British Columbia Training and Education Savings Grant
Families in British Columbia are encouraged to start planning and saving early for their children’s post-secondary education or training programs. To help, the B.C. Government will contribute $1,200 to eligible children through the B.C. Training and Education Savings Grant (BCTESG).
Who is eligible?
To be eligible for the $1,200 available via the B.C. Training and Education Savings Grant the following criteria must be met:
- The child was born in 2006 or later
- You and the child must be residents of British Columbia
- The child is the beneficiary of a Registered Education Savings Plan (RESP) with a participating financial institution
Budget 2016 provides an additional $39 million to extend the BCTESG program to children born on or after January 1, 2006, to help more parents and families save early for their child’s education.
When can I apply?
The earliest you can request the grant is when your child turns six. After that, you may apply any day before their ninth birthday.
Since this is a new program, if your child had their 6th birthday in 2013, 2014 or 2015, you have an extension until August 14, 2018 or the day before their ninth birthday, whichever is later to get the grant.
Grant application period for eligible children
|Birth Year||1st day of eligibility||1st day to apply||Last day to apply|
|2006||Child’s 6th birthday in 2012||August 15, 2016||August 14, 2019|
|2007||Child’s 6th birthday in 2013||August 15, 2015||August 14, 2018|
|2008||Child’s 6th birthday in 2014||August 15, 2015||August 14, 2018|
|2009||Child’s 6th birthday in 2015
from Jan 1, 2015 to Aug 15, 2015
|August 15, 2015||August 14, 2018|
|Child’s 6th birthday after Aug 15, 2015||Day the child turned 6||Day before the child turns 9|
|2010 or later||Child’s 6th birthday||Day the child turns 6||Day before the child turns 9|
Institutions Offering the Grant:
- 1832 Asset Management L.P.
- AGF Investments Inc.
- Banque Nationale Investissements Inc.
- BC Credit Unions
- BMO Bank of Montreal
- Canaccord Genuity Corp.
- Children’s Educational Foundation of Canada
- CI Investments Inc.
- Credential Securities Inc.
- Dundee Securities Ltd.
- Fidelity Clearing Canada ULC
- Fidelity Investments Canada ULC
- Global Educational Trust Foundation
- Global Securities Corporation
- Global Investments (Canada) Inc.
- GMP Securities L.P.
- Haywood Securities Inc.
- Heritage Educational Foundation
- HollisWealth Advisory Services Inc.
- HSBC Investment Funds (Canada) Inc.
- IA Clarington Investments Inc.
- Industrial Alliance, Insurance and Financial Services Inc.
- Invesco Canada Ltd.
- Knowledge First Foundation
- Leede Jones Gable Inc.
- Manulife Securities Incorporated
- Manulife Securities Investment Services Inc.
- MD Management Ltd.
- Northwest & Ethical Investments L.P.
- OceanRock Investments Inc.
- Odlum Brown Limited
- PI Financial Corp.
- PFSL Fund Management Ltd.
- PH & N Investment Services
- Qtrade Securities Inc.
- Raymond James Ltd.
- RBC Royal Bank
- Sun Life Global Investments (Canada) Inc.
- Wolverton Securities Ltd.
Institutions Coming Soon:
- Investors Group Trust Co. Ltd. – Summer 2016
- Mackenzie Financial Corporation – Summer 2016
- Counsel Portfolio Services Inc. – Summer 2016
- Quadrus Investment Services Ltd. – Summer 2016
- Canadian Scholarship Trust Foundation – Fall 2016
- The Toronto-Dominion Bank – Late 2016
- Franklin Templeton Investments – Spring 2017
Contact your financial institution to see if they are offering the B.C. Training and Education Savings Grant, and if so, when their application forms will be available. More financial institutions will be offering the grant in the months to come.
You may shop around to find a RESP provider that does not require any contributions to open the RESP. Make sure the RESP you are opening qualifies for the BCTESG.
If the child has already been named to a RESP, make sure the RESP provider offers the grant. If not, you may open another RESP at a participating provider in order to receive the grant.
If the child has not yet been named to a RESP, choose the RESP provider that best suits your needs and ask if they offer RESPs with the option for the BCTESG.
To be eligible to receive the BCTESG, the RESP must be an individual (non-family) plan or a family plan in which all beneficiaries are siblings.
If this is a new RESP the parent/guardian and the child must have Social Insurance Numbers (SIN) and one of the following:
- A valid BC driver’s license;
- A BC Identification Card (BCID card) with a picture;
- A BC Services Card (new BC CareCard and driver’s license will be fully implemented in 2018); or
- A BC utilities bill (dated within the last 3 months and listing the current address of the custodial parent or the legal guardian), such as an electricity, gas, phone, cable, water or garbage bill.
If approved, the $1,200 grant will be deposited directly into the RESP once the application has been processed by Employment and Social Development Canada.
The money will arrive within about six to eight weeks after the application is made.
Please note that transferring the BCTESG from a RESP held at a participating financial institution to a non-participating financial institution may result in a loss of the grant.
The grant must be used for post-secondary education or training purposes. Once the beneficiary is enrolled in full-time or part-time studies at a qualifying post-secondary educational program, the BCTESG is withdrawn from the RESP by the way of Education Assistance Payment.
For more information, visit the Canada Revenue Agency website: http://www.cra-arc.gc.ca/
The grant can be used at any qualifying post-secondary education or training program in Canada or outside Canada.
In the event that the RESP is closed or the beneficiary chooses not to pursue a post-secondary education or training program, the BCTESG will be returned to the Province of British Columbia.
The BCTESG is not considered as taxable income until it is taken from the RESP in an Educational Assistance Payment for post-secondary education. Once deposited into the RESP, it also grows tax-free.
However, money paid out of the RESP as an Educational Assistance Payment is taxed as income in the hands of the student. Since many students have little or no income while they attend post-secondary education, they can usually withdraw the money tax-free.
RESPs are special education savings accounts registered with the Government of Canada to help you save for your child’s post-secondary education or training program. The money deposited in it grows tax-free until withdrawn.
RESPs can be left opened for up to 36 years and can be used by beneficiaries to pay for full-time or part-time studies in a qualifying college, university, trade school, or apprenticeship programs.
The Government of Canada’s www.canlearn.ca website has tips and resources that can guide families in choosing the right RESP and the right RESP provider.
Many RESP promoters do not charge any fees or require any minimum deposits, but it depends on the institution and the type of RESP.
For more information on the BCTESG contact:
Employment and Social Development Canada
Canada Education Savings Program
Programme canadien pour l’épargne-études
Toll-Free Call center 1 888 276-3624
TTY Call Center 1 866 260-7723
The British Columbia Training and Education Savings Program Regulation establishes eligibility criteria for the grant under the Special Accounts Appropriation and Control Act.