Starting today parents and grandparents have a new place to apply for the $1,200 B.C. Training and Education Savings Grant that makes post-secondary and skills training more accessible.
Minister of Education Mike Bernier and BMO senior vice-president and regional head for British Columbia and Yukon division Michael Bonner announced today that people can now open a Registered Education Savings Plan (RESP), apply for the $1,200 grant, and invest in their child’s future at BMO Bank of Montreal’s 100 B.C. locations.
To be eligible for the $1,200, children must have been born in 2007 or later, and they must be resident in B.C., along with a parent or guardian. Families have three years to submit an application for the grant when their child becomes eligible.
Since the launch of the B.C. Training and Education Savings Grant in August, more than 7,000 applications have been approved for a total of $8.1 million in grants. BMO is the first bank to offer the grant. Parents can also visit more than 350 credit union locations in B.C. to access the grant.
More than 42,000 B.C. children may be eligible to receive the grant each year. Parents, grandparents and loved ones can apply for the grant if they open a RESP at a participating financial institution.
- The Government of Canada administers the B.C. Training and Education Savings Grant.
- With the $1,200 grant and an investment of $50 a month, savings could grow to $12,000 in 13 years (based on a 3.5% annual growth rate). Growth of funds will depend on the amount invested and actual returns.
- Original media release
- For more information on the B.C. Training and Education Savings Grant or call 1 888 276-3624
- How to open an RESP
- Find your local BMO branch