B.C. Government Caucus
September 8, 2015
Credit Unions connecting parents with $1,200 B.C. education grant
ABBOTSFORD – The world is changing and parents want to make sure their children are ready to succeed. Education and training after graduation can help unlock that success.
Parents in Abbotsford can go into Coast Capital Savings Credit Union, Envision Financial, Khalsa Credit Union and Propera Credit Union to kick start their savings for their children’s future.
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.
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.
One in three British Columbians are members of a credit union. Central 1 Credit Union is the host organization of the grant for its 42 member credit unions, consisting of 365 branches and more than 550 ATMs across B.C.
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 www.canlearn.ca
For more information on the B.C. Training and Education Savings Grant visit www.gov.bc.ca/BCTESG or call 1-888-276-3624
B.C. Government Caucus Communications