Federal government and B.C. kick off major milestone for BC Training and Education Savings Grant

NEWS NINA GREWALNINA Grewal, MP (Fleetwood-Port Kells), on Monday joined with Andrew Wilkinson, B.C.’s Advanced Education Minister, to kick off a major milestone reached with the creation of the BC Training and Education Savings Grant. The Province of B.C. and the Government of Canada have signed the agreement that establishes how Canada will deliver the grant on B.C.’s behalf.

“It is important that new parents start early to save for their child’s education,” said Grewal. “I am therefore pleased that our government is partnering with the Province of British Columbia on the BC Training and Education Savings Grant (BCTES Grant) program. By taking advantage of this program and the money it provides parents in our province will be better able to afford the cost of college or university when their children turn 18.”

“We are focused on making life more affordable for hard-working Canadian families. As a federal government, we are proud to do our part to help with the costs of post-secondary education through the Registered Education Savings Plan, the Canada Learning Bond and the Canada Education Savings Grant,” said Candice Bergen, Minister of State for Social Development. “With this new partnership in place, youth in British Columbia will be able to gain the skills and training that employers need, ensuring their future success and contributing to Canada’s economic prosperity.”

The Canada Education Savings Grant (CESG) is money the Government of Canada adds to your child’s RESP to help their savings grow. There are two types of CESP’s and those include:

* Basic Grant

The Government will add 20 cents on every dollar you choose to contribute to an RESP. A child can receive up to $500 a year and up to a lifetime maximum of $7,200.

* Additional Grant

Depending on the net family income, a child could also receive an additional $50 or $100 on the first $500 contributed.

The new agreement also brings an another investment from the BC Government, which when complete will enable them to contributing $1,200 towards the eligible children’s Registered Education Savings Plan (RESP).

“Our govenrment believes in putting more money into the hands of those who care about children most – their parents. That is why we are partnering with the BC Government , because we recognize that working together, more resources can be provided for families to invest in education, and this means that more young people have a chance to achieve their dreams,” said Grewal.