The provincial government’s announcement that it has reached a formal agreement with the federal government to introduce the BC Training and Education Savings Grant is good news for families looking to start saving for their children’s post-secondary education.
“Families with young kids know it’s hard to start saving for their children’s university education — yet it’s so critical to begin the savings process as early as possible,” said David Lanphear, vice president of retail banking at Envision Financial.
“Having a means to jumpstart that savings behaviour with programs like the BCTES is a great start toward what is hopefully a long-term behaviour.”
The provincial government’s BCTES is a one-time grant of $1,200 to eligible children to help their families plan and save early for post-secondary education or training programs.
The grant is available to families whose children were born in 2007 or after and are beneficiaries of a Registered Education Savings Plan (RESP) with one of the participating financial institutions.
With the formal agreement signed between the federal and provincial government, Envision Financial along with other banks and credit unions will work to ensure the program is available in August 2015.