New regulations in British Columbia allow families to access a new $1,200 B.C. Training and Education Savings Grant when they open a Registered Education Savings Plan (RESP).
The B.C. government said Wednesday that all B.C. children born after Jan. 1, 2007, and with an RESP, are entitled to receive the B.C. Training and Education Savings Grant. To access the grant, families must open an RESP before the child turns seven years old. No matching or additional contributions are required.
“If parents already have an RESP set up, they’ve already taken the most important step to get the $1,200 savings grant. In particular, families with children born in 2007 need to know they must create an RESP within the next year – so they should act now and not delay,” said B.C. education minister, Don McRae.