Registered Education Savings Plan (RESP) is a proven way to save and amplify your money for your children’s higher education.
When you open an RESP account for your child, the federal, as well as provincial governments, contribute too in the form of bonds and grants.
The average annual tuition cost of an undergraduate Canadian student is approx $6500 in 2019.
This used to be $2,300 in 1995.
Imagine the financial burden a parent goes through in Canada.
The real estate and mortgage rates aren’t helping either. One needs to be educated about the tax reforms, government grant schemes, and other financial saving methods in order to save and make more money.
The British Columbia Province $1,200 British Columbia Training and Education Savings Grant (BCTESG)
The BC government introduced British Columbia Training and Education Savings Grant (BCTESG) way back in 2013. According to this incentive, the provincial government gives a one time grant of $1200 for the post-secondary education of eligible children. Children born in 2006 or later are eligible for this $1200 education grant.
Terms of Eligibility for this RESP grant:
- The child must be born on or after January 1, 2006.
- Parents and Child should be the residents of British Columbia
- An active RESP account is essential for this grant.
|Birth Year||Application Date Starts||Application Date Ends|
|2006||Aug 15th, 2006||Aug 14th, 2019|
|2007, 2008, 2009 (Before Aug 15th)||Aug 15, 2007||Aug 14th, 2018|
|2009 (Aug 15th and later), 2010 or later||After the 6th Birthday||Before the 9th Birthday|
How Can You Apply For This Grant?
- Open an RESP account for your child with an RESP promoter who’s offering British Columbia Training and Education Savings Grant. A promoter like heritage RESP can help you in this step and the coming ones.
- The RESP promoter will help you in filling out the BCTESG application form.
- The promoter will check out the eligibility of the beneficiary and review the entire paperwork.
- After the review process, the RESP promoter will submit the form to Employment and Social Development Canada (ESDC)
- The ESDC will review the application, check the eligibility of the beneficiary and the subscriber, calculate the payments and make the deposit to your RESP Promoter.
- The promoter will deposit the $1200 grant in your RESP account and will notify you about the same.
How Many BC Residents Are Missing This Opportunity?
You would think that a grant this amazing will be applied for by the entire eligible population. Things have gone south for no apparent reasons. More than 40% of the eligible families haven’t applied for the British Columbia Training and Education Savings Grant.
With most of the deadlines already crossed, the children who were born on or after Aug 15th, 2006 have still a chance to claim this grant. The last date to fill out the application for them is Aug 14th, 2019.
Make sure to spread the news to your friends and relatives living in British Columbia. They will be thankful to you if they didn’t already know about it.
Documents You Need To Apply For BCTESG
In order to apply for this huge educational grant, the subscriber will need one of the following documents:
- If the RESP account is new, the guardian and children must have valid Social Insurance Number.
- BCID (British Columbia Identification) with the attached photo.
- A Valid BC Driver’s license.
- A BC Services Card.
- Electricity bill, Gas bills, phone bills, or other utility bills of the last 3 months.
We hope this article succeeds to clarify your doubts about the BCTESG and RESP. Please comment down below your questions and requests for our next articles.