $1,200 B.C. Training and Education Savings Grant (BCTESG) through an RESP.
The program was launched by the B.C. government last year.
If both parent and child are B.C. residents, parents can apply for the grant at their local bank branch. The child must be: born in 2007 or later; and the beneficiary of an individual (nonfamily) RESP or a family plan in which all beneficiaries are siblings.
If approved, the $1,200 grant will be deposited directly into the RESP once the application has been processed by Employment and Social Development Canada.
The money will arrive within about six to eight weeks after the application is made.
“We’re here to help ease some of the stress our valued B.C. customers may feel when looking to save for their children’s educations, and are thrilled to be the first major financial institution to facilitate the grant program put in place by the B.C. government,” says Mike Bonner, senior vice president & regional head, B.C. and Yukon division, BMO.
Click here for a complete list of financial institutions offering the grant.